India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
Srinagar, July 15: The Central Board of Direct Taxes (CBDT) has announced an extension of the Income Tax Return (ITR) filing deadline to ensure a smoother and more convenient experience for taxpayers. According to Section 234A of the Income Tax Act, individuals who file their ITR and pay any outstanding self-assessment tax by the new deadline will not be liable to pay interest. This extension applies to a wide range of taxpayers, including both salaried individuals and the self-employed. It's important to note that the due dates for filing vary depending on the taxpayer category, as defined under the Income Tax Act, 1961. For individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs) whose accounts are not subject to audit, the new deadline has been extended to September 15, 2025. This revised timeline gives taxpayers additional time to ensure accuracy and compliance in their returns. * For businesses that require an audit, the deadline remains October 31, 2025. * For businesses requiring transfer pricing reports (in case of international/specified domestic transactions), the due date is November 30, 2025. In case of revised return or belated returns, the due date is December 31, 2025. Why has due date been extended? With the introduction of the new tax regime in the ITR forms this year, the board decided to give an extension, as these changes took time to be implemented in the income tax filing system. Both the offline and online ITR utilities required time to update those changes. What Happens If You Miss the ITR Filing Deadline? If you miss the due date for filing your Income Tax Return (ITR), you still have an opportunity to file an updated return under Section 139(8A) of the Income Tax Act. Previously, this was allowed within 24 months, but now taxpayers have up to 48 months from the end of the relevant assessment year to file. However, filing late comes at a cost -- additional tax of 60% to 70% on the due amount may apply, depending on when the updated return is filed. Penalties and Interest Under Section 234A, if you delay filing your ITR, you will be charged interest at 1% per month or part of a month on any unpaid tax until the return is filed. The longer the delay, the more interest you'll owe -- so it's advisable to file as early as possible to avoid penalties and extra charges.
New Delhi: Taxpayers now have more time to file their Income Tax Returns (ITR), as the deadline has been extended to September 15, 2025. While many have already completed the process, others are still getting their documents in order. To make your ITR filing hassle-free, here are 8 important documents you should keep handy. 1. Form 16 Form-16 is a must-have if you're a salaried employee. It gives a detailed summary of your salary, along with the tax deducted by your employer during the year. 2. TDS Certificates TDS certificates are proof that tax has been deducted from your income. These a ...Read More >
The Appointments Committee of the Cabinet has approved Nitin Gupta as the new Chairperson of the National Financial Reporting Authority. Gupta, a former IRS officer, is set to lead the independent auditing regulator, reinforcing standards and trust in financial reporting. Three additional members have also been appointed. The Appointments Committee of the Cabinet has officially appointed Nitin Gupta, a retired Indian Revenue Service officer, as the Chairperson of the National Financial Reporting ...Read More >
New Delhi: With the ITR deadline just around the corner, taxpayers across the country are in a last-minute rush to file their returns. The Income Tax Department has revealed that over six crore ITRs for Assessment Year 2025-26 have already been filed, and the numbers continue to climb. With September 15 set as the final day to submit returns without penalty and no extension announced, taxpayers have just one day left to complete the process. The Income Tax Department shared this update on Saturday through its official account on X (formerly Twitter). (Also Read: ITR Filing 2025: Want To Claim ...Read More >
New Delhi, Sep 15: The government on Monday extended the due date for filing income tax returns (ITRs) for Assessment Year 2025-26 by a day to September 16 as technical glitches disrupted filings on the last day. A record over 7.3 crore ITRs were filed till September 15, surpassing last year's 7.28 crore, the Central Board of Direct Taxes (CBDT) said in a post on X. The e-filing portal faced huge traffic on Monday, which was the last date for filing ITRs for AY 2025-26. Also, Monday was the last date for payment of the second quarterly instalment of advance tax for the ongoing fiscal year. ...Read More >
New Delhi, Sep 16 (SocialNews.XYZ) The Central Board of Direct Taxes has decided to further extend the due date for filing the Income Tax Returns (ITRs) for Assessment Year (AY) 2025-26 from September 15 (Monday) to September 16 (Tuesday), a notification read. Taking to X late on Monday night, Income Tax India, which is the official account of the Income Tax Department, wrote: "KIND ATTENTION TAXPAYERS! The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025. "The Central Board of Direct Taxes has decided to f ...Read More >
Kolkata, July 5 (SocialNews.XYZ) The West Bengal unit of BJP, under the leadership of its new State party President Samik Bhattacharya is making all efforts to ensure a political rally in the state, with Prime Minister Narendra Modi addressing it, before Trinamool Congress's annual Martyrs' day rally in Kolkata on July 21. An insider from the state committee of BJP said that the week before July 21, the Prime Minister is scheduled to go for an election campaign in Bihar where the Assembly polls are scheduled later this year. "We are trying hard so that the Prime Minister can spare some time ...Read More >
Nagpur: The income tax (I-T) department has detected as many as 9,000 returns that were filed to claim fake exemptions from tax liabilities and refunds in Nagpur zone alone. The estimates so far indicate that exemptions to the tune of Rs100 crore were claimed. A large number of such returns were filed by policemen, railway employees, zilla parishad staffers, even as the list includes some private employees too.A sizeable number of filers claimed exemptions by misrepresenting their status as foreign nationals, whose income earned in India is free from tax, said sources privy to the development. ...Read More >
New Delhi: The Income Tax Bill 2025, set to be moved in the monsoon session of Parliament to simplify the direct tax law, will set the stage for another round of reforms which will be more substantive in nature in subsequent years, said two people informed about the discussions in the government The finance ministry is of the view that once the over-six-decade-old Income Tax Act, 1961 is simplified and made more readable, targeted reforms can be achieved in taxation of personal and corporate income. This will be done through the annual Finance Acts, said one of the persons quoted above. Majo ...Read More >
New Delhi, Jul 20 (PTI) A report of the parliamentary committee set up to scrutinise the new Income Tax Bill, 2025, which would replace the six-decade old Income Tax Act, is scheduled to be tabled in the Lok Sabha on Monday. The 31-member Select Committee, chaired by BJP leader Baijayant Panda, was appointed by Lok Sabha Speaker Om Birla to scrutinise The new Income Tax Bill, 2025, which was introduced by Finance Minister Nirmala Sitharaman on February 13 in the Lok Sabha. The Committee has made 285 suggestions and at its meeting on July 16 adopted the report on new I-T Bill, 2025, which wil ...Read More >
Mumbai, September 2: The last date to file Income Tax Return (ITR) is fast approaching, and taxpayers are urged to complete their filings for FY 2024-25 (AY 2025-26) by September 15, 2025. The deadline was extended from July 31 due to structural changes in ITR forms and technical updates on the Income Tax Portal. Missing the deadline may result in penalties and interest, making timely filing crucial for individuals and businesses alike. Taxpayers should prepare all necessary documents in advance to ensure a smooth submission. With just days left, many are looking for ways to file ITR online w ...Read More >
New Delhi, April 2 (SocialNews.XYZ) The Income Tax Department on Thursday launched a new website called 'Kar Saathi', aimed at making tax-related processes simpler and more user-friendly. The department said the platform brings all direct tax information under one roof and is designed to be easier to navigate and faster to use. Announcing the launch on X, Income Tax India shared that the new website will help taxpayers access all information in one place while introducing 'Kar Saathi', an AI-powered companion to guide users through their tax-related queries and processes. "The New Income Ta ...Read More >
The Income Tax Department has taken another step towards making tax filing simpler and more user-friendly. On April 2, it launched a new platform called 'Kar Saathi', an AI-assisted website designed to help taxpayers navigate income tax processes with ease. The new website brings together all income tax-related information in one place. According to the department, it is easier to navigate, faster to use, and built to reduce confusion for taxpayers who often struggle with forms, rules and proced ...Read More >
Dindigul, Apr 3 (PTI) Hitting back at the BJP leader Piyush Goyal for releasing a list of allegations, nicknamed as "chargesheet", against the DMK, calling it "corrupt and dynastic", the Dravidian party's MP Kanimozhi stated the Union minister himself hails from a political family. "Goyal cannot talk about us being dynastic because he himself is one. He comes from a political family, and I think many of the BJP leaders are from political families. Maybe the prime minister is not, but a lot of them (party leaders) are. I don't think they should talk about that," Kanimozhi told PTI Videos. On ...Read More >
The Income-Tax Department has found organised rackets operated by some returns preparers and intermediaries across the country, filing income-tax returns (ITRs) on behalf of their clients -- including employees of multinational companies, public sector firms, government bodies, academic institutions, and entrepreneurs -- to fraudulently claim exemptions and refunds, the Finance Ministry said. The department is now poised to take stern action against continued fraudulent claims, including penalti ...Read More >
Patna, Aug 1 (PTI) Healthcare services were affected at AIIMS-Patna on Friday as resident doctors went on an "indefinite strike" in protest against the alleged high-handedness of Sheohar MLA Chetan Anand. According to a press statement issued by the Resident Doctors' Association (RDA), AIIMS-Patna, on Friday, "The RDA expresses deep disappointment and anguish over the lack of action by the administration following the violent and traumatic incident that occurred on Wednesday, when MLA Chetan Anand, his wife and their armed guards breached hospital security, physically assaulted staff, and thr ...Read More >
Bengaluru: Congress President Mallikarjun Kharge was admitted to MS Ramaiah Hospital in Bengaluru after developing a fever late Tuesday night, sparking concern among party workers and political leaders across the country. Doctors at the hospital are closely monitoring his condition and have assured that there is no immediate cause for alarm. Kharge, 83, was reportedly brought to the renowned medical facility after he complained of persistent fever. A medical team quickly initiated a series of diagnostic tests to determine the cause. While his condition is said to be stable, doctors have kept ...Read More >
New Delhi [India], June 30 (ANI): The Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal has issued strict directives to Faceless Assessment Officers (FAOs) to avoid raising irrelevant queries while conducting faceless assessments, emphasising the need for more focused and case-specific scrutiny procedures. Chairman Ravi Agarwal has written to the Principal Chief Commissioners of Income Tax, directing them to ensure that faceless assessment officers maintain higher standards of inquiry relevance and specificity in their assessments. Also Read | Rinku Singh Appointed Basic Education O ...Read More >
Mumbai, July 11: The Income Tax Department has officially released the Excel-based utilities for ITR-2 and ITR-3 forms for the Assessment Year (AY) 2025-26, enabling individuals with more complex income sources, including capital gains, cryptocurrency, and professional income, to begin filing their tax returns. The announcement was made via the department's official X, formerly Twitter, handle, saying, "Attention Taxpayers! Excel Utilities of ITR-2 and ITR-3 for AY 2025-26 are now live and available for filing." This latest rollout follows the earlier launch of utilities for ITR-1 and ITR-4, ...Read More >
New Delhi, Apr 2 (PTI) Congress leader Rahul Gandhi on Thursday flagged deficiencies within the Ex-Servicemen Contributory Health Scheme (ECHS) and said the government should, at the very least, accord respect and support to the brave armed forces personnel who sacrifice everything for the country. Gandhi said that a few days ago, he met ex-servicemen who were injured in the line of duty while defending the nation at the 'Jansansad'. "They highlighted serious deficiencies within the Ex-Servicemen Contributory Health Scheme (ECHS), such as delays in reimbursement, shortages of medicines, hosp ...Read More >
New Delhi [India], December 18 (ANI): The gross direct tax collections by the government so far in 2024-15 were 20.32 per cent higher on a yearly basis at Rs 19.21 lakh crore, data released by the Central Board of Direct Taxes (CBDT) showed on Wednesday. During the same period last year, the gross tax collections were to the tune of Rs 15.96 lakh crore. Coming to net direct tax collection, it rose 16.45 per cent to Rs 15.82 lakh crore from Rs 13.59 lakh crore mopped up during the year-ago period. Refunds for the period rose 42.49 per cent to Rs 3.38 lakh crore from Rs 2.37 lakh crore in the ...Read More >
Mumbai: Senior BJP leader Ravindra Chavan is all set to become the next Maharashtra BJP chief as he filed his nomination for the post of party's state president on Monday. Mr. Chavan presented the nomination forms to Union Minister Kiran Rijiju, who has been appointed as a central observer for the elections by the BJP. Maharashtra Chief Minister Devendra Fadnavis and outgoing party chief Chandrashekhar Bawankule were present on this occasion. With no other nomination being filed for the post, Mr. Chavan is certain to become the next state president of Maharashtra BJP, said party leaders. The ...Read More >
Baramulla, Jul 5: Hundreds of mourners from Delina and its neighbouring villages Saturday participated in the Muharram procession, the 9th day of the month of Muharram-Ul-Haram at Delina area of north Kashmir's Baramulla district. The procession was one of the series of processions being held in the month of Muharram, the first month of Islamic calendar. Dressed in black and carrying flags bearing religious inscriptions, participants from the villages of Hygam, Bulgam, Bohripora, Syedpora, Uri, Boniyar and other villages marched from new Imambargah through the National Highway NH-1 to the ma ...Read More >
New Delhi: If you miss the original last date for filing your Income Tax Return (ITR), you face several financial consequences and restrictions. Filing a belated return -- after the due date but before December 31, 2025 -- is permitted, but it comes with penalties and other drawbacks. Penalties for Late Filing: The late filing fee under Section 234F is Rs 5,000 if your total income exceeds Rs 5 lakh. If your taxable income is below Rs 5 lakh, the penalty drops to Rs 1,000. If your income is under the basic exemption limit (Rs 3 lakh under the new regime for FY25-26), no late fee is charged. ...Read More >
Lucknow, Jul 17 (PTI) To curb illegal mining and transportation, the Uttar Pradesh government is deploying advanced technologies under the Integrated Mining Surveillance System (IMSS), a release said on Thursday. Mining activities are already being monitored through drones, geo-fencing, RFID tags, and AI-powered check gates. Now, the state is set to introduce 'Weigh-In-Motion' (WIM) technology to accurately track vehicle overloading. Also Read | 'Arvind Kejriwal Used Government Funds to Buy Mobiles Costing Up to INR 1.63 Lakh', Claims Delhi Minister Ashish Sood. According to the official re ...Read More >
New Delhi, July 17 (SocialNews.XYZ) Seven bills have been listed for consideration and passing ahead of the Parliament monsoon session scheduled from July 21, while eight other bills have also been listed for introduction, consideration and passing. Bills listed for introduction, consideration and passing belong to finance, commerce, education, sports, mining and culture. These bills include the Manipur Goods and Services Tax (Amendment) Bill, 2025, the Taxation Laws (Amendment) Bill, 2025, and the Jan Vishwas (Amendment of Provisions) Bill. The key objectives of these bills are to amend the ...Read More >
New Delhi, March 31 (SocialNews.XYZ) The Central Board of Direct Taxes (CBDT) has entered into a record 219 Advance Pricing Agreements (APAs) in FY 2025-26 with Indian taxpayers, taking the total number past the 1,000 mark to an aggregate of 1,034 APAs since the inception of the programme, according to an official statement issued on Tuesday. The figure comprises 750 unilateral APAs (UAPAs) and 284 bilateral APAs (BAPAs). The BAPAs were signed pursuant to entering into mutual agreements with 13 of India's treaty partners, namely the US, Finland, the UK, Singapore, Japan, South Korea, Austral ...Read More >
Pune: State govt is set to conduct a comprehensive verification of beneficiaries under the Mukhyamantri Mazhi Ladki Bahin Yojana, leveraging income tax return data from the Central Board of Direct Taxes (CBDT) to ensure that the monthly Rs 1,500 aid reaches only economically weaker women.A notification issued by the CBDT on June 3 authorises the secretary of the state women and child development (WCD) department to access income tax (I-T) data under Section 138 of the Income Tax Act, 1961. The department has already formed a team to review the existing list of 2.5 crore applicants. Officials s ...Read More >
The Income Tax department is working on simplified I-T forms and aims to notify new rules by December-end to give effect to the new I-T Act, which will come into force from April 1 next year, a senior tax official said on Monday. Talking to PTI, Central Board of Direct Taxes (CBDT) member (Legislation) RN Parbat also said the department will come out with a fresh set of FAQs on the new Income Tax Act and come out with SoPs and guidance notes. President Droupadi Murmu, on August 21, gave her ass ...Read More >
Pune: State govt is set to conduct a comprehensive verification of beneficiaries under the Mukhyamantri Mazhi Ladki Bahin Yojana, leveraging income tax return data from the Central Board of Direct Taxes (CBDT) to ensure that the monthly Rs 1,500 aid reaches only economically weaker women.A notification issued by the CBDT on June 3 authorises the secretary of the state women and child development (WCD) department to access income tax (I-T) data under Section 138 of the Income Tax Act, 1961.The department has already formed a team to review the existing list of 2.5 crore applicants. Officials sa ...Read More >
New Delhi [India], July 10 (ANI): The central government has granted tax-saving status to PSU renewable projects financing company IREDA Ltd's bonds under Section 54EC of the Income Tax Act. This will facilitate low-cost fundraising for renewable energy and offer capital gains tax exemption to investors. Also Read | Ad Legend Prasoon Pandey Turns Film Director: MovieVerse Studios and Ellipsis Entertainment To Produce His Mythological Thriller. The Central Board of Direct Taxes (CBDT) under the Ministry of Finance has notified bonds issued by the Indian Renewable Energy Development Agency Lt ...Read More >