Stay updated with the latest tax news, articles, and insights from trusted sources. Explore in-depth coverage and expert analysis on tax topics.
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 ...Read More >
Nagpur: The central govt recently amended the Goods and Services Tax (GST), with varying GST rates imposed on different components of the paper industry. The Paper Traders Association has requested the removal of this disparity and implementation of flat 5% GST on all paper products. Consequently, the organisation submitted a representation to Chandni Chowk Lok Sabha constituency MP Praveen Khandelwal on Monday.The paper industry directly employs over 500,000 individuals, including traders, tran ...Read More >
New Delhi, Sep 15 (PTI) The Income Tax Department on Monday said more than 7 crore I-T returns have been filed till evening on Monday as the filing deadline closes in, amid netizens complaining of glitches in the I-T department portal for e-filing and advance tax payment. The e-filing portal faced a huge traffic on Monday which is the last date for filing ITRs for AY 2025-26. Also, Monday is the last date for payment of the second quarterly instalment of advance tax for the ongoing fiscal year. ...Read More >
New Delhi, September 15: The Income Tax Department on Monday said that over 7 crore income tax returns (ITRs) have already been filed for the Assessment Year (AY) 2025-26, as the deadline of September 15 draws to a close. In a post on social media platform X, the Department thanked taxpayers and tax professionals for helping achieve this milestone and urged those who have not yet filed their returns to do so at the earliest. "More than 7 crore ITRs have been filed so far and still counting. We e ...Read More >
NEW DELHI, Sept 15 (Reuters) - India and the United States will hold trade talks on Tuesday, New Delhi said, raising hopes for a breakthrough weeks after President Donald Trump imposed punitive tariffs on the South Asian nation for buying Russian oil. The move comes after Trump struck a more conciliatory tone in statements last week and expressed optimism that they could finalise a trade deal. The U.S. trade representative for South Asia, Brendan Lynch, will be in New Delhi for one day of talk ...Read More >
New Delhi: The Income Tax Department Monday said that over 7 crore income tax returns (ITRs) have already been filed for the Assessment Year (AY) 2025-26, as the deadline of September 15 draws to a close. In a post on social media platform X, the Department thanked taxpayers and tax professionals for helping achieve this milestone and urged those who have not yet filed their returns to do so at the earliest. "More than 7 crore ITRs have been filed so far and are still counting. We extend our g ...Read More >
New Delhi, Sep 15 (PTI) The Income Tax Department on Monday said more than 7 crore I-T returns have been filed so far as the filing deadline closes in, amid netizens complaining of glitches on the portal and demanding an extension. The e-filing portal faced huge traffic as the deadline for filing returns ends on Monday. Despite demands, the department has not given any indication of extending the deadline for filing of income tax returns (ITRs) by individuals, HUFs and those who do not have to ...Read More >
NEW DELHI, Sept 15 (Reuters) - India's merchandise trade deficit narrowed in August to $26.49 billion from $27.35 billion in July, as a drop in exports after U.S. President Donald Trump hiked tariffs on Indian goods was offset by slowing imports. The U.S. imposed an additional 25% tariff on Indian goods from August 27 over New Delhi's continued purchases of Russian oil, bringing total levies on Indian exports to 50% - among the highest for any U.S. trading partner. Trade talks between India an ...Read More >
NEW DELHI, Sept 15 (Reuters) - India and the United States will hold trade talks in New Delhi on Tuesday, weeks after President Donald Trump imposed punitive tariffs on the South Asian nation's exports, slowing its overall shipments to a nine-month low in August. India and the United States will "fast-track" trade talks, Rajesh Agarwal, India's chief negotiator and a special secretary in its commerce ministry, told reporters at an event for the release of trade data, but gave no details. U.S. ...Read More >
New Delhi: The Income Tax Department has clarified that the deadline for ITR filing for Assessment Year 2025-26 is September 15 and there is no further extension as circulated on social media. In a late night post on X on September 14, the department termed "fake" a statement in circulation on social media stating that the due date of filing ITRs has been further extended to September 30, 2025. Asking taxpayers to only rely on official updates on @IncomeTaxIndia, it said "The due date for fili ...Read More >
Chennai: Union Finance Minister Nirmala Sitharaman on Sunday said the GST reforms are a huge victory for each and every citizen of the country. Taking into account that every state in India has its own festivals, it has been decided to implement the GST reforms much ahead of Prime Minister Narendra Modi's instruction of launching them before Deepavali festival, Sitharaman said at an event in Chennai. In her address at the joint conclave of the trade and industries association on "Tax Reforms f ...Read More >
The Income Tax Department has announced that more than 6 crore income tax returns (ITRs) have been filed for Assessment Year 2025-26 so far. The... The Income Tax Department has announced that more than 6 crore income tax returns (ITRs) have been filed for Assessment Year 2025-26 so far. The department shared the update on social media platform X, thanking taxpayers and tax professionals for helping achieve this milestone. "Thank you taxpayers & tax professionals for helping us reach the mile ...Read More >
NEW DELHI, Sep 14: The Income Tax Department has announced that over 6 crore income tax returns (ITRs) have been filed so far for Assessment Year (AY) 2025-26. Sharing the milestone on X (formerly Twitter), the department thanked taxpayers and tax professionals for their continued support. With the September 15 deadline approaching, the department urged those yet to file to act quickly to avoid last-minute rush and penalties. To assist taxpayers, the department has kept its helpdesk active 24 ...Read More >
CHENNAI: Finance minister Nirmala Sitharaman on Sunday said the GST reforms are a huge victory for every citizen.Taking into account that every state in India has its own festivals, it has been decided to implement the GST reforms much ahead of PM Modi's instruction of launching them before Deepavali festival, Sitharaman said at an event in Chennai.She said the beneficial impact of GST would be there for all products from the start of the day till people go to bed. Explaining key initiatives, Si ...Read More >
Chennai: Union finance minister Nirmala Sitharaman said the number of business enterprises within the tax net as well as the tax collection has increased after introduction of GST.At a meeting in Chennai on recently introduced GST reforms, Nirmala said, "In 2017, when GST was introduced, the tax base was a meagre 65 lakh. But now it has increased to 1.5 crore businesses. Opposition parties criticised GST as Gabbar Singh Tax. If GST was a Gabbar Singh Tax how could so many business enterprises co ...Read More >
New Delhi, September 14: The Income Tax Department on Sunday refuted reports which claimed that the date of filing tax return has been extended to September 30. In a post on X, the I-T Department said "a fake news is in circulation stating that the due of filing ITRs (originally due on 31.07.2025, and extended to 15.09.2025) has been further extended to 30.09.2025". "The due date for filing ITRs remains 15.09.2025. Taxpayers are advised to rely only on official @IncomeTaxIndia updates," the Depa ...Read More >
New Delhi, Sep 14 (SocialNews.XYZ) The Income Tax Department on Sunday refuted reports which claimed that the date of filing tax return has been extended to September 30. In a post on X, the I-T Department said "a fake news is in circulation stating that the due of filing ITRs (originally due on 31.07.2025, and extended to 15.09.2025) has been further extended to 30.09.2025". "The due date for filing ITRs remains 15.09.2025. Taxpayers are advised to rely only on official @IncomeTaxIndia update ...Read More >
Chennai: Union Finance Minister Nirmala Sitharaman on Sunday said that the GST reforms are a huge victory for each and every citizen of the country. Taking into account that every state in India has its own festivals, it has been decided to implement the GST reforms much ahead of Prime Minister Narendra Modi's instruction of launching them before Deepavali festival, Sitharaman said at an event in Chennai. In her address at the joint conclave of the trade and industries association on "Tax Refo ...Read More >
New Delhi, Sep 13 (PTI) More than six crore income tax returns for Assessment Year 2025-26 have been filed so far, the Income Tax department said on Saturday. The last date to file ITRs without penalty is September 15. "Thank you taxpayers & tax professionals for helping us reach the milestone of 6 crore Income Tax Returns (ITRs) as of now and still counting," the I-T department said in a post on X. To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is fu ...Read More >
US President Donald Trump has acknowledged that his decision to impose tariffs on India over its purchase of Russian oil has strained ties with New Delhi. "Look, India was their biggest customer. I put a 50 per cent tariff on India because they're buying oil from Russia. That's not an easy thing to do. That's a big deal and it causes a rift with India," Trump said in an interview with 'Fox and Friends' on Friday when asked what clamping down on Russian President Vladimir Putin involves. "But I ...Read More >
New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) has dismissed a viral social media message that falsely claimed new GST transition benefits would take effect from September 22, 2025. According to the misleading message, the changes would cover areas such as unutilised cess credit, ITC on exempt supplies, and new price adjustment provisions. The CBIC clarified that these claims are factually incorrect and misleading, urging citizens, trade bodies, and businesses to rely only on ...Read More >
New Delhi: Industry leaders welcomed the recently announced GST reforms, which reduce the number of tax slabs, stating that it will make tax compliance easier while also directly benefiting consumers through lower prices. Jharkhand Chamber of Commerce Joint Secretary Navjot Alang Rubal said that the reduction of the number of slabs from four to two under the new GST structure is a highly positive step. According to Rubal, this reform will greatly benefit the middle and lower-income groups as t ...Read More >
Mumbai Police is preparing to issue a lookout circular against Bollywood actor Shilpa Shetty and her husband Raj Kundra in a fraud case. The celebrity couple is accused by embezzling about Rs 60 crore from a businessman. What is the allegation? Businessman Deepak Kothari had alleged that between 2015 and 2023, the couple had taken Rs 60 crore from him under the pretext of expanding their business but spent it on personal expenses. This amount was taken through a company named Best Deal TV Pvt ...Read More >
GST Reforms: India is preparing for a major shift in its taxation system with the rollout of GST 2.0 on September 22. Finance Minister Nirmala Sitharaman has not only confirmed the launch but also hinted at the next big reform, GST 3.0, which will focus on long-term stability and fairness in the tax regime. The new GST 2.0 framework replaces the earlier 12% and 28% slabs with a simplified two-tier system of 5% and 18%, alongside a 40% demerit rate for sin and luxury goods. This is expected to e ...Read More >
A Think Change Forum report advocates for GST 2.0 to adopt just two slabs -- 5% and 18% -- capping the peak rate at 18% to simplify the tax system. The report, released ahead of a GST Council meeting, suggests this move would boost consumption, improve compliance, and generate higher revenues by eliminating anomalies and reducing litigation. The long-term success of Goods and Services Tax (GST) depends on moving towards a single nationwide rate, and GST 2.0 should be the first step by adopting ...Read More >
New Delhi, Aug 29 (PTI) Punjab Finance Minister Harpal Singh Cheema on Friday said the Centre under the current proposal to rationalize Goods and Services Tax (GST) rates should provide adequate compensation to states to prevent financial instability, asserting that such a balanced approach will protect the fiscal autonomy of states while advancing the objectives of GST reform in the true spirit of cooperative federalism. He emphasised that the benefits of this measure should reach the poor peo ...Read More >
WASHINGTON/NEW DELHI, Aug 27 (Reuters) - U.S. President Donald Trump's doubling of tariffs on imports from India to as much as 50% took effect as scheduled on Wednesday, delivering a serious blow to ties between two powerful democracies that had in recent decades become strategic partners. A punitive 25% tariff, imposed due to India's purchases of Russian oil, was added to Trump's prior 25% tariff on many imports from the South Asian nation. It takes total duties as high as 50% for goods as var ...Read More >
Maruti Suzuki India (MSIL) Chairman R C Bhargava on Thursday said India must "not give in to any kind of bullying" after US President Donald Trump's decision to raise tariffs on Indian imports to 50 per cent this month, urging national unity to uphold dignity and support the government. On the domestic front, he said a reduction in GST on small cars could help counter the economic strain created by these tariff measures. "My hope and my expectation is that subject to approvals by the GST Counc ...Read More >
New Delhi, Aug 22 (PTI) The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation. In an office memorandum, the GST Council Secretariat said the two-day meeting will be held in New Delhi. The council, comprising finance ministers of all states and UTs besides the Centre, will deliberate on the recommendations by the three GoMs on rate rationalisation, compensation cess and health and life insurance. The Gr ...Read More >
NEW DELHI -- India's parliament has passed a sweeping bill banning online gambling after government figures showed companies had stripped $2.3 billion annually from 450 million people. The ban impacts platforms for card games, poker and fantasy sports, including India's wildly popular homegrown fantasy cricket apps. It also leaves the fate of the key sponsor for India's national cricket team in question. Dream11, India's biggest fantasy sports gaming platform, was named on July 2023 as the co ...Read More >
Stay updated with the latest None news, articles, and insights from trusted sources. Explore in-depth coverage and expert analysis on None topics.