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Posted on June 2, 2025, by Niftynews Filing income tax returns accurately isn’t just about reporting your income—it starts with choosing the correct ITR form. Filing under the wrong ITR form may lead to a defective return, delays in refunds, or even penalties. The Income Tax Department has notified the updated ITR forms for Assessment Year…
Posted on May 28, 2025, by Niftynews ITR Filing Before June 15 may seem like a proactive move, but tax experts strongly advise waiting. Though the Income Tax Return (ITR) forms for FY 2024–25 (AY 2025–26) are available, key data sources and system updates aren’t yet finalized. Filing too early could result in errors, missed credits,…
Posted on April 17, 2025, by Niftynews As the new financial year 2025-26 kicks off, one of the key decisions taxpayers must make is whether to file under the old vs new tax regime. With the income tax return (ITR) deadline set for July 31, understanding the pros and cons of each system could save you…
Posted on April 14, 2025, by Niftynews The New Tax Regime Slabs 2025 have officially come into effect from April 1, 2025, introducing significant changes to India’s income tax structure. These updates are designed to make taxation more straightforward, eliminate the need for complex deductions, and provide greater relief to a wider segment of taxpayers. If…
Posted on April 1, 2025, by Niftynews The beginning of the new Financial Year 2025-26 introduces a slew of tax reforms that will impact millions of taxpayers. The government has made several significant changes, including new income tax slabs, zero tax on income up to Rs 12 lakh, and revisions to TDS thresholds. These reforms aim…
Posted on March 28, 2025, by Niftynews On March 28, 2025, the Income Tax Department began sending out notices to salaried individuals who have claimed House Rent Allowance (HRA) in their tax returns but failed to deduct Tax Deducted at Source (TDS) on their monthly rent payments. These notices are part of the department’s effort to…
Posted on March 28, 2025, by Niftynews In a significant move for tax collection in Andhra Pradesh, the Commercial Taxes Department will once again take over the responsibility of collecting profession tax starting April 1, 2025. This decision, announced under G.O. Ms. No.63 dated March 5, 2025, means that all taxpayers must now pay their profession…
Posted on March 17, 2025, by Niftynews BENGALURU: The Bruhat Bengaluru Mahanagara Palike (BBMP) has given instructions to its zonal officials to prioritize the collection of property taxes for the 2024-2025 financial year. With only two weeks remaining before the financial year ends, the civic body is working to collect the Rs 606 crore remaining from…
Posted on March 13, 2025, by Niftynews The Indian government has introduced the Income Tax Bill 2025 with the aim of modernizing and simplifying the tax framework in the country. This bill seeks to reorganize provisions under the Income Tax Act, 1961, making it more accessible and easier to understand for taxpayers, businesses, and tax professionals…
Posted on February 22, 2025, by Niftynews The new income tax 2025 introduced by the Finance Bill 2025 brings significant changes to income tax slabs and rebate benefits for individual taxpayers. With these updates, the government aims to provide more tax relief, especially to the middle-income groups. In this article, we will break down the new…