Tag: income tax
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New Income Tax Rules to Be Notified by December, Effective from April 2026
CBDT will notify the new Income Tax rules by December 2025, ahead of the April 1, 2026 rollout. The department is preparing simpler ITR forms and will publish FAQs to guide taxpayers. The Income Tax Act, 2025, replacing the 1961 Act, has already received Presidential assent.
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Revised Income Tax Bill, 2025 Tabled With Key Fixes For Salaried, Homeowners & Investors
Revised Income Tax Bill, 2025 Tabled With Key Fixes For Salaried, Homeowners & Investors Finance Minister Nirmala Sitharaman on Monday tabled a revised Income Tax Bill, 2025 in Parliament, replacing last week’s withdrawn draft. The update adopts most recommendations of the Parliamentary Select Committee chaired by Baijayant Panda, aiming to replace the Income-Tax Act, 1961…
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Income Tax Filing AY 2025-26: Excel Utility vs Common Offline Utility – What Taxpayers Must Know
June 2025 – Two weeks after opening the income tax return (ITR) filing window for Assessment Year (AY) 2025–26, the Income Tax Department released the Common Offline Utility (COU) on June 10, enhancing the offline filing experience for taxpayers. This utility is part of a phased rollout strategy by the department to ensure smoother adoption…