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The central government is expected to reduce income tax for individuals earning up to Rs.15 lakh per year in the upcoming Budget 2025-26, according to a report citing two government sources.

Govt may reduce Income Tax in Budget 2025; Taxpayers Earning Up To Rs.15 Lakh may Benefit

Circulars

The Income Tax Department has released revised file formats for processing TDS and TCS statements.

Income Tax Department released Revised FVUs and Return Preparation Utility for e-TDS/TCS Statements

Alkem Laboratories Limited has received re-assessment orders from the IT Authority under Sections 143(3) and 147 of the Income-tax Act, 1961.

Alkem Laboratories receives Income Tax Order worth Rs.375 Crores

India is not yet prepared for the revamp of its Income Tax Act, which Finance Minister Nirmala Sitharaman promised during the Union Budget in July 2024.

Revamped Income Tax Act expected to take more than a Year to implement

The Bombay High Court has directed the Central Board of Direct Taxes to extend the Income Tax Return (ITR) filing date due to technical issues faced by taxpayers.

Bombay High Court directs CBDT to extend the ITR deadline for Select Taxpayers

Articles

The Union Budget 2024-25 also brought significant changes to the personal income tax structure, with the goal of simplifying the tax system, improving compliance, and boosting economic growth.

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Govt may reduce Income Tax in Budget 2025; Taxpayers Earning Up To Rs.15 Lakh may Benefit

Income Tax Department released Revised FVUs and Return Preparation Utility for e-TDS/TCS Statements

Alkem Laboratories receives Income Tax Order worth Rs.375 Crores

Revamped Income Tax Act expected to take more than a Year to implement

Bombay High Court directs CBDT to extend the ITR deadline for Select Taxpayers

Income Tax Changes 2024: Significant Reforms Revolutionised Indian Personal Finance