QuickTax Updates

QuickTax Updates

5/27/2025, 2:56:56 PM

👉 CBDT @IncomeTaxIndia extends date of filing of Income Tax Returns #ITRs due for filing by 31st July 2025 to 15th September 2025 Read more ➡️ pib.gov.in/PressReleasePa…

QuickTax Updates

5/21/2025, 5:40:12 AM

📢 *Income Tax Update – ITR-U Amended!* 🗓️ *Notification No. 49/2025 dated 19.05.2025* 🧾 Issued by *CBDT* under Rule `12AC` of the Income-tax Rules, 1962 🚀 *Major Highlights of the New ITR-U Framework (via Finance Act, 2025):* 🖋️ *Time Limit Extended:* Updated returns can now be filed within *48 months* from the end of the relevant A.Y. Hence, Now the ITR-U can be Filed for Last 4 Years. 🖋️ *Additional Tax Payable:* * Filing in 3rd year ➜ Additional income tax of `60%` * Filing in 4th year ➜ Additional income tax of `70%` 🖋️ *Section 139(8A) Amended:* * No ITR-U allowed if notice u/s `148A` issued *after 36 months* from end of relevant A.Y. * However, if `148A(3)` order says _“not a valid case”_ for reopening u/s 148 ➜ ITR-U *can* still be filed within 48 months. 🖋️ *Section 140B Amended:* Prescribes *higher additional tax* for extended filing periods. 🖋️ *Rule 12AC Amended:* To align with the new provisions & extended timelines. 📜 *Purpose of Filing Updated Return (ITR-U):* > To rectify omissions like unreported income, incorrect heads, or incorrect rates of tax — ensuring voluntary compliance. > _Stay Compliant. Update Smartly._ https://whatsapp.com/channel/0029VaVOGdMJP212cLMwN00e

QuickTax Updates

2/1/2025, 6:48:44 AM

Tax Reforms to Improve Ease of Doing Business 🔶 Scheme to be introduced for determining arm's length price of international transaction for a block period of three years, to streamline transfer pricing and to provide an alternative to yearly examination 🔶 Tax exemption to be provided on withdrawals made from National Savings Scheme by individuals on or after 29th August, 2024

QuickTax Updates

2/1/2025, 6:47:53 AM

Tax Reforms to Promote Investment and Employment 👉 NRIs who provide services to a resident company that is establishing or operating an electronics manufacturing facility, to benefit from a presumptive taxation regime 👉 Period of incorporation to be extended by 5 years to allow tax benefits to startups incorporated before 1.4.2030

QuickTax Updates

2/1/2025, 6:40:05 AM

TCS on Foreign Remittance threshold limit increased from INR 7 Lakh to INR 10 Lakh. TCS on Education & Medical is fully exempt #Budget2025

QuickTax Updates

2/1/2025, 6:43:29 AM

Rationalising TDS / TCS 👉 Limit for tax deduction on interest for senior citizens to be doubled from ₹50,000 to ₹1 lakh 👉 Annual limit for TDS on rent to be increased from ₹2.40 lakh to ₹6 lakh 👉Threshold to collect tax at source on remittances under RBI’s Liberalized Remittance Scheme to be raised from ₹7 lakh to ₹10 lakh

QuickTax Updates

2/1/2025, 6:55:34 AM

Reforming and Developing Financial Sector ➡️#FDI limit for insurance sector to be raised from 74% to 100% ➡️ Forum for regulatory coordination and development of pension products to be set up ➡️ Revamped Central KYC Registry to be rolled out in 2025, to simplify KYC process

QuickTax Updates

2/1/2025, 6:44:19 AM

Compliance burden for small charitable trusts & institutions to be reduced, by increasing their registration period from 5 years to 10 years Taxpayers to be allowed to claim annual value of two self-occupied properties as nil without any condition.

QuickTax Updates

2/1/2025, 6:36:52 AM

TDS on Rent Limit Increased from 2,40,000 to 6,00,000 #Budget2025