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Income tax: Big change in income tax filing, rules have changed from ITR-1 to ITR-7

India's income tax system is about to enter a new era. The government is preparing to implement the Income Tax Act, 2025, from April 1, 2026. This will replace the nearly six-decade-old Income Tax Act ...
Tax Guru

Section 139(8A) Updated Return (ITR-U): Law as Amended and Practical Implications

Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to reduce tax liability, claim refunds, or bypass departmental ...
Tax Guru

“ITR Looks Simple… Until Scrutiny Begins” – A Note for Private Company Directors

Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in the ITR. The case reinforces that for directors, the ITR functions as a ...
Newspoint on MSN

Income tax return forms to be updated soon: What taxpayers can expect in the new ITR format

The Income Tax Department is expected to release updated Income Tax Return (ITR) forms for the financial year 2025–26 in the coming weeks. This move comes ahead of the implementation of the new Income ...

Over 24 lakh tax returns pending beyond 90 days; ITR delays continue

The government has informed Parliament that more than 24.64 lakh income tax returns have been pending for processing for over 90 days for the Assessment Year 2025-26.