Bengaluru, May 18 (IANS) Slamming the ruling Congress party over organising a convention in Tumakuru on May 19, to mark the completion of three years in office, the Karnataka Bharatiya Janata Party launched a scathing attack on the Congress government in Karnataka, accusing it of holding “achievement conventions” while farmers across the state were reeling under crop losses, financial distress, and rising suicides. Addressing a press conference in Bengaluru, Leader of Opposition R. Ashoka on…
Latest Taxpayers News & Updates
New Delhi, May 15 (IANS) The Income Tax Department on Friday said that it enabled the filing of Income Tax Returns (ITRs) for the financial year 2025-26 (assessment year 2026-27) with the release of Excel utilities for ITR-1 and ITR-4 forms on e-filing portal.Announcing the update on social media platform X, the department said taxpayers can now access both the Excel utility and online filing options for the two forms.With the announcement of the offline utilities, the ITR filing process for AY …
New Delhi, April 29 (IANS) In a significant ruling impacting thousands of reassessment cases under the Income Tax Act, the Supreme Court has set aside a series of High Court rulings that had quashed reassessment notices issued by Jurisdictional Assessing Officers (JAOs) and remitted the matters back for fresh adjudication in light of the Finance Act, 2026. A bench of Chief Justice (CJI) Surya Kant, and Justices B.V. Nagarathna and Joymalya Bagchi passed a common order in a batch of thousands of …
New Delhi, April 14 (IANS) The Income Tax Department has introduced Form 141, a consolidated challan‑cum‑statement that replaces four separate TDS forms for different types of transactions.The new form merges Form 26QB, Form 26QC, Form 26QD and Form 26QE, which were earlier used for filing TDS on property purchases, TDS on rent, TDS on payments to contractors or professionals and TDS on transfer of virtual digital assets respectively.Under the revised rules, Form 141 must be used to report a…
New Delhi, April 2 (IANS) The Income Tax Department on Thursday launched a new website called ‘Kar Saathi’, aimed at making tax-related processes simpler and more user-friendly. The department said the platform brings all direct tax information under one roof and is designed to be easier to navigate and faster to use.Announcing the launch on X, Income Tax India shared that the new website will help taxpayers access all information in one place while introducing ‘Kar Saathi’, an AI-powere…
Mumbai, March 29 (IANS) A series of major financial and regulatory changes will come into effect across India from April 1, marking the start of the new financial year and bringing significant impact on taxpayers, employees and daily commuters.Among the most notable developments is the rollout of the new Income Tax Act, 2025, which will replace the decades-old Income Tax Act 1961.The new law aims to simplify the tax framework by introducing clearer language and removing complex terminology.One k…
New Delhi, March 24 (IANS) Naveen Jindal, Member of Parliament from Kurukshetra in Haryana, strongly endorsed the Finance Bill, 2026 in the Lok Sabha on Tuesday, describing it as a transformative and forward-looking roadmap that will shape the future of 140 crore Indians.He emphasised that India’s growth story is being powered by the combined strength of its taxpayers and the private sector — both of whom are indispensable partners in nation-building.Highlighting the critical role of the pri…
New Delhi, March 23 (IANS) India is set to roll out the new Income Tax Act, 2025 from April 1, 2026, but taxpayers need not worry about filing this year as returns can be prepared and filed under the existing Income Tax Act, 1961, officials and tax experts said, ensuring a smooth, year‑wise transition.The current law will continue to apply for this filing cycle, they said, adding that the government is adopting a clear, phased approach.Income for FY26 (April 1, 2025–March 31, 2026) will be a…
New Delhi, March 20 (IANS) Finance Minister Nirmala Sitharaman on Friday said the new Income-tax Act, 2025 will bring major relief for small business owners and professionals by simplifying rules and reducing compliance burden, while also aiming to cut down tax-related disputes.Speaking at the launch of the nationwide awareness campaign ‘PRARAMBH 2026’, FM Sitharaman highlighted that small businesses and professionals are the backbone of India’s economy and the new law has been designed ke…
Washington, March 18 (IANS) The US is expanding its visa bond programme to cover 50 countries from April 2, requiring foreign nationals seeking B1 and B2 visas for business and tourism to post a $15,000 bond, the State Department said Wednesday. The bond will be returned to visa holders who comply with the terms of their stay and leave the US on time, or if they do not travel.The move is aimed at curbing illegal overstays, which U.S. authorities say have been significantly reduced under the prog…