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…
Latest Taxpayers News & Updates
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…
New Delhi, Feb 21 (IANS) When it comes to innovation in Pakistan, every new system, manual, or reform announcement struggles to escape the perception that it is designed as much to manage optics as to deliver results, according to a new report.Business Recorder writes that the Federal Board of Revenue’s (FBR’s) latest attempt to tighten tax collection through a withholding mechanism on digitally ordered goods appears “sensible on paper”.However, this initiative inevitably revives an olde…
Mumbai, Feb 9 (IANS) The Income Tax Department’s draft Income‑tax Rules proposed a comprehensive renumbering of tax forms that would improve reporting ease and enhance compliance for taxpayers, professionals and institutions as the Income‑tax Act, 2025 is set to come into force on April 1.The draft rules, released with new form templates, replace legacy form numbers that evolved over decades and will reduce ambiguity and duplication in filings for taxpayers, experts said.It will better int…
New Delhi, Feb 2 (IANS) Finance Minister Nirmala Sitharaman said on Monday that the customs duty changes announced in the Budget for 2026-27 are part of the Indian government’s ongoing economic reforms to rationalise tariffs and are not linked in any way to the policy decisions of the US.”We have changed customs duties, and we have been making customs duty changes in every Budget for a while now, and we have continued the same in this Budget as well,” she pointed out.The Finance Minister maintai…