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A Comprehensive Guide to the New Income-tax Act, 2025 (Effective from 1 April 2026) The Government of India has unveiled the New Income-tax Act, 2025 , marking one of the most significant overhauls of the direct tax framework in decades. Designed to replace the existing Income-tax Act, 1961, the new legislation aims to simplify compliance, reduce litigation, encourage voluntary tax compliance, and make the system more transparent and technology-driven. Although the new Act will come into force from 1 April 2026 , the announcements made in 2025 provide taxpayers ample time to understand, prepare, and plan effectively. From revised tax slabs and higher rebates to the removal of punitive provisions for non-filers and a fully digital-first compliance approach, these changes will impact salaried individuals, professionals, businesses, and investors alike. This blog explains the Top 10 Income Tax Changes in 2025 that every taxpayer must know. 1. Introduction of the New Income-tax Act, 2025 ...

  A Complete Guide for Taxpayers to Avoid Penalties and Legal Trouble Filing an Income Tax Return (ITR) is not just a statutory obligation—it is a crucial financial responsibility for every taxpayer. However, errors, omissions, or missed disclosures can occur while filing returns, especially when dealing with complex incomes such as foreign assets, capital gains, or multiple income sources. Recognising this reality, the Income-tax Act provides taxpayers with an opportunity to correct mistakes through a Revised Return . For Assessment Year (AY) 2025–26 , the last date to revise your Income Tax Return is 31 December 2025 , provided the assessment has not been completed before that date. This deadline is extremely important, particularly for resident taxpayers who may have missed reporting foreign assets or investments. This blog explains what a revised ITR is, who can file it, why the 31 December 2025 deadline is critical, penalties for non-compliance, and how professional assistance...

  India’s labour law landscape is undergoing a significant transformation with the introduction of the new Labour Codes . Among the most impactful changes is the revision in the definition of wages , which has a direct and substantial effect on gratuity calculations and employer liabilities . For businesses across sectors, this update is not merely a regulatory change—it has financial, accounting, and strategic implications . Employers must act proactively to reassess wage structures, provisioning, and compliance to avoid unexpected costs and audit issues. This blog explains what has changed, why gratuity liability will increase, and what employers should do now. Understanding the New Labour Codes The Government of India has consolidated 29 central labour laws into four comprehensive codes: Code on Wages, 2019 Industrial Relations Code, 2020 Code on Social Security, 2020 Occupational Safety, Health and Working Conditions Code, 2020 While the implementation date is awaited, organisa...

  In recent months, banks in India have significantly tightened checks on overseas fund transfers. Individuals and businesses remitting money abroad are now facing stricter scrutiny, enhanced documentation requirements, and mandatory certifications in many cases. This development is not sudden but a result of multiple economic, regulatory, and compliance-related factors that aim to strengthen transparency and prevent misuse of foreign exchange facilities. If you are planning to remit money overseas—whether for education, investments, property purchase, family support, or business purposes—it is essential to understand these changes and prepare accordingly. This blog explains why banks are tightening overseas transfer checks, what has changed, who is affected, and how you can ensure smooth and compliant remittances. Why Are Banks Tightening Overseas Transfer Checks? Several key reasons have contributed to the increased vigilance by banks and financial institutions: 1. Rising Outward...

Filing your Income Tax Return (ITR) on time is a crucial responsibility for every taxpayer in India. However, due to oversight, lack of information, documentation delays, or genuine mistakes, many individuals and businesses miss the original due date or later realize that errors were made in the filed return. The good news is that the Income Tax Act provides an opportunity to file a Belated Return or a Revised Return , allowing taxpayers to stay compliant and correct mistakes. But this opportunity is time-bound . For Assessment Year (AY) 2025–26 , the final deadline to file a Belated or Revised ITR is 31st December 2025 , provided the assessment has not been completed before that date. This blog explains everything you need to know about belated and revised ITRs, who should file them, penalties involved, common mistakes to correct, and why timely action is essential. 📌 What Is a Belated ITR? A Belated Income Tax Return is filed when a taxpayer fails to submit their return with...

  The Central Board of Direct Taxes (CBDT) has recently issued instructions to its field officers to intensify the recovery of pending income-tax demands . This move is part of a broader strategy to address revenue shortfalls and improve tax compliance across the country. As a result, taxpayers—especially those with high-value or long-pending demands—can expect increased scrutiny, more notices, and faster recovery actions in the coming weeks . Whether you are an individual taxpayer, professional, business owner, or corporate assessee, this development is significant and requires immediate attention. Ignoring old demands or assuming they are “inactive” can now lead to serious financial and legal consequences . This blog explains: What the CBDT tax recovery drive means Why recovery actions are being intensified Who is most likely to be affected Common reasons for pending tax demands Possible recovery measures by the department Practical steps taxpayers should take now How professiona...