Dear Taxpayers,
Please be informed that the GSTR-2B for December 2024 will now be generated on 16th January 2025.
This is due to the extension of the due date for filing GSTR-1 for December 2024.
Kindly take note of this change while planning your compliance activities to avoid any inconvenience.
Stay tax-compliant!
Please be informed that the GSTR-2B for December 2024 will now be generated on 16th January 2025.
This is due to the extension of the due date for filing GSTR-1 for December 2024.
Kindly take note of this change while planning your compliance activities to avoid any inconvenience.
Stay tax-compliant!
Tax Slabs Revised
0 to 4 lakh: nil
4 to 8 lakh: 5%
8 to 12 lakh: 10%
12 to 16 lakh: 15%
16 to 20 lakh: 20%
20 to 24 lakh: 25%
Above 24 lakh to 30 lakh: 30%
0 to 4 lakh: nil
4 to 8 lakh: 5%
8 to 12 lakh: 10%
12 to 16 lakh: 15%
16 to 20 lakh: 20%
20 to 24 lakh: 25%
Above 24 lakh to 30 lakh: 30%
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🆕 Big Update from Income Tax Portal!
As per Finance Act 2025, taxpayers can now file Updated ITR (ITR-U) for up to 4 Assessment Years!
✅ You can now file ITR-U for:
AY 2024-25
AY 2023-24
AY 2022-23 (Facility coming soon)
AY 2021-22 (Facility coming soon)
📢 Portal functionality for AY 2022-23 and AY 2021-22 will be enabled shortly — stay tuned!
⚠️ Important: The longer you delay, the more you pay in additional tax:
If you file the ITR-U within 12 months from the end of the relevant AY, you’ll pay 25% additional tax on tax + interest.
If you file between 12–24 months, it increases to 50%.
If filed between 24–36 months, the additional tax is 60%.
And if you file between 36–48 months, it shoots up to 70%!
💡 So if you're planning to file ITR-U for AY 2021-22 or 2022-23, be ready for high additional tax — up to 60% or 70% depending on how late you file.
Don’t wait! File early to save tax and avoid penalties.
As per Finance Act 2025, taxpayers can now file Updated ITR (ITR-U) for up to 4 Assessment Years!
✅ You can now file ITR-U for:
AY 2024-25
AY 2023-24
AY 2022-23 (Facility coming soon)
AY 2021-22 (Facility coming soon)
📢 Portal functionality for AY 2022-23 and AY 2021-22 will be enabled shortly — stay tuned!
⚠️ Important: The longer you delay, the more you pay in additional tax:
If you file the ITR-U within 12 months from the end of the relevant AY, you’ll pay 25% additional tax on tax + interest.
If you file between 12–24 months, it increases to 50%.
If filed between 24–36 months, the additional tax is 60%.
And if you file between 36–48 months, it shoots up to 70%!
💡 So if you're planning to file ITR-U for AY 2021-22 or 2022-23, be ready for high additional tax — up to 60% or 70% depending on how late you file.
Don’t wait! File early to save tax and avoid penalties.
Kind attention Taxpayers!
CBDT notifies ITR-1 (Sahaj) & ITR-4 (Sugam) for AY 2025-26 via Notification No. 40/2025 dated 29.04.2025.
Key updates:
🖋️ File ITR-1 or ITR-4 even with Long term capital gains U/s 112A (up to ₹1.25 lakh with no brought forward/ carry forward loss)
🖋️ Changes made to capture details of deductions claimed under various sections.
🖋️Section under which TDS is deducted will be captured in Schedule-TDS.
CBDT notifies ITR-1 (Sahaj) & ITR-4 (Sugam) for AY 2025-26 via Notification No. 40/2025 dated 29.04.2025.
Key updates:
🖋️ File ITR-1 or ITR-4 even with Long term capital gains U/s 112A (up to ₹1.25 lakh with no brought forward/ carry forward loss)
🖋️ Changes made to capture details of deductions claimed under various sections.
🖋️Section under which TDS is deducted will be captured in Schedule-TDS.
CBDT notifies ITR-U vide Notification No. 49/2025 dated 19.05.2025.
Key updates:
🖋️Time Limit Extended to 48 months via Finance Act, 2025.
🖋️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 can be filed if notice u/s 148A (show-cause notice) issued after 36 months from the end of the relevant A.Y. However, later if 148A(3) order passed saying - not a valid case for notice u/s 148, then ITR U can be filed within 48 months from the end of relevant A.Y.
🖋️Section 140B Amended to prescribe additional income-tax payable for the extended timelines.
🖋️Rule 12AC Amended accordingly to reflect these changes
Key updates:
🖋️Time Limit Extended to 48 months via Finance Act, 2025.
🖋️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 can be filed if notice u/s 148A (show-cause notice) issued after 36 months from the end of the relevant A.Y. However, later if 148A(3) order passed saying - not a valid case for notice u/s 148, then ITR U can be filed within 48 months from the end of relevant A.Y.
🖋️Section 140B Amended to prescribe additional income-tax payable for the extended timelines.
🖋️Rule 12AC Amended accordingly to reflect these changes
🧾 ITR Filing Requirement for AY 2025-26 (FY 2024-25)
Wondering whether you need to file Income Tax Return this year?
📌 Here’s a simplified checklist for Mandatory, Recommended & Special Cases 👇
🔴 Mandatory ITR Filing if ANY of these apply:
1️⃣ Income exceeds basic exemption limit
2️⃣ Deposited ₹1 Cr+ in current account
3️⃣ Deposited ₹50 Lakh+ in savings
4️⃣ Spent ₹2 Lakh+ on foreign travel
5️⃣ Paid ₹1 Lakh+ in electricity bill
6️⃣ Business turnover > ₹60 Lakh
7️⃣ Professional receipts > ₹10 Lakh
8️⃣ TDS/TCS > ₹25,000
9️⃣ Invested in US stocks
🔟 Held foreign assets
🟡 Recommended to File:
Carry forward losses
Claim TDS refund
AIS shows high-value transactions
🔵 Special Case:
👉 Senior citizens (75+ years) with only pension & interest income may skip ITR if Form 12BBA is submitted to the bank.
Wondering whether you need to file Income Tax Return this year?
📌 Here’s a simplified checklist for Mandatory, Recommended & Special Cases 👇
🔴 Mandatory ITR Filing if ANY of these apply:
1️⃣ Income exceeds basic exemption limit
2️⃣ Deposited ₹1 Cr+ in current account
3️⃣ Deposited ₹50 Lakh+ in savings
4️⃣ Spent ₹2 Lakh+ on foreign travel
5️⃣ Paid ₹1 Lakh+ in electricity bill
6️⃣ Business turnover > ₹60 Lakh
7️⃣ Professional receipts > ₹10 Lakh
8️⃣ TDS/TCS > ₹25,000
9️⃣ Invested in US stocks
🔟 Held foreign assets
🟡 Recommended to File:
Carry forward losses
Claim TDS refund
AIS shows high-value transactions
🔵 Special Case:
👉 Senior citizens (75+ years) with only pension & interest income may skip ITR if Form 12BBA is submitted to the bank.
Kind attention taxpayers!
Income Tax Return Forms of ITR-1 and ITR-4 are now enabled to file through Online mode with prefilled data for Assessment Year 2025-26 for taxpayers.
Visit: incometax.gov.in
Income Tax Return Forms of ITR-1 and ITR-4 are now enabled to file through Online mode with prefilled data for Assessment Year 2025-26 for taxpayers.
Visit: incometax.gov.in