Indian imports!
Total now 50% 😳
India’s continued purchase of Russian oil.
Effective in 21 days—exemptions for goods in transit.
Global trade tensions 🔥 again! #Tariffs#IndiaUS#TradeWar2025
If you did intraday/F&O trading in FY 2024–25, file ITR‑3 (not ITR‑1 or 2). Declare turnover, P&L, and opt for presumptive scheme if eligible. #ShareMarket#ITR
Markets shook by unexpected U.S. tariff threat—Sensex drops ~300 pts, rupee nears record lows. But Indian investors held strong: indices bounced back mid-session showing resilience. 💪 #IndiaMarkets#StockMarket
- Crypto and digital assets are now under tax searches
- Deductions are consolidated in one place for easier
reference
Basically, it's like telling CA students, "Good news! Fewer pages to study," but with more sections to remember-so you'll still be up all night before the exam.
FM Nirmala Sitharaman promised a simpler tax law, and here's what changed:
- The Act is now shorter (823 to 622 pages)
But the number of sections has increased (298 to 536)
- 'Assessment Year' is gone, replaced by 'Tax Year' (1/2)
Late Fee is payable if ITR Filed after due date u/s 139(1) for Individuals
No Late Fee if Gross Total Income(GTI) upto ₹2,50,000
Late Fee is $1,000 if GTI above *2,50,000
Late Fee is 5,000 if Total Income above ₹5,00,000
To avoid additional interest u/s 234B & 234C, self assessment tax should be paid latest by tomorrow to save interest charges for July.
Note that, once July 1st starts, interest needs to be paid for the full month, irrespective of no. of days.
#incometax#taxation#ITRFiling
INCOME TAX PORTAL: New informative feature added in Personal Details & Profile Match columns - to know whether PAN is in inoperative state or not due to non-linkage of PAN and Aadhar.