Latest news with #SandeepSehgal
Time of India
27-05-2025
- Business
- Time of India
Deadline to file ITR extended to September 15 amid systems tweaks
Photo/Agencies NEW DELHI: The income tax department has extended the deadline for filing of tax returns by individuals from July 31 to Sept 15 in the wake of several amendments to the law, which have necessitated revisions in the notified ITRs for this assessment year, requiring the authorities to rework the technology platform, among other things. "The notified ITRs for Assessment Year 2025-26 (FY2024-25) have undergone structural and content revisions aimed at simplifying compliance, enhancing transparency, and enabling accurate reporting. These changes have necessitated additional time for system development, integration, and testing of the corresponding utilities. Furthermore, credits arising from TDS statements, due for filing by May 31, 2025, are expected to begin reflecting in early June, limiting the effective window for returns filing in the absence of such extension," the Central Board of Direct Taxes (CBDT) said in a statement. For the last few years, the tax department has been sticking to the July 31 deadline meant for individuals who do not need to get audits done. The deadline covers the bulk of I-T returns filed during the year. Whenever the deadline has been extended in the past, it has happened quite late in the day. But this time the I-T department has opted to inform taxpayers early. "Given the requirements of these new ITR forms, the e-filing utility (both online and offline) needs to be updated by govt. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo Therefore, it is a very welcome move to extend the ITR filing deadline..., allowing taxpayers the time required to comply with these enhanced reporting requirements and legislative changes," said Sonu Iyer, partner and national leader for People Advisory Services-Tax at consulting firm EY India. "Given the complexity and increased reporting requirements in the revised ITR forms, including more granular disclosures of capital gains, foreign income, and asset ownership, the extension offers much-needed relief to taxpayers... taxpayers are advised to utilise this extended window to compile their financial data, reconcile necessary information, thereby minimising the risk of filing errors or omissions," said Sandeep Sehgal, tax partner at consulting firm AKM Global. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
27-05-2025
- Business
- Mint
Income-tax return filing deadline extended to 15 September
New Delhi: India's apex direct tax policy making body has extended to 15 September the income-tax return filing due date for the assessment year 2025-26 (FY2024-25) for those who do not need to get their accounts audited. The Central Board of Direct Taxes (CBDT), an arm of the Union finance ministry, announced the decision in a statement on Tuesday. Usually, the deadline for filing I-T returns falls on 31 July. The deadline for filing the returns has been extended because the digital ITR forms are being changed this year, which require more time to update the tax systems and release the necessary filing software, the CBDT said. Experts said typically, the software utilities are made available early in April. To be sure, the forms have been notified but have not been updated in the filing software. This year's ITR forms have undergone significant revisions to boost transparency and simplify taxpayer compliance. They require more disclosures on tax-saving investments, house rent allowance (HRA), and tax deducted at source (TDS) on non-salary incomes. Alongside, compliance has been eased on assets and liabilities reporting. Those with long-term capital gains (LTCG) of up to ₹ 1.25 lakh from stocks and equity mutual funds can now opt for the simpler ITR-1, Mint reported on 7 May. Tax experts have welcomed the move. 'Given the complexity and increased reporting requirements in the revised ITR forms, including more granular disclosures of capital gains, foreign income, and asset ownership, the extension offers much-needed relief to taxpayers,' said Sandeep Sehgal, partner-tax at AKM Global, a tax and consulting firm. The additional time, Sehgal added, is intended to facilitate a smoother transition to the new compliance regime, allowing taxpayers to correctly interpret the updated requirements, and ensure accurate and complete return filings. Sonu Iyer, partner and national leader, people advisory services-tax at EY India, said the ITR forms notified for the FY 2024-25 (AY 2025-26) incorporate the amendments introduced by Finance Act 2024 and have enhanced reporting requirements. Coming to the aid of middle-class tax payers, in the budget 2025-26, the government announced that there will be no income tax payable up to income of ₹ 12 lakh–average income of ₹ 1 lakh per month other than special rate income such as capital gains–under the new regime. This limit will be ₹ 12.75 lakh for salaried tax payers, due to standard deduction of ₹ 75,000. Also, in budget 2025-26, finance minister Nirmala Sitharaman rationalized the TDS by reducing the number of rates and thresholds above which it is applied. Further, threshold amounts for tax deduction have been increased for better clarity and uniformity. Tax policy reforms are geared to widen the tax base, detect undeclared income through data matching and promote digital compliance. The Income Tax department collected ₹ 22.26 trillion in direct taxes after adjusting for refunds in the financial year ended March 2025, recording an annual growth of 13.57%, as per official data.
Hans India
17-05-2025
- Business
- Hans India
GSTN postpones locking of inter-state supplies table
New Delhi: GST Network on Friday deferred the implementation of locking of the table showing inter-state supplies to unregistered persons and composition tax in monthly tax payment form GSTR-3B. GSTN, which manages the tech backbone for Goods and Services Tax, had on April 11, 2025, said from the April 2025 tax period, inter-state supplies auto-populated in Table 3.2 of GSTR-3B will be made non-editable. AKM Global, Partner- Tax, Sandeep Sehgal said GSTN's recent clarification that Table 3.2 in GSTR-3B will remain editable for now is a significant transitory relief for many businesses and tax filers.
&w=3840&q=100)
Business Standard
05-05-2025
- Business
- Business Standard
ITR-3 updated: What biz owners, professionals must know for FY25 tax filing
If you're an individual or part of a Hindu Undivided Family (HUF) earning income from a business or profession, it's time to get familiar with the newly notified ITR-3 form for Assessment Year 2025–26. The Income Tax Department has made key changes to the form, aiming to simplify tax filing and reduce unnecessary disclosures—especially for middle-income taxpayers. Here's what you need to know if you fall in this category. What's New in ITR Form 3 (AY 2025–26)? Who should file it? ITR-3 is meant for individuals and Hindu Undivided Families (HUFs) who earn income from business or profession. Those not eligible to file simpler forms like ITR-1 or ITR-4 If you're a freelancer, doctor, lawyer, consultant, or have any kind of business income, this form is for you. Key Changes and Highlights: Increased Threshold for Asset & Liability Disclosure: Earlier, you had to report assets and liabilities if your total income exceeded Rs 50 lakh. Now, the threshold has been increased to Rs 1 crore, reducing the disclosure burden for many middle-income taxpayers. What this means for you? Relief for Middle-Income Taxpayers: You no longer need to report your assets and liabilities in Schedule AL unless your total income exceeds Rs 1 crore (previously ₹50 lakh).This significantly reduces paperwork for professionals and business owners in the middle-income bracket. Split Reporting of Capital Gains: If you sold real estate or any other long-term capital asset, you now need to separately report gains made before and after July 23, 2024. This change reflects the Budget 2024 update, which introduced: A 12.5% LTCG tax without indexation (for sales after July 23) OR, the traditional 20% LTCG tax with indexation Taxpayers who purchased real estate before July 23, 2024, can choose the option that benefits them the most. This gives more flexibility to taxpayers based on when they bought/sold the property. Ease of Deductions: Dropdown menus for deductions like Section 80C, 80GG, and others have been added. This makes it easier and more transparent when claiming deductions. Section-Wise TDS Reporting: Taxpayers now have to report Tax Deducted at Source (TDS) in more detail, section by section, improving clarity for both the filer and the tax department. Why these changes matter: According to Sandeep Sehgal, Partner – Tax at AKM Global: 'These updates simplify compliance for business owners and professionals. Dropdowns for deductions and section-wise TDS reporting enhance transparency and accuracy.' The changes are also aligned with efforts to make tax filing more user-friendly, and better synced with emerging tax policies like the new LTCG structure. Budget 2024 Impact: What you should keep in mind Selling real estate? You now have a choice: pay lower tax (12.5%) without indexation, or claim inflation-adjusted costs and pay 20%. Gains before July 23, 2024, still fall under the old regime. Make sure to keep sale documents, cost details, and timelines handy for accurate reporting. For professionals, freelancers, and small business owners, the new ITR-3 form brings: Less disclosure if your income is below Rs 1 crore More clarity and control over capital gains tax Streamlined deduction claims But it also comes with new reporting responsibilities, especially for capital gains and TDS. As the filing window for FY 2024–25 (AY 2025–26) opens, it's wise to get organized early. Keep your income records, expense proofs, investment documents, and capital asset sale details ready—and consult a tax advisor if you're unsure which LTCG option suits you best. With inputs from PTI
Time of India
02-05-2025
- Business
- Time of India
New ITR-3 form notified for income tax return filing for FY 2024-25: Here's what's new for taxpayers
: The has issued , applicable for individuals and HUFs earning income through business or professional activities. The announcement was made via X platform on Thursday night, confirming that ITR-3 for Assessment Year 2025-26 was officially notified on April 30. Tired of too many ads? go ad free now What's new in ITR-3? A significant change includes the increase in the reporting threshold for assets and liabilities under ' ' from Rs 50 lakh to Rs 1 crore, providing relief to middle-income taxpayers through reduced disclosure requirements. The ITR's Schedule Capital Gains section now requires separate reporting of capital gains based on their occurrence, whether before or after July 23, 2024. Following the Budget presentation on July 24, 2024, the administration proposed reducing on property to 12.5 per cent without indexation benefits, down from the previous 20 per cent rate with indexation. Also Read | The indexation benefit enables taxpayers to calculate property cost prices whilst accounting for inflation. This revision allows individuals or HUFs who acquired properties before July 23, 2024, to choose between two options: either pay LTCG tax at 12.5 per cent without indexation or continue with the existing system of 20 per cent tax with indexation benefits. AKM Global's Partner-Tax, Sandeep Sehgal highlighted that the CBDT has implemented significant modifications to ITR Form 3 for Assessment Year 2025-26, simplifying the compliance process for individuals and Hindu Undivided Families earning income from business or professional activities. "Dropdowns for deductions like Section 80C and section-wise TDS reporting have also been introduced, enhancing transparency, accuracy, and ease of filing. Overall, these changes reflect the CBDT's ongoing efforts to promote ease of compliance, improve data accuracy, and align reporting with emerging policy developments," Sehgal added. On April 29, the authorities announced ITR forms 1 and 4 for assessment year 2025-26, simplifying the filing process for individuals with long-term capital gains up to Rs 1.25 lakh from listed equities. Tired of too many ads? go ad free now The administration has incorporated alterations regarding deductions under sections 80C, 80GG and others, whilst introducing a dropdown menu in the utility for tax filers to choose from. Additionally, taxpayers must now provide detailed section-wise information concerning their TDS deductions in the ITR.
