by Team SKM | Jun 4, 2025 | ITR, News
June 2025 | New Delhi The Income Tax Department has introduced significant updates in the ITR Excel utility for Assessment Year 2025-26 (Financial Year 2024-25), aimed at enhancing transparency and speeding up processing. These changes are particularly relevant for...
by Team SKM | May 30, 2025 | ITR, News
The Income Tax Department has officially commenced the Income Tax Return (ITR) filing process for the Financial Year 2024-25 (Assessment Year 2025-26). As part of the initial rollout, the department has made the Excel-based utilities for ITR-1 and ITR-4 available for...
by Team SKM | May 12, 2025 | ITR, News
In the case concerning the import of Textured Toughened (Tempered) Glass, whether Coated or Uncoated (referred to as the subject goods), falling under tariff headings 7003, 7005, 7007, 7016, 7020, and 8541 of the First Schedule to the Customs Tariff Act, 1975, the...
by Team SKM | May 12, 2025 | ITR, News
The Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2025, dated 9th May 2025, officially releasing the updated ITR-7 Form for the Assessment Year 2025–26. This new form replaces the previous version outlined in Appendix II of the Income-tax Rules,...
by Team SKM | May 8, 2025 | ITR, News
Key updates:1. Schedule-Capital Gain split for gains before/ after 23.07.2024 (post changes in Finance Act, 2024)2. Capital loss on share buyback allowed if corresponding dividend income is shown as income from other sources (post 01.10.2024)3. Reference of sec 44BBC...
by Team SKM | May 6, 2025 | ITR, News
CBDT has notified the new ITR-2 Form for AY 2025–26, introducing key updates. These include separate disclosure of capital gains, permission to claim capital loss on share buybacks effective from October 1, 2024, and an increased threshold of ₹1 crore for reporting...
