The digital transformation in India’s financial sector is enabling faster and broader access to credit, particularly for small and medium enterprises (SMEs), stated State Bank of India (SBI) Chairman CS Shetty at the Global Fintech Fest 2025 on Wednesday. “Today, I am very proud to say that an SME customer with a loan requirement of up…
Out of the direct tax collections, corporate tax revenue increased 6.1 per cent on a year-on-year basis to Rs 3.52 lakh crore. Official data showed that the government’s personal income tax collections saw a decline of 6.1 per cent for the financial year, as of September 17. | Representational image | Image credit: Pexels Source…
ITR Filing 2025: If you still haven’t filed your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26), there’s some relief. The Centre has extended the deadline to September 15, 2025, from the earlier cut-off of July 31. This extension applies to salaried individuals and pensioners whose accounts don’t require an audit. For those whose…
Income Tax Act, 2025: President Droupadi Murmu has given her assent to the Income Tax Act, 2025, replacing the decades-old Income Tax Act of 1961. The law will come into force from the next financial year, beginning April 1, 2026. According to the Income Tax Department, “The Income-tax Act, 2025, has received the Hon’ble President’s…
The number of people filing income tax returns (ITR) in India has grown by over 32 per cent in the past five financial years, the Parliament was informed on Tuesday. While 6.48 crore people filed ITRs in FY 2019-20, the figure rose to 8.56 crore in FY 2024-25, Minister of State for Finance Pankaj Chaudhary,…
HRA Tax Relief for ITR FY 24-25: In the old tax regime, salaried-class individuals who receive house rent allowance (HRA) as part of their salary may claim tax benefits against the rent paid. But how will you know the maximum tax benefit you can claim? Will it be counted on the basis of the HRA…