New Income-tax Act, 2025 becomes official
On August 21, the new Income-tax Act, 2025 received the President's assent and was officially notified by the government. This landmark legislation replaces the decades-old Income-tax Act, 1961, and will take effect from April 1, 2026. The new law is intended to be simpler and more transparent.
GST 2.0 and rate rationalization
- 56th GST Council Meeting: A crucial meeting is set for September 3 and 4 in New Delhi, where the GST Council will consider the recommendations for structural changes and rate rationalization.
- Removal of 12% and 28% slabs: The Group of Ministers (GoM) has endorsed the pl...
Other Notable tax-related developments occurred in India
Direct taxes
- Record personal tax collections: For the first time in India's history, personal income tax (PIT) collections have surpassed corporate tax collections. This shift is attributed to increased formalization, digitization, and improved compliance.
- C...
Chartered accountants lobby for tax audit deadline extension amid portal glitches and new compliance rules
1. No tax audit deadline extension yet for AY 2025–26, but demands are high.
- The September 30, 2025, deadline for filing tax audit reports remains unchanged.
- The Chandigarh Chartered ...