☰
The Income Tax Department has reported minor refund miscalculations in the latest return processing software. Taxpayers are advised to verify refund amounts carefully before accepting or raising any claims.
✅ EasyPeasyTax recommends cross-checking your refund status on the official Income Tax Portal and contacting your Chartered Accountant or tax advisor in case of discrepancies.
The Income Tax Department has released the Excel Utilities for ITR-6 (companies) and ITR-7 (trusts, charitable/religious institutions, political parties, universities, hospitals, etc.). Prepare returns offline, validate, and upload on the portal for AY 2025-26.
The Income Tax Department has released the ITR-5 Excel utility for Assessment Year 2025–26 on August 9–10, 2025.
This utility is designed for:
From 30th July 2025, Eligible taxpayers can now prepare, validate, and submit their ITR-3 entirely online—without having to rely solely on offline utilities.
In June 2025, UPI handled a staggering ₹24 lakh crore across 18.39 billion transactions, marking a ~32% jump year‑over‑year.
According to SBI, five states—Uttar Pradesh, Maharashtra, Gujarat, Tamil Nadu, and Karnataka—together account for nearly half of active GST taxpayers. UP leads with 13.2% of registrations, while the average collection continues to rise, reflecting growing formalisation.
GSTN has enhanced auto-population of B2B invoices in GSTR-2B from GSTR-1 uploads, improving reconciliation and reducing mismatch errors. Businesses are advised to file timely and accurate returns.
TDS returns for Q1 (April–June 2025) are due by 31st July 2025. Delayed filing attracts penalties. Ensure all PANs are validated and challans correctly linked.
Starting July 1, 2025, Aadhaar is mandatory to apply for a new PAN. Other documents will no longer be accepted.
The deadline for filing tax returns for FY 2024‑25 (Assessment Year 2025‑26) has been extended from July 31 to September 15, 2025, for non‑audit taxpayers.
The GST amnesty scheme has been extended until July 31, 2025, allowing businesses to file pending returns with reduced late fees.
CBIC issued a clarification on QR codes and dynamic invoices for B2B transactions exceeding ₹50,000.
Clarification issued on applicability of TDS under Section 194Q for digital transactions exceeding ₹50 lakh annually.
Late fees revised. NIL filers: ₹500, others: up to ₹5,000.
Latest utilities launched with schedule updates for capital gains, etc.