1. CBDT has extended the due date for filing Form 56F under the Income-tax Act, 1961. This extension is granted in response to difficulties faced by taxpayers and stakeholders in submitting the required accountant’s report under Section 10AA(8) read with Section 10A(5) of the Act. To mitigate genuine hardship,
2. CBDT, exercising its authority under Section 119(2)(b), has extended the deadline for Assessment Year 2024-25 from the original date specified under Section 44AB to March 31, 2025. The decision aims to provide relief to taxpayers who were unable to comply with the initial deadline. The circular, issued on February 18, 2025, has been communicated to relevant government officials and departments, ensuring awareness and implementation..
3. The Income-tax Bill, 2025 has been tabled in Parliament, marking a significant step toward simplifying the language and structure of the Income-tax Act, 1961. No major tax policy changes and no modifications of tax rates have been made in the Income-tax Bill, 2025. Overall, there will be 23 chapters instead of 47, and there will be 536 clauses in place of 819 sections.
4. Outward remittances under the Reserve Bank of India’s (RBI’s) Liberalised Remittance Scheme (LRS) dropped 10.15 per cent year-on-year (Y-o-Y) to $22.82 billion in the April-December period of 2024-25 (FY25), dragged down by declines across major segments.
5. The lending to micro, small, and medium enterprises (MSMEs) in Uttar Pradesh for the next financial year (2025-26) is estimated to increase by 52 per cent at Rs 4.46 trillion from Rs 2.92 trillion in FY25.
CA Dr.Raj Chawla
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