Now Reading: Advance the Clock, Secure the Trust.
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Advance the Clock, Secure the Trust.
Advance the Clock, Secure the Trust.
The Central Board of Direct Taxes (CBDT) has accelerated the deadline for Form 64A and 64E submissions—previously due by 30 November, now required by 15 June of the following financial year, effective 2 June 2025. This change means business and securitisation trusts must complete their compliance processes much earlier. While beneficial for quicker financial closeouts and distributions, it also compresses reporting timelines. Trust managers should act fast to avoid civil penalties and ensure timely income distribution to investors.
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“Tax‑Filing, Turbocharged.”
From 4 June 2025, the Income Tax Department has supercharged tax-filing with online utility support for ITR‑1 and ITR‑4 (AY 2025‑26). These e‑filing tools include prefilled details to save taxpayers time and eliminate errors. Offline Excel utilities followed on 11 June for those who prefer working locally before uploading. Together, they make filing faster, smoother and more accurate—helping taxpayers avoid mistakes and potential penalties—whether they’re going digital or sticking to spreadsheets.
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“Regulatory Relief, Income Cleared.”
On 19 June 2025, the CBDT granted a tax exemption to the Forum of Regulators via Notification No. 66/2025 under Section 10(46) of the Income-tax Act. The exemption applies to income from government grants, membership fees, and interest from bank deposits, provided the forum refrains from commercial activities and files its return under Section 139(4C)(g). Uniquely, this exemption has retrospective effect—from FY 2011–12 to FY 2015–16—easing historical tax burdens. However, the relief is conditional: compliance with non-commercial stipulations and timely filing are essential to maintaining exemption status.
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“Your Tax Return: Corrected, Compliant, Concluded.”
The introduction of the ITR-U form by CBDT in May 2025 offers taxpayers a second chance to rectify their tax filings. Whether it’s a missed return or a correction to an earlier one, this form allows for updated submissions within 24 months from the end of the relevant assessment year. It comes at a cost—additional tax and interest based on the extent and timing of the correction—but it also provides legal protection from prosecution. This move supports greater transparency and compliance, giving honest taxpayers an opportunity to clean their slate.
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