As we move into a new financial quarter, the Indian taxation landscape has seen key regulatory and procedural updates that every taxpayer and business owner must be aware of. Here’s a summary of the latest taxation updates as of June 2025:
🔹 1. New Income Tax Return (ITR) Forms for AY 2025–26
The Income Tax Department has notified revised ITR forms for Assessment Year 2025–26:
- ITR-1 (Sahaj): Now allows reporting of additional bank accounts for refund credits.
- ITR-3 and ITR-4: Include fields to capture crypto and virtual digital asset (VDA) income and foreign income disclosures.
🔹 2. Income Tax Slabs for FY 2024–25 Remain Unchanged
There is no change in the income tax slabs under both the old and new tax regimes. However, taxpayers are encouraged to compare regimes while filing to optimize their tax liability.
🔹 3. Advance Tax Deadline – June 15, 2025
The first installment of advance tax for FY 2025–26 was due on June 15, 2025. Non-payment or delay may attract interest under Section 234B and 234C.
🔹 4. New TDS Rules on Online Gaming and Crypto
From April 1, 2025:
- A 30% flat TDS applies to net winnings from online gaming platforms (Section 194BA).
- TDS of 1% on crypto transfers (Section 194S) remains applicable with stricter enforcement on exchange reporting.
🔹 5. PAN-Aadhaar Linking Enforcement
Taxpayers failing to link their PAN with Aadhaar have had their PANs declared inoperative from July 1, 2025. This affects return filing, refunds, and compliance.
📌 FinTax Pro Tip:
Compliance is key to avoiding notices, penalties, or interest. Whether you’re a salaried individual, freelancer, or business owner, FinTax Pro offers professional assistance in:
- Income Tax Filing
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