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News INCOME TAX

  • May 06, 2025
  • ITR 5 gets a makeover with stricter capital gains, TDS rules for firms

    A fresh ITR 5 form has been notified by the Central Board of Direct Taxes (CBDT), effective April 1, replacing the earlier version used for firms, LLPs, Association of persons (AOPs), Body of Individuals (BOIs), and similar entities.

    “In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Fourteenth Amendment) Rules, 2025. (2) They shall come into force with effect from the 1st day of April, 2025. 2.