Sat, Aug 16, 2025 | 03:22 PM IST
The finance ministry has implemented several measures to simplify income tax ITR filing and GST processes for small taxpayers, including online ITR filing, updated Form 26AS, and auto-generated GST returns with editing facility. Threshold limits for the GST composition scheme have been increased, and UPI/IMPS options are available for GST payments.
The Income Tax Bill 2025 brings good news for pensioners. It allows tax deductions on the full amount of commuted pension. This applies to those receiving pensions from specified funds like LIC Pension Fund. The bill addresses previous gaps in tax treatment for different recipients. Non-employees, including private-sector individuals with independent pension investments, will benefit.
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