Kanpur, Sales Tax Bar Association Lakhanpur organized a Direct Tax Study Circle meeting. The meeting was started by Akhilesh Kumar Gupta and President SP Singh and General Secretary Avnish Mishra welcomed everyone and the executive members welcomed the keynote speaker. The keynote speaker CA Govind Maheshwari said that while filing the income tax return for 2024-25, some special care needs to be taken because from 23 July 2024, many changes have been made in capital gains, such as now 20% tax will have to be paid instead of 15% on short term capital gains in shares and equity funds. 12.5% tax will have to be paid instead of 10% on long term capital gains in shares and equity funds, but the exemption of Rs 1 lakh available in this has been increased to Rs 1.25 lakh. From 23 July 2024, the tax on long term capital gains on other assets has been reduced from 20% to 12.5%. On the other hand, the indexation benefit that was earlier available on the sale of long-term assets has now been abolished. However, the government has given taxpayers the option to calculate tax at 12.5% without indexation or 20% with indexation if the transaction was on real estate (land and house) purchased before July 23, 2024. Short-term capital gains other than shares and equity funds will have to be taxed as per the slab. There will be only two holding periods for classifying assets into long-term and short-term, 12 months and 24 months. The 36-month holding period has been removed. The Income Tax Authority of India has implemented major amendments to the Income Tax Return (ITR) form for the assessment year 2025-26, including specifically the rules governing capital gains reporting. In response to these changes, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing ITRs by an additional 45 days, from the original due date of July 31, 2025 to September 15, 2025. Currently, ITR-1 and ITR-4 can be filed both online and offline, but for ITR 2 and ITR 3, the Income Tax Department of India has notified only offline filing Excel utility. Even after 107 days of this year, this delay is causing a lot of trouble to taxpayers. He also informed that on July 14, 2025, the Income Tax Department has issued a press release in which a large-scale verification campaign has been launched at many places across the country, targeting individuals and entities making fraudulent claims of deductions and exemptions in Income Tax Returns (ITR). This action has been taken after a detailed analysis of the misuse of tax benefits under the Income Tax Act, 1961. The analysis reveals misuse of deductions under Sections 10(13A), 80GGC, 80E, 80D, 80EE, 80EEB, 80G, 80GGA, and 80DDB. Exemptions have been claimed without any valid justification. The Income Tax Department is now set to take strict action against the continued fraudulent claims, including penalties and prosecution, wherever applicable. The ongoing verification drive in 150 premises is expected to yield crucial evidence, including digital records, which will help dismantle the network behind these schemes and ensure accountability under the law. In this meeting, chairman Sunil Trivedi, president SP Singh, general secretary Avnish Mishra, senior vice president JD Bhatia, vice president Sumit Tandon, VK Gupta, RK Tiwari, Kuldeep Narayan Bajpai, SP Tripathi, RC Shukla, RK Tiwari, Vimal Katiyar, Amitabh Singh, Dinesh Shukla, Manoj Singh, Ram Karan Yadav, Anil Gupta, Sunil Pal, Mukund Gupta, Akhilesh Kumar Gupta and others were present.
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