Nagpur: The Nag Vidarbha Chamber of Commerce (NVCC) organised a special seminar on the provisions of the New Income Tax Act 2025 during its executive meeting held on May 9, 2026, at Hotel Dwarkamai, Ganeshpeth. Director of Income Tax (I & CI), Nagpur, Mr. Pramod Nikalje attended the event as the chief guest, while senior Chartered Accountant CA Mahendra Jain guided the members as the keynote speaker.
NVCC President Farooq Akbani welcomed the guests with shawls, coconuts and bouquets. The event was conducted by Vice President and Programme Convener CA Ashwini Agrawal.
Gold Rate
May 11- 2026 - Time 10.30Hrs
Addressing the gathering, Income Tax Director Pramod Nikalje said the New Income Tax Act 2025 has been designed to be simpler, digital-friendly and more transparent for taxpayers. He informed that the number of words and complex provisions in the new Act has been significantly reduced, while TDS and TCS procedures have also been streamlined.
He urged traders to disclose all financial and cash transactions properly in their income tax returns, stating that the department now gathers information through multiple sources including investments, property transactions and luxury purchases. He also advised taxpayers to respond seriously and promptly to notices issued by the department.
Senior CA Mahendra Jain clarified that although the new Income Tax Act has been introduced, cases prior to March 2026 will continue to be governed under the Income Tax Act 1961. He explained that most changes in the new law are related to simplification of language, section numbers and procedural structure.
He further highlighted stricter penalty provisions related to delayed audits. Taxpayers failing to complete audits by September 30 may face a penalty of Rs 75,000, which could increase to Rs 1.5 lakh if delayed beyond October 31.
The speakers also advised traders to keep their mobile numbers and email IDs updated with the Income Tax Department to ensure timely receipt of notices and important communications. A large number of traders, office bearers and chamber members attended the seminar.
