ITR Filing Alert: How to Correct AIS Mismatches and Avoid a Tax Notice A single mistake in your Annual Information Statement (AIS) can lead to an automated tax notice. With the ITR filing season in full swing, it’s more crucial than ever for taxpayers to verify and correct their AIS data. The case of a … Read more
Musk vs. Ellison: A Billionaire Battle for the Top Spot Elon Musk has once again reclaimed his title as the world’s richest person, but it was a close call. He briefly lost the top spot to Oracle co-founder Larry Ellison after a massive surge in Oracle’s stock. The dramatic shift was fueled by the AI … Read more
Urgent Tax Filing Alert: Don’t Fall for the ₹12 Lakh Myth! With the ITR filing deadline just around the corner, a dangerous myth is circulating: “No tax? No need to file!” Many taxpayers believe their income up to ₹12 lakh is tax-free, so they don’t have to file a return. This is wrong and could … Read more
Don’t Let Taxes Eat Your Returns: The Reality of Fixed Deposit Taxation in India Fixed deposits (FDs) are a cornerstone of many investment portfolios, prized for their security and stable returns. But what many investors fail to realize is that a safe investment isn’t always a tax-efficient one. Earning a seemingly attractive 6-7% on an … Read more
The recent viral story of a Gurugram-based software engineer has sparked a vital conversation about the financial and mental load in modern marriages. Despite earning a high salary of ₹26 lakh a year, the man struggles to make ends meet, saving only ₹15,000 a month after covering significant expenses like rent (₹40,000), groceries (₹30,000), car … Read more
An Annual Information Statement (AIS) is a statement containing a taxpayer’s financial information for a financial year. The Income Tax Department of India uses the AIS to check if the details provided in an Income Tax Return (ITR) match their records. If there’s a mismatch, it can trigger an automated scrutiny notice. Top AIS Mismatches … Read more
Will the Income Tax Return (ITR) filing deadline be extended again? With just days to go before the September 15 cutoff, the Finance Ministry has issued a fresh reminder, but has stayed silent on any further relief. This has raised speculation that taxpayers may be out of time. In a detailed communication dated September 7, … Read more
Mumbai, India – Authorities have arrested a Chartered Accountant (CA) for his alleged involvement in a massive fake Input Tax Credit (ITC) scheme. Ritesh Padamchand Burad, a 51-year-old CA from Bhayandar, was apprehended by the CGST Palghar Commissionerate. According to officials, Burad is accused of orchestrating a racket that generated fake ITC worth nearly Rs … Read more
A cook from a dhaba in Madhya Pradesh, identified as Ravindra Singh Chauhan, was shocked to receive an Income Tax notice for over ₹46 crore in suspicious bank transactions. He works at a roadside eatery and says his yearly bank transactions do not exceed ₹3 lakh, so the notice was completely stunning to him. The … Read more
This news post details how Gopal Snacks, a prominent Rajkot-based snack manufacturer, is preparing for stronger growth this year. The company’s strategy is driven by two key factors: a recent GST rate cut and a significant expansion into new markets. The reduction in the Goods and Services Tax (GST) from 12% to 5% is a … Read more
