Urgent Warning: Fake Income Tax Refund Emails! Don’t fall for it! The Income Tax Department is issuing a strong warning about fake emails asking for “urgent manual confirmation” to process your income tax refund. These are phishing scams designed to steal your personal and financial information. How to Spot the Scam What to Do (and … Read more
As a retired senior citizen in India, navigating your taxes, especially with income from interest and capital gains, can feel like a maze. Let’s simplify how your tax would be calculated for the Financial Year 2024-25 (Assessment Year 2025-26), keeping your specific income in mind. Your Income Breakdown You’ve got a mix of income sources: … Read more
For many individuals and Hindu Undivided Families (HUFs), especially those with business or professional income, filing Income Tax Return (ITR-3) is a common requirement. This often brings up a crucial question: is it mandatory to maintain your books of accounts? Let’s break down everything you need to know. Who Needs to File ITR-3? ITR-3 is … Read more
The Income Tax Department has rolled out the Excel utility for ITR-3 for the financial year 2024-25 (Assessment Year 2025-26), introducing several crucial updates for taxpayers, particularly stock market traders. Here’s a breakdown of the key modifications in the ITR-3 Excel utility: 1. Capital Gains Reporting Gets Granular: 2. Enhanced TDS (Tax Deducted at Source) … Read more
Enhancing Tax Transparency on foreign assets & Income: Understanding CRS &FATCA A. Purpose of CRS and FATCAIn this globalized economy, tax transparency and compliance has become paramount to ensurethat taxpayers disclose their global income and assets accurately. The Common ReportingStandard (CRS) and the Foreign Account Tax Compliance Act (FATCA) are internationalframeworks designed to combat tax … Read more
Receiving an income tax notice can be unsettling, but it doesn’t always mean you’ve done something wrong. With tax authorities stepping up scrutiny, it’s more important than ever to understand these notices and how to respond. Ignoring them can lead to penalties, so let’s break down the common types, why you might get one, and … Read more
Taxpayers Beware: AI Flags Fake Deductions, Hefty Penalties Loom The Income Tax Department is cracking down on bogus tax deduction claims like never before, and they’re using advanced AI and data analytics to do it. This isn’t just a warning; it’s already in motion. So far, over 40,000 taxpayers have had to retract fabricated entries … Read more
Income Tax Department Uncovers ₹1,045 Crore Fraud in Fake Refund Scam New Delhi, India – The Income Tax Department has launched a major crackdown on a widespread scam involving fake I-T refunds and fraudulent claims of deductions and exemptions. Starting July 14, 2025, a large-scale verification operation is underway across multiple states, targeting individuals and … Read more
Filed the Wrong ITR Form? Here’s How to Fix It for AY 2025-26 The Income Tax Department has now enabled e-filing for ITR-2 and ITR-3 forms, completing the availability of all major ITR forms (1-4) for the Financial Year 2024-25 (Assessment Year 2025-26). Taxpayers also have more time to file their returns, as the deadline … Read more
India’s Tax Picture: Gross Collections Up, But Refunds Cause Net Dip in FY26 India’s direct tax collections are showing a mixed trend in the current financial year (FY26) so far. While gross direct tax collections have risen by 3.17% to ₹6.64 lakh crore as of July 10, the net collections have slipped by 1.34% to … Read more