To claim your House Rent Allowance (HRA) exemption under the Old Tax Regime for the financial year 2024-25 (Assessment Year 2025-26), salaried taxpayers will need to provide specific details on the Income Tax e-filing portal. Please note that this exemption is not available if you opt for the New Tax Regime. What the e-filing portal … Read more
It’s Income Tax Return (ITR) filing season for Assessment Year (AY) 2025-26 (which covers income earned in Financial Year 2024-25), and whether you’re a salaried professional, a freelancer, or a small business owner, now’s the time to tread carefully. While digital filing has made things faster, even minor missteps can lead to notices from the … Read more
Navigating your taxes can feel like a maze, but for salaried employees, Form 16 is your trusty map. This crucial document lays out your total salary, any TDS (Tax Deducted at Source), and how your tax was calculated. Key Updates for Your FY 2024-25 ITR Filing (AY 2025-26) The Income Tax Return (ITR) filing season … Read more
Is Filing an ITR for a Deceased Person Necessary for AY 2025-26? Here’s What Legal Heirs Need to Know The Income Tax Return (ITR) filing season for 2025 is in full swing, and many of us are diligently meeting our legal obligation to report income to the tax department. But what happens when someone passes … Read more
The Income Tax Department issued Common Offline Utility for filing Income-tax Returns (ITR 1 and ITR 4) for the AY 2025-26 updated on June 11, 2025. Common Offline Utility (ITR 1 and ITR 4) Common Offline Utility for filing Income-tax Returns ITR 1 and ITR 4 for the AY 2025-26. Date of release of latest … Read more
It’s ITR filing season again! For the Financial Year 2024-25 (Assessment Year 2025-26), the deadline for individuals not requiring an audit has been extended to September 15, 2025. While many need to file, some taxpayers can skip the process. Here’s a breakdown of who can breathe a sigh of relief and who definitely needs to … Read more
As a salaried taxpayer, getting your finances in order for the upcoming tax season is crucial. The good news is that Digital Form 16 is here to simplify the process for the Financial Year 2024–25 (Assessment Year 2025–26). This electronic tax certificate from your employer is your key to a smoother Income Tax Return (ITR) … Read more
ITR Filing 2025: Can You Switch Your Tax Regime? Here’s What You Need to Know Tax season is in full swing, and with over 12 lakh Income Tax Returns (ITRs) already filed, many salaried individuals are eagerly awaiting their Form 16s to finalize their taxes. A common question on everyone’s mind is: “Can I change … Read more
The Income Tax Department is cracking down on big spenders who might be dodging their taxes. They’re using advanced data analysis and working closely with financial institutions to keep a close eye on high-value transactions to ensure everyone pays their fair share. What’s Being Monitored? The I-T Department is partnering with banks, post offices, co-operatives, … Read more
Received your Form 16 or 16A? Great! But don’t hit that “file” button just yet. Before you submit your Income Tax Return (ITR) for 2025, there are a few crucial steps you absolutely must take. Skipping these can lead to headaches like tax mismatches, delayed refunds, or even notices from the Income Tax Department. Why … Read more