Think you can switch between new and old tax regimes anytime? Not if you trade F&O or freelance This rule, as laid out under the Income Tax Act and clarified for AY 2024–25 onward, does not apply to salaried taxpayers without business income, who are still free to choose between the two regimes each year … Read more
The tax rebate under Section 87A is determined by your total taxable income, not just the portion taxed at normal slab rates. If your total income exceeds the prescribed limit, you are not eligible for the rebate, even if a part of your income falls within the limit. Given your scenario, since your total income … Read more
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
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
ITR Filing Deadline Nears: Your Last-Minute Checklist Before September 15 With the September 15 deadline for filing Income Tax Returns (ITR) for the financial year 2024-25 (Assessment Year 2025-26) fast approaching, taxpayers have a critical, and now limited, window to ensure compliance. The usual July 31st deadline was extended, but experts advise against waiting until … Read more
Why a Taxpayer Will Not Get the ₹1.25 Lakh Exemption on Selling Gifted Shares A common query among taxpayers involves the sale of gifted shares and the eligibility for capital gains tax benefits. While it’s often assumed that the ₹1.25 lakh exemption on long-term capital gains (LTCG) under Section 112A is straightforward, a critical condition … Read more
