Based on the provided text, finfluencer Akshat Shrivastava‘s post can be rewritten to more clearly and concisely present his core arguments about why India’s wealthy are leaving. The Double-Whammy: Why India’s Rich Are Leaving Financial influencer and founder of Wisdom Hatch, Akshat Shrivastava, argues that India is losing its millionaires not just because of high … Read more
It’s ITR filing season, and for many, that means getting your documents in order! The deadline for filing Income Tax Returns (ITR) for Financial Year (FY) 2024-25 (Assessment Year 2025-26) has been extended to September 15, 2025, for individuals whose accounts don’t require an audit, like salaried folks and pensioners. This gives you a bit … Read more
Central Government employees and pensioners! While the wait for the 8th Pay Commission’s Terms of Reference continues, a significant hike in Dearness Allowance (DA) and Dearness Relief (DR) is on the horizon, effective from July 2025. Expected DA/DR Hike: What to Anticipate The All India Consumer Price Index for Industrial Workers (AICPI-IW), the key benchmark … Read more
A recent ruling by an income tax tribunal has provided significant relief to taxpayers, clarifying that joint ownership of multiple properties does not automatically disqualify an individual from claiming the tax exemption under Section 54F. This decision, which saved one taxpayer ₹12.7 lakh, hinges on the precise interpretation of the law’s “two-house condition.” The Case … Read more
Taxpayers often confuse the terms ‘due date’ and ‘last date’ for filing their Income Tax Returns (ITR). While both are deadlines, they have very different consequences. Understanding the distinction is crucial for avoiding penalties and other complications. The Due Date: Your Penalty-Free Deadline The due date is the final day to file your ITR without … Read more
On Friday, Finance Minister Nirmala Sitharaman withdrew the Income Tax Bill, 2025, from the Lok Sabha to make crucial revisions. The original bill, meant to replace the Income-Tax Act of 1961, faced criticism for several drafting errors and ambiguous clauses, particularly concerning the taxation of vacant residential properties. The government plans to introduce an updated … Read more
After extensive review by a Parliamentary Select Committee, the government has withdrawn the original Income Tax Bill, 2025, and plans to reintroduce a revised version on August 11. The committee, led by BJP MP Baijayant Panda, submitted a comprehensive report with 285 recommendations aimed at simplifying and modernizing India’s direct tax legislation. The original bill, … Read more
Here’s a post outlining the key differences in tax rules for freelancers and salaried individuals, based on the information provided for the ITR 2025 filing season. ITR 2025 Filing: How Tax Rules Differ for Freelancers and Salaried Individuals With the ITR 2025 filing season underway, many freelancers and consultants are unsure about how their income … Read more
How the BCCI, Cricket’s Richest Board, Files Its Taxes (and Pays Zero Income Tax) The Board of Control for Cricket in India (BCCI) is a financial powerhouse, generating billions in revenue, largely driven by the Indian Premier League (IPL). Yet, despite its enormous earnings, the BCCI pays no income tax. This unique financial model is … Read more
