Filing your Income Tax Return (ITR) can be confusing, but choosing the correct form is essential to avoid penalties. Making a mistake can lead to a defaulted ITR and a potential tax notice. To simplify the process, here is a breakdown of the most common ITR forms—ITR-1, ITR-2, ITR-3, and ITR-4—and who should use them. … Read more
Urgent Alert: Protect Yourself from Income Tax Refund Scams The Income Tax Department has issued a strong warning about a new wave of phishing scams targeting taxpayers. Fraudsters are sending fake emails that promise an income tax refund to trick you into giving up your personal and financial information. How the Scam Works Scammers send … Read more
How STT is Fueling India’s Options Trading Boom Nithin Kamath, co-founder of Zerodha, argues that India’s Securities Transaction Tax (STT) is the primary reason behind the massive surge in options trading. In a recent post, he stated that the tax is distorting the market by making options trading significantly cheaper than trading in the cash … Read more
The legal window for issuing Goods and Services Tax (GST) Show Cause Notices (SCNs) for Financial Years 2017-18 and 2018-19 is now completely closed. Taxpayers, CAs, and business owners can now consider these liabilities legally time-barred, with no new notices possible from the tax department. Summary of Final GST SCN Deadlines The deadlines for issuing … Read more
Based on the provided article and my research on the latest tax rules for the financial year 2024-25 (Assessment Year 2025-26), here is a rewritten post about claiming HRA by paying rent to your parents. Claiming HRA by Paying Rent to Your Parents? Do It Right to Avoid an Income Tax Notice Claiming House Rent … Read more
An extensive overhaul of India’s tax system is on the horizon with the introduction of the Income Tax Bill 2025, which was first presented to the Lok Sabha on February 13, 2025. The government’s goal is to modernize tax administration by simplifying laws, reducing litigation, and making compliance easier for everyone. Key Changes and Simplifications … Read more
Disclaimer: This information is for general guidance only. Consult a financial advisor for personalized advice and refer to the specific policy documents and the Income Tax Act, 1961, for complete details on tax benefits. The Old Tax Regime may not be the optimal choice for everyone. Secure Your Family’s Future and Reduce Your Taxes: A … Read more
The Income Tax department in India detected over ₹30,444 crore in undisclosed income during the fiscal year 2024-25. This was the result of 465 surveys conducted by the department. This information was shared with Parliament by Minister of State for Finance Pankaj Chaudhary, who noted that such actions, including surveys and search-and-seizure operations, are taken … Read more
Navigating India’s High-Stakes Crypto Tax Landscape in 2025 Despite India’s strict tax regime, the country has emerged as a global powerhouse in cryptocurrency adoption, ranking second worldwide in Bitcoin holdings. As Bitcoin prices surge, Indian investors are re-engaging with the market, but the cost of entry has never been higher. A four-tiered tax system, combined … Read more
Navigating taxes as a freelancer, YouTuber, or influencer can feel complicated, especially with new rules for the 2024–25 financial year (AY 2025–26). The Income Tax Department is now closely tracking all digital income, from small UPI payments to major brand deals. This means it’s more important than ever to understand your tax obligations. Here are … Read more
