Income Tax Filing 2025: A Guide for Students and the Unemployed Are you a student or unemployed individual wondering about income tax filing? While it might not seem relevant, understanding the rules and benefits can be crucial for your financial future. Here’s a breakdown of what you need to know for the 2025 tax season. … Read more
“Simplicity could cost you ₹2-3 lakh a year”: CA warns of hidden costs in new tax regime While the new tax regime looks cleaner on paper, Kaushik urges individuals to resist switching blindly. “The old regime rewards those who plan their money wisely,” he asserts. The new tax regime, widely promoted as a “simpler” alternative … Read more
A chartered accountant, Aditi Bhardwaj, has flagged a critical technical glitch in the ITR-2 online utility that could create significant problems for taxpayers. The error, which affects how capital gains and losses are reported, could lead to incorrect filings, triggering automated adjustments under Section 143(1), and potentially causing return rejections. The primary issue is an … Read more
Why Should Only CAs Sign Tax Forms? ICSI’s Bold Push Could Change the Game Right now, only Chartered Accountants (CAs) can represent taxpayers before income tax authorities and certify key tax documents. This is because Section 288 of the Income Tax Act defines an “Accountant” exclusively as a CA. But the Institute of Company Secretaries … Read more
Understanding Gift Tax Rules in India: A Practical Guide for ITR Filing Receiving a significant gift can be a joyous occasion, but it’s essential to understand the tax implications. In India, under Section 56 of the Income Tax Act, 1961, gifts are considered income and may be subject to tax, particularly if their value exceeds … Read more
Tax Benefits for Indian Defence Personnel Serving and retired members of India’s defence forces, including the CAPF and other security agencies, are eligible for several specific tax exemptions and deductions under the Income Tax Act, 1961. While many general tax benefits apply to them, the following are exclusively tailored for defence personnel. Key Tax Exemptions … Read more
Tax planning is changing for millions of salaried individuals in India. Starting from the upcoming financial year (FY) 2025–26, the new tax regime will become the more attractive option for many, potentially making traditional deductions and exemptions unnecessary for those earning up to ₹12 lakh. Here’s what you need to know about the shift: The … Read more
A Salaried Employee’s Tax Nightmare: How an ITAT Ruling Reversed a ₹1.15 Lakh Penalty A recent ruling by the Income Tax Appellate Tribunal (ITAT) in Pune has brought to light a critical issue for salaried employees: the risk of unknowingly becoming involved in tax fraud committed by their consultants. The case involves an employee who … Read more
Earning as an Indian resident trader from foreign prop firms can be a lucrative opportunity, but it requires careful attention to tax and compliance to avoid scrutiny. Based on the expert advice provided, here’s a detailed breakdown of how to stay tax-compliant and avoid red flags. 1. Understanding Your Income 2. Receiving and Managing Funds … Read more
ITR Filing 2025: Don’t Let Your Return Go to Waste—7 Ways to Verify Your ITR Filing your Income Tax Return (ITR) is a significant accomplishment, but the journey doesn’t end there. In 2025, a crucial final step—verifying your ITR—is more important than ever. Failing to do so within 30 days of submission can render your … Read more
