Correct Your Tax Filings: ITR-U Facility Now Live for AY 2021-22 & 2022-23 The Income Tax Department has launched the Updated Return (ITR-U) filing facility for Assessment Years (AY) 2021-22 and 2022-23, specifically for taxpayers using ITR-1 and ITR-2 forms. This is a crucial opportunity for eligible individuals to rectify any errors or omissions in … Read more
Will Trump’s 25% Tariff Make Your Next iPhone More Expensive in India? What Indian Buyers Must Know Udaipur, Rajasthan, India – July 31, 2025 – While US President Donald Trump’s recently announced 25% tariff on Indian exports to the U.S. doesn’t directly target iPhones sold within India, analysts warn it could still indirectly drive up … Read more
The ₹3.13 Crore Porsche: India’s Tax Regime “Crushing Ambition” Imagine an ₹87 lakh Porsche, a symbol of luxury and aspiration. Now, imagine that very car landing in India, its price ballooning to a staggering ₹3.13 crore. This isn’t just a tale of high-end vehicles; it’s a stark illustration of India’s tax system, which financial analyst … Read more
In a major relief for thousands of taxpayers, the Central Board of Direct Taxes (CBDT) has extended the deadline for processing electronically filed income tax returns (ITRs) that were incorrectly marked as invalid. This crucial move aims to fix long-standing issues caused by technical errors at the Centralised Processing Centre (CPC), Bengaluru, which led to … Read more
How One Taxpayer Beat a ₹1.46 Lakh Penalty After False Deductions Imagine this: You trust your tax consultant to handle your ITR, only to discover they’ve drastically under-reported your income with bogus deductions. That’s exactly what happened to Mr. Shinde, a salaried employee who faced a hefty ₹1.46 lakh penalty from the Income Tax Department. … Read more
The Income Tax Department has officially enabled online filing for ITR Form 3 for Assessment Year (AY) 2025-26 (Financial Year 2024-25). This means individuals and Hindu Undivided Families (HUFs) with business or professional income, including those involved in share trading (like F&O) or investments in unlisted shares, can now easily file their returns through the … Read more
Great news for many taxpayers! The Income Tax Department has just made ITR-3 available for online filing for Assessment Year (AY) 2025-26 (which means for income earned in Financial Year 2024-25). Until now, only the offline utility was available. This update is a game-changer, especially for those who need to file by the September 15 … Read more
Missed Your ITR for AY 2021-22 or 2022-23? Last Chance to File! Good news for taxpayers who either missed filing their Income Tax Returns (ITR) for Assessment Years (AY) 2021-22 or 2022-23, or need to correct past errors! The Income Tax Department has officially opened the window for filing Updated Returns (ITR-U). This is your … Read more
You’ve provided a comprehensive article about the Income Tax Bill 2025 and the LTCG tax confusion, particularly concerning LLPs. To “rewrite” it, I need to know what kind of rewrite you’re looking for. Please tell me: In the meantime, I can offer a few general types of rewrites based on common requests: Option 1: Short, … Read more
More and more Non-Resident Indians (NRIs) are finding themselves in an unexpected predicament: receiving income tax notices from Indian authorities, despite rarely setting foot in India. This surge in notices is a direct result of the Indian Income Tax Department’s sophisticated new arsenal, including AI, big data analytics, and global financial reporting tools, enabling unprecedented … Read more
