No, the ITR filing deadline is unlikely to be extended. The deadline for filing Income Tax Returns (ITR) for the 2024-25 financial year is September 15, 2025. This date, which applies to non-audit taxpayers, is already an extension from the original July 30 deadline. Despite requests from tax experts and associations due to technical glitches … Read more
ITR Filing: A Guide to Reporting Your Sovereign Gold Bonds (SGBs) The tax treatment of Sovereign Gold Bonds (SGBs) depends entirely on how you exit your investment. As the ITR filing deadline approaches, here’s what you need to know about declaring SGB redemptions and sales. If You Redeemed Your SGBs with the RBI If you … Read more
Businesses can deduct payments to family members as a business expense if they meet the criteria of Section 40A(2) of the Income Tax Act. To avoid disallowance during tax assessment, these payments must be legitimate, properly documented, and at fair market value (FMV). Key Requirements for Tax Deductibility ⚖️ To prove that a payment to … Read more
Why Taxpayers are Pushing for an ITR Filing Deadline Extension With the September 15, 2025, deadline for filing Income Tax Returns (ITR) for non-audit cases fast approaching, there’s a strong and widespread demand for an extension. This is despite the fact that the original July 31 deadline was already extended. The push for more time … Read more
ITR Update: TDS/TCS Correction Window Slashed to 2 Years. What Does This Mean For You? The Income Tax Department has issued a crucial advisory: the window for correcting TDS and TCS statements has been drastically reduced from six years to just two. This change is a direct result of the upcoming Income Tax Act, 2025, … Read more
Income Tax Return (ITR) filing for the Assessment Year (AY) 2025-26 is quickly approaching, with the deadline set for September 15. To avoid complications and last-minute stress, taxpayers need to ensure they file the correct ITR form. Choosing the Right Form is Crucial The Income Tax Department has different forms for different types of taxpayers … Read more
With the September 15, 2025, ITR filing deadline fast approaching, the Income Tax (I-T) Department has released new Excel Utilities for filing updated returns for Assessment Years (AYs) 2021-22 and 2022-23. These utilities, which became available on September 6, 2025, cover forms ITR-5, ITR-6, and ITR-7, and are designed to help taxpayers correct or revise … Read more
An important update for Indian taxpayers: A wealth advisor is suggesting that the Section 87A rebate on capital gains from mutual funds might still be available for FY25. This controversial position is based on a recent ruling from the Ahmedabad ITAT, which argues that the law explicitly barring this rebate on special-rate incomes only takes … Read more
Missed the ITR Deadline? A Lifeline Under Section 119(2)(b) The usual deadlines for filing your Income Tax Return (ITR) can sometimes be missed due to unforeseen circumstances. But don’t panic! The Income Tax Department offers a crucial lifeline: the condonation of delay under Section 119(2)(b) of the Income Tax Act, 1961. What is Condonation of … Read more
From houses to farmland, here are nine ways to save on capital gains tax when selling property under the Income Tax Act. Selling a house, plot, or agricultural land doesn’t always mean paying a large amount in capital gains tax. The Income Tax Act, 1961, has nine different sections that allow taxpayers to either pay … Read more
