It’s easy to overlook, but a simple TDS (Tax Deducted at Source) mistake cost one tenant a hefty Rs 1 lakh fine, even though he was regularly paying Rs 55,000 in monthly rent. This serves as a crucial reminder for anyone renting property in India. The Costly Oversight Abhishek, a tenant, found himself in hot … Read more
Understanding Your Income Tax Return (ITR) Obligations for FY 2024-25 (Assessment Year 2025-26) As the deadline for filing Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26) approaches, a common question arises: Do I need to file an ITR if my annual income is below the basic exemption limit? The answer depends … Read more
Navigating the complexities of income tax can be daunting, especially with the choice between the Old and New Tax Regimes. While the New Tax Regime touts simplicity and lower tax slabs, a closer look reveals that the Old Tax Regime, with its array of deductions and exemptions, might offer you more significant savings—potentially over ₹1 … Read more
“Thinking of gifting money to your spouse to save on taxes? Think again! 🤯 Many believe this is a smart tax move, but the Indian Income Tax Act has specific “clubbing provisions” (Sections 60-64) that prevent it. Here’s why gifting to your spouse (or other family members) won’t typically reduce your tax burden: The bottom … Read more
It’s tax season, and for the first time, the Income Tax Department has a dedicated category for social media influencers! If you’re a content creator, blogger, online coach, or any digital gig worker, here’s what you need to know about filing your Income Tax Return (ITR) this year. New Profession Code: 16021 Good news – … Read more
Income Tax Department Extends Deadline for Erroneously Invalidated ITRs to March 2026! New Delhi, July 29, 2025 – Good news for taxpayers! The Income Tax Department, through the Central Board of Direct Taxes (CBDT), has extended the deadline for processing Income Tax Returns (ITRs) that were wrongly invalidated due to technical glitches. This significant relief, … Read more
Reporting capital gains accurately in your Income Tax Return (ITR) is more critical than ever, given the Income Tax Department’s intensified monitoring. With advanced data-matching systems, the IT Department is closely scrutinizing disclosures of income from equities, mutual funds, and even buyback transactions. To avoid notices and penalties, diligent documentation and professional guidance are no … Read more
It’s ITR filing season again, and there’s some important news you need to know, especially regarding the tax rebate and deadlines for the Financial Year 2024-25 (Assessment Year 2025-26). Deadline Extended for FY2024-25! Good news! The income tax department has extended the ITR filing deadline for FY2024-25 from July 31, 2025, to September 15, 2025. … Read more
For the upcoming Income Tax Return (ITR) filing for Assessment Year (AY) 2025-26, a common question among small equity investors is whether they can achieve zero tax liability under the new tax regime, especially if their income includes Short-Term Capital Gains (STCG) and Long-Term Capital Gains (LTCG) from equity mutual funds and shares. Understanding the … Read more
The Income Tax Department has rolled out a new tax code, 16021, specifically for you under the ‘Profession’ category for FY 2024-25 (AY 2025-26). This is a game-changer for how you report your earnings from promotions, endorsements, and digital content. What’s New? Until now, income for social media influencers didn’t have a dedicated classification. Now, … Read more
