Got an income tax notice after filing your return? Don’t panic! While it can be unsettling, it’s often a routine matter that can be resolved with a few simple steps. The digital nature of today’s tax system means even a minor discrepancy can trigger an automatic alert. Here’s what to check and do next: 1. … Read more
In India, a recent case highlighted a significant issue with the Annual Information Statement (AIS): duplicate reporting of income. A tax professional discovered that a client’s AIS showed ₹4.1 lakh in interest income, while the actual amount was only ₹2.2 lakh. This was due to the same income being reported twice from different sources. Such … Read more
The Income Tax Department is stepping up its game, using Artificial Intelligence (AI) to keep a closer eye on taxpayers. They’re building detailed profiles by tracking your online activity, like how often you check your Annual Information Statement (AIS), and flagging high-value transactions that don’t match your tax returns. AI Uncovers Discrepancies and Targets Misleading … Read more
The ₹24 Lakh Income, Zero Tax “Hack” Professionals Are Missing! Imagine earning ₹24 lakh a year and paying absolutely no income tax. Sounds too good to be true? Chartered Accountant Meenal Goel says it’s 100% legal, thanks to a powerful, yet often overlooked, provision in the Income Tax Act: Section 44ADA. This isn’t about complex … Read more
The Income Tax Return (ITR) filing deadlines for FY2024-25 (Assessment Year 2025-26) aren’t the same for everyone. Due to significant changes in ITR forms and system readiness, the Income Tax Department has extended some dates. Key ITR Filing Deadlines for FY2024-25 What Happens if You Miss the Deadline? Even if you miss your initial deadline, … Read more
Income Tax employees across India are boycotting official Income Tax Day celebrations today, July 24, 2025, to protest the Central Board of Direct Taxes’ (CBDT) “persistent apathy” towards their long-standing demands. The Joint Council of Action (JCA), representing the Income Tax Employees Federation (ITEF) and Income Tax Gazetted Officers Association (ITGOA), has announced escalating demonstrations … Read more
Decoding Long-Term Capital Gains Tax for ITR 2025 (FY 2024-25) Taxpayers who sold capital assets, such as property or jewellery, during the financial year 2024-25 (Assessment Year 2025-26) are liable for capital gains tax. Significant changes to these provisions, effective July 23, 2024, streamline holding periods and introduce new tax rates. Understanding Long-Term Capital Gains … Read more
The recent Budget 2024-25 has significantly altered the tax landscape for Non-Resident Indians (NRIs selling property in India. Previously, NRIs enjoyed an indexation benefit for long-term capital gains (LTCG), which adjusted the purchase price for inflation, reducing taxable gains. This benefit has now been removed for property sales occurring on or after July 23, 2024. … Read more
Don’t Have Taxable Income? Here’s Why You Should Still File a “Nil ITR” Think filing an Income Tax Return (ITR) is only for those who owe taxes? Think again! Even if your income falls below the taxable limit, filing a “Nil ITR” is a smart financial move with big long-term benefits, according to experts. A … Read more
Received an income tax notice after filing your ITR? Don’t panic! While unsettling, it often doesn’t signal major trouble. With tax data now digitized, even minor mismatches between your return and records like Form 26AS or Annual Information Statement (AIS) can trigger an automated notice. These are frequently just requests for information or intimations of … Read more
