Did you miss India’s July 23rd tax rule change? You might be overpaying capital gains on your ITR 2025! If you’ve sold a house, shares, gold, or other capital assets recently, especially during the Financial Year 2024–25, pay close attention. A major shift in India’s capital gains tax structure, introduced by the Finance (No. 2) … Read more
Beware: ITR Glitch Could Lead to Penalties for Capital Gains Earners Thousands of taxpayers could face penalties for unknowingly claiming an incorrect tax rebate, warns tax advisory platform efiletax. The culprit? A default setting in the Income Tax Return (ITR) utility that miscalculates eligibility for the ₹12,500 rebate under Section 87A. Section 87A offers a … Read more
Annual Information Statement (AIS) before filing your Income Tax Return (ITR) isn’t just a suggestion anymore – it’s a crucial step for a smooth tax season. The Income Tax Department is cracking down, and even small mismatches between your declared income and their records can lead to big headaches. Why the AIS is Your Best … Read more
In a significant relief for taxpayers and businesses, the Central Board of Direct Taxes (CBDT) has announced a waiver of penalties and tax demands related to shortfalls in Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) caused by inoperative PANs. This move addresses the issues faced by many who were hit with … Read more
A significant overhaul of India’s tax system is underway with the proposed Income Tax Bill, 2025. The Select Committee tasked with reviewing the bill has submitted its report to the Lok Sabha, recommending 285 changes to simplify the legislation and make it more taxpayer-friendly. This report was presented to the Lok Sabha on Monday, July … Read more
India’s fight against black money hidden abroad faces a significant hurdle: a massive gap between tax demands and actual recovery. While the government has raised over ₹35,105 crore in tax and penalties under the Black Money Act of 2015, a mere ₹338 crore has been recovered as of March 31, 2025. The Enforcement Landscape Since … Read more
A parliamentary panel has recommended over 500 changes to India’s draft Income Tax Bill, 2025, aiming to simplify and modernize the country’s tax system. A key suggestion offers a significant break for taxpayers: allowing them to claim TDS (Tax Deducted at Source) refunds even after missing the Income Tax Return (ITR) deadline, without facing penalties. … Read more
Inoperative PANs and Higher TDS/TCS: CBDT Offers Significant Relief New Delhi: The Income Tax Department, through the Central Board of Direct Taxes (CBDT), has announced crucial relief for taxpayers and businesses concerning higher Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rates applied when Permanent Account Numbers (PANs) are inoperative. The Root … Read more
Urgent Warning: Fake Income Tax Refund Emails! Don’t fall for it! The Income Tax Department is issuing a strong warning about fake emails asking for “urgent manual confirmation” to process your income tax refund. These are phishing scams designed to steal your personal and financial information. How to Spot the Scam What to Do (and … Read more
A Parliamentary Panel has proposed significant amendments to the anticipated Income Tax Bill, 2025, specifically addressing concerns around Tax Deducted at Source (TDS) refunds and the taxation framework for trusts. The report, presented to the Lok Sabha on Monday, July 21, 2025, by the Select Committee chaired by BJP MP Baijayant Panda, aims to refine … Read more
