The government is set to simplify the process of claiming TDS (Tax Deducted at Source) refunds, potentially saving many from the hassle of filing a full income tax return (ITR). A Simpler Way to Get Your Refund Currently, even if your income is below the taxable limit, you generally have to file an ITR to … Read more
The Lok Sabha Select Committee has submitted its report on the Income Tax Bill, 2025, proposing several significant changes to streamline and clarify India’s direct tax laws. The report, presented to the House on Monday, July 21, 2025, outlines key recommendations to simplify the tax code, ensure consistency with existing legislation, and enhance ease of … Read more
As a retired senior citizen in India, navigating your taxes, especially with income from interest and capital gains, can feel like a maze. Let’s simplify how your tax would be calculated for the Financial Year 2024-25 (Assessment Year 2025-26), keeping your specific income in mind. Your Income Breakdown You’ve got a mix of income sources: … Read more
Don’t Miss This: Your AIS is Key to a Smooth ITR Filing 2025! The deadline for filing your Income Tax Return (ITR) for Financial Year (FY) 2024-25 (Assessment Year (AY) 2025-26) is now September 15, 2025 – an extension from the usual July 31st. This gives you extra time to ensure your e-filing is accurate, … Read more
Selling property and looking to dodge that hefty 12.5% capital gains tax? Many rush to 54EC bonds, thinking it’s a smart, safe move. But what feels like a savvy tax hack could silently cost you lakhs in lost returns over five years. The 54EC Lure: A Closer Look Under Section 54EC, you can invest up … Read more
The Income Tax Department has rolled out the Excel utility for ITR-3 for the financial year 2024-25 (Assessment Year 2025-26), introducing several crucial updates for taxpayers, particularly stock market traders. Here’s a breakdown of the key modifications in the ITR-3 Excel utility: 1. Capital Gains Reporting Gets Granular: 2. Enhanced TDS (Tax Deducted at Source) … Read more
Tax season is here, and the Income Tax Department isn’t playing around. They’re using data analytics and AI to sniff out fake deduction claims, and if you’re caught, the consequences are severe: up to 7 years in jail and a 200% penalty! The taxman has already flagged over Rs 1,045 crore in wrongful deductions, with … Read more
Don’t Let AIS Discrepancies Derail Your ITR: Fix Them Now to Avoid Penalties! Taxpayers, listen up! As you prepare to file your Income Tax Return (ITR) for Assessment Year 2025-26, a crucial step often overlooked is reviewing your Annual Information Statement (AIS). Ignoring errors or mismatches in your AIS can lead to unwelcome income tax … Read more
The Income Tax Department has announced the activation of online filing for ITR-2 forms, complete with pre-filled data, for the Assessment Year 2025-26. This development follows a recent extension of the tax return deadline to mid-September, a decision prompted by legislative changes introduced in the Finance Act 2024. ITR-2 is specifically designed for individuals and … Read more
Enhancing Tax Transparency on foreign assets & Income: Understanding CRS &FATCA A. Purpose of CRS and FATCAIn this globalized economy, tax transparency and compliance has become paramount to ensurethat taxpayers disclose their global income and assets accurately. The Common ReportingStandard (CRS) and the Foreign Account Tax Compliance Act (FATCA) are internationalframeworks designed to combat tax … Read more
