Foreign Income and Assets from the Indian Income Tax Department? Think Again. For Indian residents, the days of discreetly stashing away global income, foreign assets, and overseas investments are long gone. The Indian Income Tax Department now has a robust system in place to track your financial footprints worldwide, thanks to international agreements like the … Read more
Receiving an income tax notice can be unsettling, but it doesn’t always mean you’ve done something wrong. With tax authorities stepping up scrutiny, it’s more important than ever to understand these notices and how to respond. Ignoring them can lead to penalties, so let’s break down the common types, why you might get one, and … Read more
Found a discrepancy in your Annual Information Statement (AIS)? The Income Tax Department has a straightforward solution to help you fix it before you file your Income Tax Return (ITR) for Assessment Year (AY) 2025-26. Many taxpayers are encountering issues with their AIS, and the good news is, you’re not alone, and there’s a clear … Read more
Tesla’s India Debut Spotlights India’s Steep Car Taxes, Sparking Public Outcry The recent launch of Tesla cars in India has thrown a stark spotlight on the nation’s “absurd” automotive taxation, triggering widespread concern among consumers. A chartered accountant pointed out that while the focus is currently on the hefty ₹31 lakh tax on a ₹30 … Read more
It’s July 17, 2025, and while the Income Tax Department hasn’t yet rolled out the full online filing utility for ITR-2 and ITR-3 with pre-filled data, you still have options to file your returns. Current Status: Partial Online Filing Available Currently, you can’t directly file ITR-2 and ITR-3 on the e-filing portal using the pre-filled … Read more
Filing ITR-2 for AY 2025-26? Key Changes to Note in the Excel Utility Planning to file your Income Tax Return (ITR-2) for Assessment Year 2025-26 (Financial Year 2024-25)? The Income Tax Department’s e-filing portal now allows you to download the Excel utility for this form. However, before you dive in, it’s crucial to be aware … Read more
India’s salaried middle class is feeling the squeeze, carrying a disproportionate share of the nation’s direct tax burden. Startling figures reveal that just 3% of these taxpayers now contribute more in taxes than all of corporate India combined. This significant disparity, highlighted by Chartered Accountant Kapil Gupta, is sparking widespread discontent and urgent calls for … Read more
Major Updates to ITR-3 Excel Utility for AY 2025-26: What Taxpayers Need to Know The Income Tax Department has rolled out significant changes to the ITR-3 Excel utility for Assessment Year 2025-26, impacting individuals and Hindu Undivided Families (HUFs) with income from business or profession exceeding Rs 50 lakh. These updates aim to enhance transparency … Read more
Ever wonder why a Tesla Model Y costs nearly double in India what it does in the U.S.? It’s not about luxury upgrades; it’s about taxes, taxes, and more taxes. Sanjay U, an analyst, recently broke down the shocking reality on LinkedIn: “Your real purchase is not the car, it’s the tax slip.” While the … Read more
Paying too much tax on your rental income? You might be missing out on significant savings! A 4-step formula from Chartered Accountant Nitin Kaushik can help you drastically reduce your taxable income, smartly and legally. Maximize Your Rental Income Deductions Here’s how to optimize your house property returns, from claiming property tax to home loan … Read more
