Income tax filing season is upon us, and for many businesses, companies, and trusts, there’s a bit of a snag: The Income Tax Department has delayed the release of ITR-5, ITR-6, and ITR-7 utilities. This delay is sparking concern, especially with the September 15, 2025 deadline for non-audit cases fast approaching. Why the Hold-Up? The … Read more
Correct Your ITR Errors by December 31, 2025, or Face Serious Consequences! Did you spot a mistake in your Income Tax Return (ITR) for Assessment Year (AY) 2025-26? Whether it’s incorrect income, missed deductions, or outdated personal information, time is running out to fix it. The final deadline to file a revised or belated return … Read more
Important Tax Alert for Retail Investors: Capital Gains Can Now Erase Your ₹7 Lakh Tax Exemption New Delhi: A critical update to the Income Tax Return (ITR) utility, effective July 23, 2024, means that the widely publicized “zero tax on income up to ₹7 lakh” under the new tax regime is no longer universally true … Read more
Major Overhaul for ITR-2 Utility (AY 2025-26): What Taxpayers Need to Know and Why Choosing the Right Form is Crucial The Income Tax Department has launched an updated ITR-2 Excel Utility for Assessment Year (AY) 2025-26, featuring six significant enhancements designed to simplify filing and improve compliance.1 However, tax professionals are issuing a strong warning: … Read more
Taxpayers Beware: AI Flags Fake Deductions, Hefty Penalties Loom The Income Tax Department is cracking down on bogus tax deduction claims like never before, and they’re using advanced AI and data analytics to do it. This isn’t just a warning; it’s already in motion. So far, over 40,000 taxpayers have had to retract fabricated entries … Read more
Understanding how capital gains tax applies to your mutual fund investments is crucial, especially when filing your Income Tax Return (ITR) for FY2024-25. Many taxpayers find this area confusing due to the different types of funds and holding periods. Let’s break down what you need to know. Key Changes for FY2024-25 The Union Budget 2024 … Read more
Tax season for the Financial Year 2024-25 is in full swing, and many taxpayers — from salaried employees to gig workers and small business owners — are falling for common tax myths that could cost them dearly. Understanding the Income Tax Act, 1961, is crucial to avoid penalties, delayed refunds, and unwanted scrutiny. Don’t Fall … Read more
Hundreds of thousands of taxpayers are filing updated Income Tax Returns (ITR-U) in 2025. This surge is largely due to increased vigilance and enforcement by the Income Tax Department, which is cracking down on those who previously made false claims or hid income. In the last four months alone, roughly 40,000 taxpayers have voluntarily withdrawn … Read more
New ITR-2 Form for FY2024-25 (AY2025-26) Unveiled: Key Changes Taxpayers Must Know The Income Tax Department has finally released the Excel-based utilities for ITR forms 2 and 3, after a notable delay attributed to significant revisions in the utility forms for the Financial Year 2024-25. This release, following ITR forms 1 and 4, makes all … Read more
Income Tax Department Uncovers ₹1,045 Crore Fraud in Fake Refund Scam New Delhi, India – The Income Tax Department has launched a major crackdown on a widespread scam involving fake I-T refunds and fraudulent claims of deductions and exemptions. Starting July 14, 2025, a large-scale verification operation is underway across multiple states, targeting individuals and … Read more
