ITR Filing FY2024-25: Don’t Miss These Crucial Details on Investment Income The tax filing season for FY2024-25 (Assessment Year 2025-26) is underway, and with the deadline extended to September 15, 2025, for non-audited taxpayers, you have a bit more time to get things right. But don’t let that lull you into a false sense of … Read more
Is your family considering splitting PG rental income between parents to save on taxes? It’s a common thought, but proceed with caution! While it might seem like a smart move to divide the income, experts warn that simply diverting rent without changing legal ownership can lead to trouble with the tax authorities. Let’s break down … Read more
The 2025 tax season is shaping up to be a challenging one for Non-Resident Indians (NRIs), with the Income Tax Department’s new forms for FY 2024-25 (Assessment Year 2025-26) already released but crucial utilities, like ITR-2, facing delays. Tax experts are sounding the alarm, warning NRIs of potential pitfalls and hefty tax bills if they … Read more
Tax season for FY 2024-25 is underway, and while the Income Tax Department has extended the filing deadline to September 15, 2025 (from July 31, 2025), and opened utilities for ITR-1 and ITR-4, a key question remains for many: Why are ITR-2 and ITR-3 forms still unavailable? Despite the extended deadline, taxpayers who need to … Read more
It sounds like you’re asking me to rewrite the LinkedIn post you provided about ULIPs and their updated tax rules. I’ll summarize the key changes and their implications for investors in a more structured and easy-to-understand format. Here’s a rewritten version of the post: ULIPs: A Major Tax Shift Investors Can’t Ignore (Especially Above ₹2.5 … Read more
India’s wealthiest individuals are employing a strategic financial maneuver: earning their fortunes in India while opting to invest and ultimately retire abroad. This trend, highlighted by finfluencer Akshat Shrivastava, is largely driven by India’s tax policies. Why India is for Earning For the ultra-rich, operational income derived from businesses in India, such as ports and … Read more
“I paid ₹30 lakh in taxes over five years, only to spiral into depression after losing my job, with absolutely no support from the system.” This stark reality, shared by a Bengaluru techie, has ignited a crucial conversation about India’s safety net for its honest taxpayers. Delhi-based engineer Ayush J brought this anonymous ordeal to … Read more
In India, once you’ve submitted your Income Tax Return (ITR), the journey isn’t over until you verify it. This crucial step, which must be completed within 30 days of filing, is paramount. Missing this deadline renders your ITR invalid, potentially leading to penalties and delays in your refund. To simplify this, the Income Tax Department … Read more
The Income Tax Department has rolled out TAXASSIST, a new initiative designed to help taxpayers with questions about deductions claimed for political donations under Section 80GGC of the Income Tax Act, 1961. This move comes amid growing concerns about the misuse of this provision. Understanding Section 80GGC Section 80GGC allows individuals (but not businesses) to … Read more
Taxpayers Can Now File ITR-B Online for Undisclosed Income Good news for taxpayers who’ve received notices under Section 158BC! As of July 4, 2025, the Income Tax Department has rolled out a new feature allowing you to file Form ITR-B directly through the e-Proceeding tab on the Income Tax portal. Form ITR-B is a special … Read more
