India is set for its biggest tax reform in over 60 years. The Income-tax Act, 2025, which received the President’s assent on August 21, 2025, will come into force from April 1, 2026. This new law will apply to all income earned in the financial year 2026-27 and onwards, completely replacing the Income-tax Act, 1961. … Read more
Have you received a tax notice from the I-T department? Here’s how to respond Receiving a tax notice from the Income Tax Department can be unsettling, whether you have filed your returns or not. It is a formal communication from the department, often highlighting discrepancies or non-compliance. Here’s a guide on how to understand and … Read more
A Guide to Filing Taxes on Crypto Earnings in India: Key Takeaways from Sarthak Ahuja Filing Income Tax Returns (ITR) for cryptocurrency earnings in India is a complex process with strict rules. Investment banker and business educator Sarthak Ahuja has cautioned investors and traders about common mistakes that can lead to serious compliance issues. Here’s … Read more
Watching a live Indian Premier League (IPL) match is about to get significantly more expensive. Under a new GST structure effective September 22, 2025, ticket prices for IPL and other high-value sporting events will be subject to a 40% tax rate, a sharp increase from the previous 28% This change places IPL tickets in the … Read more
ITR Filing Deadline for Non-Audit Cases Nears: Don’t Miss the September 15th Cutoff The deadline to file Income Tax Returns (ITR) for the Financial Year 2024–25 (Assessment Year 2025–26) is fast approaching. For individual taxpayers, Hindu Undivided Families (HUFs), and other non-audit cases, the last date is September 15, 2025. The government had previously extended … Read more
In 2025, the Income Tax Department introduced new rules that require a detailed review of certain Income Tax Returns (ITRs), potentially delaying refunds for some taxpayers. While a significant number of ITRs have been filed and verified, about 1.2 crore returns are still pending. Mandatory Scrutiny and New Rules Under the new regulations, a full … Read more
Filing your Income Tax Return (ITR) can be tricky, especially if you have a joint bank account. A common point of confusion arises with fixed deposits (FDs), where the entire investment amount can show up in the Annual Information Statement (AIS) of both joint account holders. This can lead to a mismatch that may trigger … Read more
The Income Tax Department has extended the deadline for filing Income Tax Returns (ITR) for the financial year 2024-25 to September 15, 2025. This extension applies to salaried individuals, pensioners, non-resident Indians (NRIs), and non-audit cases. The new deadline also provides a crucial benefit: it waives the penal interest under Section 234A for late payment … Read more
ITR Filing: Don’t Miss These 8 Critical Disclosures! Filing your Income Tax Return (ITR) can be a complex process, and missing even a single detail can have serious consequences. According to tax expert Sujit Bangar, founder of TaxBuddy.com, non-disclosure can lead to your return being marked as “defective,” potentially triggering penalties of up to ₹10 … Read more
Filing your Income Tax Return (ITR) requires more than just reporting your income and deductions. According to Sujit Bangar, founder of TaxBuddy, overlooking key disclosures can render your return “defective” and lead to significant penalties, including a potential ₹10 lakh fine and imprisonment, especially for non-disclosure of foreign assets. Here are eight critical areas that … Read more
