Don’t Get Caught Out: India’s New Tax Rules Demand Detail for Deductions This Year Heads up, taxpayers! If you’re planning to claim deductions under the old tax regime for the current financial year (FY 2024-25, Assessment Year 2025-26), particularly House Rent Allowance (HRA), the government is cracking down on inflated or false claims. This year, … Read more
Fixed deposits (FDs) are a popular choice for investors in India seeking safety and guaranteed returns. However, many overlook crucial tax implications that can silently eat into their earnings. CA Nitin Kaushik sheds light on what most investors miss. The Hidden Drain: How FD Interest is Taxed “FD interest is taxable whether or not you … Read more
Heads Up, Taxpayers! ITR-2 & ITR-3 Utility Delays Affecting Early Filers If you’re a salaried professional, HNI, or freelancer planning to file your income tax return early for Assessment Year (AY) 2025-26 (FY 2024-25), you might face a delay. The Income Tax Department has not yet released the offline utilities for ITR-2 and ITR-3 forms. … Read more
While a large number of retail investors in India face losses in Futures and Options (F&O) trading, many overlook their crucial tax obligations. It’s a common misconception that only profits need to be reported to the tax authorities. However, under Indian tax laws, F&O income is classified as non-speculative business income, meaning both profits and … Read more
ITR filing for the financial year 2024-25 (Assessment Year 2025-26) has officially begun, with the Income Tax Department permitting Excel Utility-based returns since May 30th. While online filing is still on the horizon, nearly 55,000 returns have already been filed as of June 2nd, 2025. Who Needs to File an Income Tax Return (ITR)? Whether … Read more
The Income Tax Department has released the offline Excel-based utilities for filing Income Tax Returns (ITRs) for the Financial Year 2024–25 (which is the Assessment Year 2025–26). You can now download these tools for ITR-1 (Sahaj) and ITR-4 (Sugam) from the official income tax e-filing website. While the direct online filing facility isn’t active yet, … Read more
