If you’re a stock trader or investor who had a tough year in the market, you can use your losses to save on taxes later. Here’s what you need to know about carrying forward short-term capital losses (STCL) from Financial Year 2024-2025 (FY25). The most crucial step is to file your Income Tax Return (ITR) … Read more
Yes, lottery and game show winnings are taxable. The provided text outlines the key points of how these winnings are taxed in India. Here is a breakdown of the rules based on that information. The Breakdown of Taxes on Winnings 1. A Flat 30% Tax Rate All winnings from games, lotteries, betting, and horse races … Read more
Demat Account Holders: Your Guide to a Smooth Income Tax Filing As the tax season approaches, Demat account holders must be particularly diligent when filing their Income Tax Returns (ITR). While a Demat account itself is not taxed, the income you generate from it is. To ensure a smooth and compliant filing process, keep these … Read more
The “Sahaj” form, or ITR-1, is designed for Indian residents with a straightforward income. However, there are many situations where you’re not allowed to use it. If any of the following 21 reasons apply to you, you’ll need to file a different ITR form. 21 Reasons You Can’t File ITR-1 (Sahaj) Who should file ITR-1? … Read more
Filing your Income Tax Return (ITR) can be a complex process, but taking the right precautions can make it much smoother. To avoid errors, delays, and penalties, it’s essential to be meticulous from start to finish. Key Precautions for ITR Filing Here are the critical steps to follow, recommended by the Income Tax Department itself, … Read more
Can I file ITR-1 if I own two houses but have no rental income? Many taxpayers are confused about whether owning more than one house, without rental income, disqualifies them from filing ITR-1. Tax experts clarify that multiple properties trigger ITR-2 filing, even if the second home remains vacant. Hi, my father owns two properties … Read more
It seems like many people are frustrated about their delayed income tax refunds for the financial year 2024-25 (AY 2025-26). If you’re one of the many taxpayers still waiting, here are the most common reasons your refund might be stuck. Common Reasons for ITR Refund Delays According to a Chartered Accountant, Siddharth Maurya, the tax … Read more
Thinking of buying a car or two-wheeler this festive season? You might want to wait a little longer. A proposed Goods and Services Tax (GST) overhaul is on the horizon, which could dramatically lower the prices of vehicles, making them much more affordable. According to a report from Nomura, a government panel has endorsed a … Read more
ITR Filing Deadlines Differ After Extension, All Utilities Now Available Almost three months after the Income Tax Department extended the ITR filing due dates for FY 2024-25 (AY 2025-26), the Excel utilities for all tax return forms, from ITR-1 to ITR-7, are finally available on the e-filing portal. While the deadline for many taxpayers has … Read more
Tax professionals advise that even though interest earned on your Employees’ Provident Fund (EPF) and Public Provident Fund (PPF) is often tax-exempt, you should still declare it in your annual Income Tax Returns (ITR). While not reporting it won’t incur a penalty, failing to do so could lead to complications and scrutiny of your finances … Read more
