This new post about the Income Tax Act, 2025, is based on the information you provided. It’s written to be clear, engaging, and to the point. Major Overhaul of India’s Tax Law: Income Tax Act, 2025, Gets President’s Assent The Income Tax Act, 2025, has officially been notified, marking a historic reform in India’s direct … Read more
ITR-7 is a specific income tax return form for certain entities, not for individual taxpayers. It’s used by charitable trusts, political parties, and educational institutions. Who Needs to File ITR-7? ITR-7 is for organizations required to file a return under specific sections of the Income Tax Act. This includes: Essentially, if you are a charitable … Read more
Taxpayers and professionals are facing a new hurdle for Assessment Year 2025–26, as the Income Tax Department’s release of ITR forms has been plagued by delays. While all seven forms are now out, a staggered rollout and technical issues have led to an official extension of the filing deadline. The Central Board of Direct Taxes … Read more
Based on the information provided, here is a comparison of JioFinance’s ₹24 ITR filing plan with other major players like ClearTax, TaxBuddy, and Tax2Win. JioFinance vs. Competitors: How They Stack Up Feature JioFinance (₹24 Plan) ClearTax TaxBuddy (direct) Tax2Win Pricing ₹24 (Cheapest in the market) Basic: ₹2,540; Luxe: ₹25,000 Self-filing: ₹699; Complex filings: ₹2,999 Basic: … Read more
Income Tax Returns: All You Need to Know About ITR-U The Government of India introduced ITR-U (Updated Income Tax Return) to encourage voluntary tax compliance. This form allows taxpayers to correct errors, add omitted income, or rectify misreporting in their previously filed returns. What is ITR-U? Introduced under Section 139(8A) of the Income Tax Act, … Read more
GST 2.0 Reforms: What It Means for You and Your Wallet Since its launch in 2017, the Goods and Services Tax (GST) has successfully simplified taxes and created a unified national market. However, the system’s multiple tax rates have remained a major point of contention. Prime Minister Narendra Modi’s recent announcement of a new two-slab … Read more
ITR Filing for FY25: A Guide to Reporting Your Online Gaming Income With the passing of the ‘Promotion and Regulation of Online Gaming Bill, 2025’ by the Lok Sabha, online money-based games are set to be banned in India. However, if you’ve earned income from these platforms during the Financial Year 2024-25 (FY25), you must … Read more
Don’t Have Taxable Income? You May Still Need to File an ITR! Many people believe that filing an Income Tax Return (ITR) is only necessary when you have taxable income. However, that’s not always the case. The government has made it mandatory to file an ITR even if your income is below the basic exemption … Read more
Income Tax Return (ITR) filing is an essential financial task, and sometimes, mistakes happen. You might accidentally enter incorrect personal details, forget to declare a source of income, or miss claiming a deduction. The good news is, you can fix these errors by filing a revised return. What is a Revised Return? A revised return … Read more
The Hidden Tax Trap That’s Killing Your Compounding Gains Did you know a single rule in your Demat account could be quietly draining your portfolio’s power and costing you thousands in taxes? It’s called FIFO (First In, First Out), and it’s a rule that most retail investors overlook at their peril. Here’s the trap: When … Read more
