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
Understanding GST Input Tax Credit (ITC) Input Tax Credit (ITC) is a key feature of the Goods and Services Tax (GST) regime in India. It allows businesses to deduct the GST they’ve paid on their purchases from the GST they collect on their sales. This mechanism helps to prevent the “cascading” or double taxation effect, … Read more
Big Changes Ahead: India’s New GST 2.0 Plan Unveiled Finance Minister Nirmala Sitharaman has presented a new blueprint for the next generation of GST reforms, aiming to simplify the tax structure and make India more self-reliant. The changes, dubbed “GST 2.0,” are designed to benefit everyone from everyday citizens to small businesses and farmers. Prime … Read more
What Is GST 2.0 and Why Is It Causing a Market Lull? The Indian government has announced GST 2.0, a major reform to its indirect tax system. The plan aims to simplify the current structure by introducing a new two-tier system of 5% and 18%, along with a 40% slab for sin goods. This overhaul, … Read more
A Simple Trick to Avoid Rs 10 Lakh in Capital Gains Tax Here’s a common dilemma: you’ve sold a property and made a significant profit, but you haven’t bought a new house yet. The tax deadline is looming, and you’re facing a hefty capital gains tax bill. Is there any way out? For Ramesh, a … Read more
Filing your Income Tax Return (ITR) can be complex, but for salaried taxpayers, there are four key areas to focus on to ensure an accurate and compliant filing. The deadline for filing ITR for FY 2024-25 is September 15, 2025. 1. Choose the Right Tax Regime A common mistake is simply sticking with the same … Read more
Yes, you can and should change the salary amount while filing your ITR if it’s different from what’s on your Form 16. The pre-filled data on the e-filing portal is just a starting point. It’s your responsibility to ensure the final numbers are accurate and reflect your total taxable income. Why You Might Need to … Read more
Income Tax Return Filing 2025: Your Guide to ITR-3 The income tax return (ITR) filing season is in full swing, and if you’re a business owner, a freelancer, or a professional, you’re likely wondering about ITR-3. This is one of the most detailed ITR forms, specifically designed for individuals and Hindu Undivided Families (HUFs) who … Read more
Claiming a capital loss on delisted shares for your ITR filing can be a bit tricky, but it’s possible under the Income-tax Act, 1961. The key is to understand that a loss can only be claimed when a “transfer” of the shares occurs, not just when they are delisted. Delisting means the shares are no … Read more
