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
The government’s proposal to revise GST rates on cars promises some relief, but for many middle-class Indians, the cost of car ownership still stings. As one chartered accountant put it: “Buy one car, give one to the government.” In a recent analysis, CA Kapil Gupta broke down the proposed changes. Under the new structure, GST … Read more
Finance Minister Nirmala Sitharaman is attending a key two-day meeting of a Group of Ministers (GoM) on GST rate rationalization, which began today, August 20, 2025. The meeting, which also includes GoMs on compensation cess and health and life insurance, is a crucial step toward “next-generation” GST reforms. A New Tax Structure on the Horizon … Read more
Filing your Income Tax Return (ITR) can be a stressful last-minute rush, but you don’t have to go through it. With the ITR filing deadline for non-audit cases of September 15, 2025, less than a month away, it’s wise to file your return now. As of August 19, 2025, over 3.2 crore returns have already … Read more
Chartered Accountant Nitin Kaushik recently broke down how salaried Indians are taxed at every turn, from buying a car to investing in mutual funds. According to Kaushik, taxes on a car can be as high as 50% of its price, including 28% GST and a cess of up to 22%. For example, the total taxes … Read more
What’s Changed in Perquisite Taxation? The Central Board of Direct Taxes (CBDT) has made a significant update to the Income Tax Rules 1962 to clear up confusion about how certain employee perks, or “perquisites,” are taxed. These changes, introduced through the Income Tax (Twenty Second Amendment) Rules, 2025, set new monetary thresholds for calculating taxable … Read more
A Tax on Your Gains, Even Before You Make Them: The Burden of STT The Securities Transaction Tax (STT) has become a silent but significant burden on Indian investors, eating into potential profits before they are even realized. When it was introduced in 2004, STT was meant to replace the Long-Term Capital Gains (LTCG) tax. … Read more
Income Tax Department Enables Updated Returns for ITR-3 & ITR-4 The Income Tax Department has announced that taxpayers can now file updated income tax returns (ITR-U) for the assessment years (AY) 2021-22 and 2022-23 using forms ITR-3 and ITR-4. This facility, introduced under Section 139(8A) of the Income Tax Act, provides individuals and businesses with … Read more
Struggling to choose between the old and new tax regimes? The answer lies in your deductions. With the new regime becoming the default choice, understanding the pros and cons of each is more important than ever. Old vs. New: The Key Difference The choice comes down to a simple trade-off: Finding Your Breakeven Point The … Read more
The Income Tax Department has enabled the filing of updated returns (ITR-U) for assessment years 2021-22 and 2022-23 using ITR-3 and ITR-4 forms. This update was announced on X (formerly Twitter). What is an Updated Return (ITR-U)? Introduced under Section 139(8A) of the Income Tax Act, 1961, an updated return allows you to correct any … Read more
