No ₹25 Lakh Tax Exemption for Senior Citizens, Says FM The government has no plans to increase the income tax exemption limit for senior citizens aged 70 and above to ₹25 lakh, according to Finance Minister Nirmala Sitharaman. In a recent reply in the Lok Sabha, the Finance Minister confirmed that no such proposal is … Read more
Navigating a short-term capital loss (STCL) can be a bit confusing, but filing your Income Tax Return (ITR) correctly is key to managing it effectively. If you’ve incurred an STCL in the Financial Year (FY) 2024-25, here’s how you can use ITR-2 to carry it forward and reduce your future tax liability on capital gains. … Read more
Don’t Let the Deadline Sneak Up on You! Your Guide to Choosing the Right ITR Form With fewer than 30 days left until the September 15 deadline for filing your income tax return (ITR) for FY 2024-25, it’s crucial to make sure you’re using the correct form. Using the wrong one could get your return … Read more
What to Do If Your Income Tax Return (ITR) is Verified but Not Processed Filing your Income Tax Return is a crucial step, but it’s only half the battle. After filing, you must verify it, and then the Income Tax Department processes it. While some ITRs are processed in a few days, others can take … Read more
How to Check Your ITR Status for AY 2025-26 After filing your Income Tax Return (ITR), it’s important to check its status to ensure the tax department has received it and to track any potential refunds. Here’s a simple guide on how to check your ITR status online. Method 1: Check ITR Status by Logging … Read more
Salaried? Know Your Standard Deduction for ITR 2025 and Beyond The revised Income Tax Bill, 2025, has introduced significant clarifications for salaried individuals, particularly concerning the standard deduction. These changes will be effective from the financial year 2025-26, impacting the Income Tax Return (ITR) you will file in 2026. According to the new law, the … Read more
A significant overhaul of India’s Goods and Services Tax (GST) is on the horizon, promising to make smaller cars much more affordable. The proposed changes aim to simplify the tax structure and boost the entry-level car market. Current Vehicle Taxes Currently, the tax burden on cars varies significantly: The Proposed Overhaul The new plan would … Read more
GST Overhaul is Coming, But Don’t Expect Lower Bills for Petrol, Electricity, and Alcohol Despite a major overhaul of India’s Goods and Services Tax (GST) regime, your hopes for cheaper petrol, electricity, and alcohol might be put on hold. The government’s plan for a “GST reset” is moving forward, but key items that affect your … Read more
ITR Filing 2025: Will the Deadline Be Extended Again? With only a few weeks left until the first major deadline, there’s a lot of talk about whether the ITR filing due date for Assessment Year 2025-26 will be pushed back. Here’s a breakdown of the current situation. The Current Deadlines As of now, these are … Read more
Taxpayers and chartered accountants are facing a compliance bottleneck for the current ITR filing season, citing multiple issues with the Income Tax Department’s e-filing portal. The problems are so widespread that many are urging the government to extend key deadlines. Here’s a breakdown of the key hurdles: Technical Glitches and Delays New and Complex Forms … Read more
