The Income Tax Department has officially enabled online filing for ITR Form 3 for Assessment Year (AY) 2025-26 (Financial Year 2024-25). This means individuals and Hindu Undivided Families (HUFs) with business or professional income, including those involved in share trading (like F&O) or investments in unlisted shares, can now easily file their returns through the … Read more
Great news for many taxpayers! The Income Tax Department has just made ITR-3 available for online filing for Assessment Year (AY) 2025-26 (which means for income earned in Financial Year 2024-25). Until now, only the offline utility was available. This update is a game-changer, especially for those who need to file by the September 15 … Read more
The ITR-3 form is now live on the Income Tax Department’s e-filing portal for the Assessment Year (AY) 2025-26. This is great news for individuals and Hindu Undivided Families (HUFs) who earn income from a business or profession, as they can now file their returns completely online. Who Should Use ITR-3? This form is specifically … Read more
For many individuals and Hindu Undivided Families (HUFs), especially those with business or professional income, filing Income Tax Return (ITR-3) is a common requirement. This often brings up a crucial question: is it mandatory to maintain your books of accounts? Let’s break down everything you need to know. Who Needs to File ITR-3? ITR-3 is … Read more
While a large number of retail investors in India face losses in Futures and Options (F&O) trading, many overlook their crucial tax obligations. It’s a common misconception that only profits need to be reported to the tax authorities. However, under Indian tax laws, F&O income is classified as non-speculative business income, meaning both profits and … Read more
Futures and Options (F&O) trading has seen a significant number of participants incur losses, with nearly 93% of traders facing an average loss of ₹2 lakh each in FY23 and FY24, according to SEBI. A common misconception among these traders is that F&O losses don’t need to be reported in their Income Tax Return (ITR). … Read more
It’s ITR filing season again! For the financial year 2024-25 (Assessment Year 2025-26), the Income Tax Department has already rolled out Excel Utilities, and people are starting to file. While online filing is still getting ready, if you’re a salaried individual, it’s generally best to wait for your Form 16. With more and more people … Read more