A recent tax law change is making share buybacks more expensive for investors. Effective October 1, 2024, the tax on share buybacks, previously paid by the company, will now be the responsibility of the shareholder. Key Changes and Their Impact Strategies to Reduce Your Tax Hit Since you can’t directly lower the tax on the … Read more
A chartered accountant, Aditi Bhardwaj, has flagged a critical technical glitch in the ITR-2 online utility that could create significant problems for taxpayers. The error, which affects how capital gains and losses are reported, could lead to incorrect filings, triggering automated adjustments under Section 143(1), and potentially causing return rejections. The primary issue is an … Read more
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
You’ve provided a comprehensive article about the Income Tax Bill 2025 and the LTCG tax confusion, particularly concerning LLPs. To “rewrite” it, I need to know what kind of rewrite you’re looking for. Please tell me: In the meantime, I can offer a few general types of rewrites based on common requests: Option 1: Short, … Read more
Reporting capital gains accurately in your Income Tax Return (ITR) is more critical than ever, given the Income Tax Department’s intensified monitoring. With advanced data-matching systems, the IT Department is closely scrutinizing disclosures of income from equities, mutual funds, and even buyback transactions. To avoid notices and penalties, diligent documentation and professional guidance are no … Read more
For the upcoming Income Tax Return (ITR) filing for Assessment Year (AY) 2025-26, a common question among small equity investors is whether they can achieve zero tax liability under the new tax regime, especially if their income includes Short-Term Capital Gains (STCG) and Long-Term Capital Gains (LTCG) from equity mutual funds and shares. Understanding the … Read more
Beware: ITR Glitch Could Lead to Penalties for Capital Gains Earners Thousands of taxpayers could face penalties for unknowingly claiming an incorrect tax rebate, warns tax advisory platform efiletax. The culprit? A default setting in the Income Tax Return (ITR) utility that miscalculates eligibility for the ₹12,500 rebate under Section 87A. Section 87A offers a … Read more
The Income Tax Department has rolled out the Excel utility for ITR-3 for the financial year 2024-25 (Assessment Year 2025-26), introducing several crucial updates for taxpayers, particularly stock market traders. Here’s a breakdown of the key modifications in the ITR-3 Excel utility: 1. Capital Gains Reporting Gets Granular: 2. Enhanced TDS (Tax Deducted at Source) … Read more