Tax season can be stressful, and the promise of a big refund can sound tempting. But a warning from tax expert CA Nitin Kaushik highlights a dangerous new scam: the “tax refund trap.” Some tax consultants are luring clients with offers of “extra refunds.” The trick is simple: they artificially inflate your refund by manipulating … Read more
Why a ₹20 Lakh Salary Can Still Feel Like Being Broke: A CA’s Take on the Middle-Class Money Trap Even with what many consider a dream salary, a large portion of India’s middle class feels stuck in a financial bind. Chartered Accountant Nitin Kaushik explains this paradox, revealing that the problem isn’t the income itself, … Read more
In an effort to avoid scrutiny from the income tax department, it’s wise to be mindful of certain financial activities that can trigger an automatic notice. While it’s not about doing anything illegal, simply crossing specific transaction thresholds can put you on the department’s radar. A seasoned tax expert, CA Nitin Kaushik, explains that financial … Read more
The Income Tax Department is stepping up its game, using Artificial Intelligence (AI) to keep a closer eye on taxpayers. They’re building detailed profiles by tracking your online activity, like how often you check your Annual Information Statement (AIS), and flagging high-value transactions that don’t match your tax returns. AI Uncovers Discrepancies and Targets Misleading … Read more
Tax season is here, and the Income Tax Department isn’t playing around. They’re using data analytics and AI to sniff out fake deduction claims, and if you’re caught, the consequences are severe: up to 7 years in jail and a 200% penalty! The taxman has already flagged over Rs 1,045 crore in wrongful deductions, with … Read more
Major Overhaul for ITR-2 Utility (AY 2025-26): What Taxpayers Need to Know and Why Choosing the Right Form is Crucial The Income Tax Department has launched an updated ITR-2 Excel Utility for Assessment Year (AY) 2025-26, featuring six significant enhancements designed to simplify filing and improve compliance.1 However, tax professionals are issuing a strong warning: … Read more
The Reserve Bank of India (RBI) has announced a significant policy change set to take effect from January 1, 2026, that will eliminate prepayment charges for many. This move is a game-changer, especially for those with floating rate home loans and other floating rate advances. Who Benefits Most? The primary beneficiaries are floating rate loan … Read more
Tax Refunds Just Got Faster: NPCI Revolutionizes PAN and Bank Account Verification Great news for taxpayers! The National Payments Corporation of India (NPCI) is making tax refunds quicker and smoother with a new real-time validation system for PAN and bank account details. Announced on June 17, 2025, this initiative is all about speeding up the … Read more
How to Reactivate and Withdraw Funds from Dormant Bank Accounts It’s surprisingly common for bank accounts to become inactive or dormant. Life happens – you might move, forget about an old account, or switch banks. If you don’t make any customer-initiated transactions for a certain period (usually 12 months), your account becomes inactive. If this … Read more
If your income falls below the taxable limit, you might think filing an Income Tax Return (ITR) is unnecessary. However, submitting a Nil ITR can actually save you money and simplify various financial and legal processes. What Exactly is a Nil ITR? A Nil ITR is an income tax return filed when your total income … Read more