As Bitcoin continues its remarkable ascent, with its value surpassing ₹1 crore per coin, Indian investors are not only celebrating their gains but also confronting India’s stringent Virtual Digital Asset (VDA) tax framework. This tightly regulated asset class demands meticulous compliance to avoid hefty penalties. Understanding the Tax Burden: Since 2022, profits from the sale … Read more
It’s time to get your tax ducks in a row! The Income Tax Department has officially kicked off the filing season for Assessment Year (AY) 2025-26 (Financial Year 2024-25) by releasing the Excel-based offline filing tools for ITR-2 and ITR-3. This means you can start preparing your tax returns now, well ahead of the September … Read more
As the September 15 deadline for filing Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26) rapidly approaches, taxpayers face an unprecedented level of scrutiny from the Income Tax Department. With approximately 1.65 lakh cases already flagged for detailed assessment under Section 143(2), it’s clear that compliance checks are more rigorous than … Read more
Struggling to remember your Income Tax e-filing portal password? You’re not alone! Many taxpayers face this common hurdle, especially since ITR filing is typically an annual task. But don’t sweat it – you can still file your Income Tax Return (ITR) even if those credentials have slipped your mind. File ITR Using Net Banking (No … Read more
Is Form 16 enough for filing your Income Tax Return (ITR) this year (Assessment Year 2025-26 / Financial Year 2024-25)? The short answer is no. While Form 16 from your employer is a crucial document, it only tells part of your financial story. What Form 16 Covers (and Doesn’t): Form 16 is essentially your employer’s … Read more
Big news for those sticking with the old tax regime this tax season! The Income Tax Department is rolling out some significant changes for Assessment Year 2025-26 (that’s for income earned in Financial Year 2024-25). Get ready for increased scrutiny and enhanced disclosure requirements if you’re claiming deductions. Why the Change? The main goal here … Read more
The Income Tax Department has released the offline Excel-based utilities for filing Income Tax Returns (ITRs) for the Financial Year 2024–25 (which is the Assessment Year 2025–26). You can now download these tools for ITR-1 (Sahaj) and ITR-4 (Sugam) from the official income tax e-filing website. While the direct online filing facility isn’t active yet, … Read more