Crypto Investments Under the Tax Scanner: CBDT Launches Major Probe The Central Board of Direct Taxes (CBDT) is cracking down on potential tax evasion and money laundering through Virtual Digital Assets (VDAs), including cryptocurrencies. This isn’t just a warning; it’s a full-blown probe, with high-risk VDA investors now under intense scrutiny. The tax authority has … Read more
The Central Board of Direct Taxes (CBDT) has just dropped some significant updates regarding Income Tax Return (ITR) filing for 2025, particularly concerning mandatory scrutiny. If your case falls into certain categories, it’s highly likely you’ll be getting a notice. New Rules for Mandatory ITR Scrutiny The CBDT has outlined specific conditions that will trigger … Read more
An NRI in the US found himself in a tax predicament when selling his Pune property, facing a ₹46 lakh tax demand due to a buyer’s error in using the wrong TDS form. Despite the NRI following all proper procedures, the buyer deposited the 20% TDS using Form 26QB (for resident sellers) instead of the … Read more
It’s Income Tax Return (ITR) filing season for Assessment Year (AY) 2025-26 (which covers income earned in Financial Year 2024-25), and whether you’re a salaried professional, a freelancer, or a small business owner, now’s the time to tread carefully. While digital filing has made things faster, even minor missteps can lead to notices from the … Read more
It’s Saturday, June 14, 2025, and with the first advance tax instalment deadline for FY 2025-26 fast approaching tomorrow, June 15, there’s a common question buzzing: What happens if I pay on Monday, June 16, because the 15th is a Sunday? Good News: You’re Likely in the Clear! You can breathe a sigh of relief. … Read more
CBDT Cracks Down on Undisclosed Crypto Income India’s tax authorities are intensifying their efforts to ensure compliance with cryptocurrency income declarations. The Central Board of Direct Taxes (CBDT) has launched a significant crackdown on individuals and entities suspected of evading taxes and laundering money through undisclosed or underreported crypto transactions. The CBDT’s data-driven investigation has … Read more
It’s tax season again, and if you’re like many, you’re probably wondering: Which Income Tax Return (ITR) form should I file? Picking the wrong one can lead to frustrating delays, notices from the tax department, or even your return getting rejected. But don’t stress! A new Excel tool, developed by CA Sai Pratap Kopparapu, is … 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
Is Filing an ITR for a Deceased Person Necessary for AY 2025-26? Here’s What Legal Heirs Need to Know The Income Tax Return (ITR) filing season for 2025 is in full swing, and many of us are diligently meeting our legal obligation to report income to the tax department. But what happens when someone passes … Read more
The Income Tax Department issued Common Offline Utility for filing Income-tax Returns (ITR 1 and ITR 4) for the AY 2025-26 updated on June 11, 2025. Common Offline Utility (ITR 1 and ITR 4) Common Offline Utility for filing Income-tax Returns ITR 1 and ITR 4 for the AY 2025-26. Date of release of latest … Read more