Tax Benefits for Indian Defence Personnel Serving and retired members of India’s defence forces, including the CAPF and other security agencies, are eligible for several specific tax exemptions and deductions under the Income Tax Act, 1961. While many general tax benefits apply to them, the following are exclusively tailored for defence personnel. Key Tax Exemptions … Read more
A Salaried Employee’s Tax Nightmare: How an ITAT Ruling Reversed a ₹1.15 Lakh Penalty A recent ruling by the Income Tax Appellate Tribunal (ITAT) in Pune has brought to light a critical issue for salaried employees: the risk of unknowingly becoming involved in tax fraud committed by their consultants. The case involves an employee who … Read more
ITR Filing 2025: Don’t Let Your Return Go to Waste—7 Ways to Verify Your ITR Filing your Income Tax Return (ITR) is a significant accomplishment, but the journey doesn’t end there. In 2025, a crucial final step—verifying your ITR—is more important than ever. Failing to do so within 30 days of submission can render your … Read more
Based on the information provided, here is a comprehensive guide for salaried professionals on how to save tax and increase their take-home pay. 1. Optimize Your Salary Structure A smart salary structure is the foundation of effective tax saving. By working with your HR department, you can incorporate various tax-saving allowances and benefits into your … Read more
Tax Calendar: Key Deadlines for August 2025 As August begins, individuals, businesses, and government entities should take note of the following crucial tax deadlines to ensure compliance. The following is a comprehensive list of important due dates for TDS filings, certificates, and declarations under the Income Tax Act. August 7, 2025 August 14, 2025 August … 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
Don’t get a tax notice this year! Before you file your ITR, a quick check of your Annual Information Statement (AIS) is essential. The Income Tax Department is using AI and analytics to cross-verify your declared income with the data in your AIS, so any mismatch could lead to a penalty. What is AIS? AIS … Read more
In order to ensure the quality of tax audit, the Council of the Institute has, at its 442nd meetingheld on 26th and 27th May, 2025 and its 443rd meeting held on 30th June, 2025 and 1st July, 2025,decided the limit on the number of tax audits, to be effected by issuance of new guidelines, asfollows … Read more
Correct Your Tax Filings: ITR-U Facility Now Live for AY 2021-22 & 2022-23 The Income Tax Department has launched the Updated Return (ITR-U) filing facility for Assessment Years (AY) 2021-22 and 2022-23, specifically for taxpayers using ITR-1 and ITR-2 forms. This is a crucial opportunity for eligible individuals to rectify any errors or omissions in … Read more
In a major relief for thousands of taxpayers, the Central Board of Direct Taxes (CBDT) has extended the deadline for processing electronically filed income tax returns (ITRs) that were incorrectly marked as invalid. This crucial move aims to fix long-standing issues caused by technical errors at the Centralised Processing Centre (CPC), Bengaluru, which led to … Read more