Based on the provided article and my research on the latest tax rules for the financial year 2024-25 (Assessment Year 2025-26), here is a rewritten post about claiming HRA by paying rent to your parents. Claiming HRA by Paying Rent to Your Parents? Do It Right to Avoid an Income Tax Notice Claiming House Rent … Read more
A ₹1.87 Lakh Mistake: Are You Losing Money on Your Property Sale? Selling a property? You could be making a costly mistake that’s quietly draining lakhs from your pocket. Sujit Bangar, the founder of taxbuddy.com, shared a real-life example of a taxpayer who nearly overpaid their capital gains tax by ₹1.87 lakh, simply by failing … Read more
“Simplicity could cost you ₹2-3 lakh a year”: CA warns of hidden costs in new tax regime While the new tax regime looks cleaner on paper, Kaushik urges individuals to resist switching blindly. “The old regime rewards those who plan their money wisely,” he asserts. The new tax regime, widely promoted as a “simpler” alternative … Read more
Understanding Gift Tax Rules in India: A Practical Guide for ITR Filing Receiving a significant gift can be a joyous occasion, but it’s essential to understand the tax implications. In India, under Section 56 of the Income Tax Act, 1961, gifts are considered income and may be subject to tax, particularly if their value exceeds … Read more
Tax planning is changing for millions of salaried individuals in India. Starting from the upcoming financial year (FY) 2025–26, the new tax regime will become the more attractive option for many, potentially making traditional deductions and exemptions unnecessary for those earning up to ₹12 lakh. Here’s what you need to know about the shift: The … Read more
How One Taxpayer Beat a ₹1.46 Lakh Penalty After False Deductions Imagine this: You trust your tax consultant to handle your ITR, only to discover they’ve drastically under-reported your income with bogus deductions. That’s exactly what happened to Mr. Shinde, a salaried employee who faced a hefty ₹1.46 lakh penalty from the Income Tax Department. … Read more
It’s tax season, and for the first time, the Income Tax Department has a dedicated category for social media influencers! If you’re a content creator, blogger, online coach, or any digital gig worker, here’s what you need to know about filing your Income Tax Return (ITR) this year. New Profession Code: 16021 Good news – … Read more
Income Tax Department Extends Deadline for Erroneously Invalidated ITRs to March 2026! New Delhi, July 29, 2025 – Good news for taxpayers! The Income Tax Department, through the Central Board of Direct Taxes (CBDT), has extended the deadline for processing Income Tax Returns (ITRs) that were wrongly invalidated due to technical glitches. This significant relief, … Read more
The Income Tax Department has rolled out a new tax code, 16021, specifically for you under the ‘Profession’ category for FY 2024-25 (AY 2025-26). This is a game-changer for how you report your earnings from promotions, endorsements, and digital content. What’s New? Until now, income for social media influencers didn’t have a dedicated classification. Now, … Read more
Decoding Long-Term Capital Gains Tax for ITR 2025 (FY 2024-25) Taxpayers who sold capital assets, such as property or jewellery, during the financial year 2024-25 (Assessment Year 2025-26) are liable for capital gains tax. Significant changes to these provisions, effective July 23, 2024, streamline holding periods and introduce new tax rates. Understanding Long-Term Capital Gains … Read more