India’s fight against black money hidden abroad faces a significant hurdle: a massive gap between tax demands and actual recovery. While the government has raised over ₹35,105 crore in tax and penalties under the Black Money Act of 2015, a mere ₹338 crore has been recovered as of March 31, 2025. The Enforcement Landscape Since … Read more
The government is set to simplify the process of claiming TDS (Tax Deducted at Source) refunds, potentially saving many from the hassle of filing a full income tax return (ITR). A Simpler Way to Get Your Refund Currently, even if your income is below the taxable limit, you generally have to file an ITR to … Read more
As a retired senior citizen in India, navigating your taxes, especially with income from interest and capital gains, can feel like a maze. Let’s simplify how your tax would be calculated for the Financial Year 2024-25 (Assessment Year 2025-26), keeping your specific income in mind. Your Income Breakdown You’ve got a mix of income sources: … Read more
Don’t Miss This: Your AIS is Key to a Smooth ITR Filing 2025! The deadline for filing your Income Tax Return (ITR) for Financial Year (FY) 2024-25 (Assessment Year (AY) 2025-26) is now September 15, 2025 – an extension from the usual July 31st. This gives you extra time to ensure your e-filing is accurate, … Read more
For many individuals and Hindu Undivided Families (HUFs), especially those with business or professional income, filing Income Tax Return (ITR-3) is a common requirement. This often brings up a crucial question: is it mandatory to maintain your books of accounts? Let’s break down everything you need to know. Who Needs to File ITR-3? ITR-3 is … Read more
Foreign Income and Assets from the Indian Income Tax Department? Think Again. For Indian residents, the days of discreetly stashing away global income, foreign assets, and overseas investments are long gone. The Indian Income Tax Department now has a robust system in place to track your financial footprints worldwide, thanks to international agreements like the … Read more
It’s July 17, 2025, and while the Income Tax Department hasn’t yet rolled out the full online filing utility for ITR-2 and ITR-3 with pre-filled data, you still have options to file your returns. Current Status: Partial Online Filing Available Currently, you can’t directly file ITR-2 and ITR-3 on the e-filing portal using the pre-filled … Read more
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
Maximize Your Tax Savings: Claiming Both HRA and Home Loan Benefits is Possible! Many salaried individuals in India often wonder if they can claim both House Rent Allowance (HRA) exemption and home loan tax benefits simultaneously. The good news is, you absolutely can! It’s perfectly legal and can lead to substantial tax savings, often ₹1 … Read more
Senior Citizens: Unlock a ₹50,000 Tax Break on Medical Expenses – No Health Insurance Needed Are skyrocketing healthcare costs a concern for you or your elderly parents? Even without health insurance, senior citizens can claim a significant tax deduction! Many seniors struggle with the high cost of health insurance, but Indian tax laws offer a … Read more