You’ve provided a comprehensive article about the Income Tax Bill 2025 and the LTCG tax confusion, particularly concerning LLPs. To “rewrite” it, I need to know what kind of rewrite you’re looking for. Please tell me: In the meantime, I can offer a few general types of rewrites based on common requests: Option 1: Short, … Read more
Reporting capital gains accurately in your Income Tax Return (ITR) is more critical than ever, given the Income Tax Department’s intensified monitoring. With advanced data-matching systems, the IT Department is closely scrutinizing disclosures of income from equities, mutual funds, and even buyback transactions. To avoid notices and penalties, diligent documentation and professional guidance are no … Read more
Received an income tax notice after filing your ITR? Don’t panic! While unsettling, it often doesn’t signal major trouble. With tax data now digitized, even minor mismatches between your return and records like Form 26AS or Annual Information Statement (AIS) can trigger an automated notice. These are frequently just requests for information or intimations of … Read more
Receiving an income tax notice can be unsettling, but it doesn’t always mean you’ve done something wrong. With tax authorities stepping up scrutiny, it’s more important than ever to understand these notices and how to respond. Ignoring them can lead to penalties, so let’s break down the common types, why you might get one, and … Read more
Found a discrepancy in your Annual Information Statement (AIS)? The Income Tax Department has a straightforward solution to help you fix it before you file your Income Tax Return (ITR) for Assessment Year (AY) 2025-26. Many taxpayers are encountering issues with their AIS, and the good news is, you’re not alone, and there’s a clear … Read more
Income tax filing season is upon us, and for many businesses, companies, and trusts, there’s a bit of a snag: The Income Tax Department has delayed the release of ITR-5, ITR-6, and ITR-7 utilities. This delay is sparking concern, especially with the September 15, 2025 deadline for non-audit cases fast approaching. Why the Hold-Up? The … Read more
Is your family considering splitting PG rental income between parents to save on taxes? It’s a common thought, but proceed with caution! While it might seem like a smart move to divide the income, experts warn that simply diverting rent without changing legal ownership can lead to trouble with the tax authorities. Let’s break down … Read more
The Income Tax Department has rolled out TAXASSIST, a new initiative designed to help taxpayers with questions about deductions claimed for political donations under Section 80GGC of the Income Tax Act, 1961. This move comes amid growing concerns about the misuse of this provision. Understanding Section 80GGC Section 80GGC allows individuals (but not businesses) to … Read more
“₹7 lakh in trading gains, ₹74,000 tax hit.” Sounds like a bad dream, right? For thousands of Indian investors, it’s a brutal reality. Many are learning the hard way that a profit under ₹12 lakh doesn’t automatically mean tax exemption. Sujit Bangar, founder of TaxBuddy.com, recently highlighted a case that perfectly illustrates this common pitfall. … Read more
