Filing your Income Tax Return (ITR) can be confusing, but choosing the correct form is essential to avoid penalties. Making a mistake can lead to a defaulted ITR and a potential tax notice. To simplify the process, here is a breakdown of the most common ITR forms—ITR-1, ITR-2, ITR-3, and ITR-4—and who should use them. … Read more
Urgent Alert: Protect Yourself from Income Tax Refund Scams The Income Tax Department has issued a strong warning about a new wave of phishing scams targeting taxpayers. Fraudsters are sending fake emails that promise an income tax refund to trick you into giving up your personal and financial information. How the Scam Works Scammers send … Read more
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
Navigating taxes as a freelancer, YouTuber, or influencer can feel complicated, especially with new rules for the 2024–25 financial year (AY 2025–26). The Income Tax Department is now closely tracking all digital income, from small UPI payments to major brand deals. This means it’s more important than ever to understand your tax obligations. Here are … Read more
HRA Claims for Rent Paid to Parents: A Guide to Staying Out of Trouble with the Taxman In the midst of tax season, many salaried employees look for clever ways to reduce their tax liability. A popular strategy that often comes up is claiming House Rent Allowance (HRA) for rent paid to parents. While this … Read more
ITR Processing and Refunds: A Snapshot of AY 2025-26 The Income Tax Department has significantly cut down the time it takes to process Income Tax Returns (ITRs) and issue refunds. According to recent reports, the average processing time has dropped to a remarkable 17 days, a huge improvement from 93 days a decade ago. In … Read more
Income Tax Filing 2025: A Guide for Students and the Unemployed Are you a student or unemployed individual wondering about income tax filing? While it might not seem relevant, understanding the rules and benefits can be crucial for your financial future. Here’s a breakdown of what you need to know for the 2025 tax season. … 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
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 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