Taxpayers Beware: AI Flags Fake Deductions, Hefty Penalties Loom The Income Tax Department is cracking down on bogus tax deduction claims like never before, and they’re using advanced AI and data analytics to do it. This isn’t just a warning; it’s already in motion. So far, over 40,000 taxpayers have had to retract fabricated entries … Read more
Understanding how capital gains tax applies to your mutual fund investments is crucial, especially when filing your Income Tax Return (ITR) for FY2024-25. Many taxpayers find this area confusing due to the different types of funds and holding periods. Let’s break down what you need to know. Key Changes for FY2024-25 The Union Budget 2024 … Read more
Double Tax Benefit: Can You Claim Both HRA and Home Loan in Your ITR? The short answer is a resounding YES, especially if you’re opting for the Old Tax Regime! Many individuals find themselves in a unique financial situation: paying rent for one home while simultaneously shouldering EMIs for another. The good news is that … Read more
You’ve just finished another financial year, and as you gear up to file your Income Tax Return (ITR), you might feel a sense of calm, assuming your employer handled all your tax deductions. But hold on a second! What if you’re among the many salaried individuals who earn a little extra from other sources, like … Read more
Getting your income tax return (ITR) right can be tough, especially when you’ve made money from capital gains on things like stocks, mutual funds, or property. Tax experts are warning that a simple mistake, like picking the wrong ITR form or misreporting your gains, could lead to frustrating tax notices, delayed refunds, and penalties. “People … Read more
Filing ITR for Rental Income in India: What the E-filing Portal Needs from You (FY 2024-25 / AY 2025-26) Good news for Indian taxpayers! While the e-filing portal continues to get smarter with pre-filled details from Form 16 and your Annual Information Statement (AIS), you’ll still need to provide crucial information, especially when it comes … Read more
Are You Missing Out on Major Tax Savings from Your Home and EV Loans Thousands of Indian taxpayers could be significantly reducing their tax burden by fully utilizing deductions on their home and Electric Vehicle (EV) loan repayments, yet many are not claiming the full benefits. As the tax filing deadline approaches, understanding the various … Read more
It’s tax season again, and if you’re like many, you’re probably wondering: Which Income Tax Return (ITR) form should I file? Picking the wrong one can lead to frustrating delays, notices from the tax department, or even your return getting rejected. But don’t stress! A new Excel tool, developed by CA Sai Pratap Kopparapu, is … Read more
If your income falls below the taxable limit, you might think filing an Income Tax Return (ITR) is unnecessary. However, submitting a Nil ITR can actually save you money and simplify various financial and legal processes. What Exactly is a Nil ITR? A Nil ITR is an income tax return filed when your total income … Read more
Is Filing an ITR for a Deceased Person Necessary for AY 2025-26? Here’s What Legal Heirs Need to Know The Income Tax Return (ITR) filing season for 2025 is in full swing, and many of us are diligently meeting our legal obligation to report income to the tax department. But what happens when someone passes … Read more