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
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
Important Tax Alert for Retail Investors: Capital Gains Can Now Erase Your ₹7 Lakh Tax Exemption New Delhi: A critical update to the Income Tax Return (ITR) utility, effective July 23, 2024, means that the widely publicized “zero tax on income up to ₹7 lakh” under the new tax regime is no longer universally true … Read more
The Income Tax Department has set the Cost Inflation Index (CII) for the financial year 2025-26 at 376. This crucial index helps taxpayers determine long-term capital gains (LTCG) on asset sales by adjusting the original purchase cost for inflation. The announcement was made on July 1, 2025, and the new index will be effective from … 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
Unutilized Capital Gains: Understanding the Tax Implications After 3 Years Dwaraki Bindiganavile and his wife are facing a common dilemma for property sellers: how will their unutilized long-term capital gains (LTCG) in a Capital Gains Account be taxed after the three-year window closes in August 2025? In August 2022, Mr. Dwaraki and his wife sold … Read more
ITR filing alert 2025-26: Excel utilities for ITR-1, ITR-4 now support LTCG, rent receipts, new tax regime The Income Tax Department has released updated Excel utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for the Assessment Year 2025–26 (Financial Year 2024–25), incorporating critical compliance and disclosure changes aligned with the Finance Act, 2024. These utilities, available … Read more