Tax season can be stressful, and the promise of a big refund can sound tempting. But a warning from tax expert CA Nitin Kaushik highlights a dangerous new scam: the “tax refund trap.” Some tax consultants are luring clients with offers of “extra refunds.” The trick is simple: they artificially inflate your refund by manipulating … Read more
In order to ensure the quality of tax audit, the Council of the Institute has, at its 442nd meetingheld on 26th and 27th May, 2025 and its 443rd meeting held on 30th June, 2025 and 1st July, 2025,decided the limit on the number of tax audits, to be effected by issuance of new guidelines, asfollows … 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
Futures and Options (F&O) trading has seen a significant number of participants incur losses, with nearly 93% of traders facing an average loss of ₹2 lakh each in FY23 and FY24, according to SEBI. A common misconception among these traders is that F&O losses don’t need to be reported in their Income Tax Return (ITR). … Read more