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
The Misuse of GST Section 74: A Threat to Honest Taxpayers India Inc. is raising serious concerns over the “arbitrary and excessive” use of Section 74 of the Central Goods and Services Tax (CGST) Act. While this provision was designed to target deliberate tax evasion, tax officers are now routinely applying it to a broader … Read more
Why Should Only CAs Sign Tax Forms? ICSI’s Bold Push Could Change the Game Right now, only Chartered Accountants (CAs) can represent taxpayers before income tax authorities and certify key tax documents. This is because Section 288 of the Income Tax Act defines an “Accountant” exclusively as a CA. But the Institute of Company Secretaries … Read more
Understanding Gift Tax Rules in India: A Practical Guide for ITR Filing Receiving a significant gift can be a joyous occasion, but it’s essential to understand the tax implications. In India, under Section 56 of the Income Tax Act, 1961, gifts are considered income and may be subject to tax, particularly if their value exceeds … Read more
Earning as an Indian resident trader from foreign prop firms can be a lucrative opportunity, but it requires careful attention to tax and compliance to avoid scrutiny. Based on the expert advice provided, here’s a detailed breakdown of how to stay tax-compliant and avoid red flags. 1. Understanding Your Income 2. Receiving and Managing Funds … Read more
ITR Filing 2025: Don’t Let Your Return Go to Waste—7 Ways to Verify Your ITR Filing your Income Tax Return (ITR) is a significant accomplishment, but the journey doesn’t end there. In 2025, a crucial final step—verifying your ITR—is more important than ever. Failing to do so within 30 days of submission can render your … Read more
Tax Calendar: Key Deadlines for August 2025 As August begins, individuals, businesses, and government entities should take note of the following crucial tax deadlines to ensure compliance. The following is a comprehensive list of important due dates for TDS filings, certificates, and declarations under the Income Tax Act. August 7, 2025 August 14, 2025 August … Read more
In an effort to avoid scrutiny from the income tax department, it’s wise to be mindful of certain financial activities that can trigger an automatic notice. While it’s not about doing anything illegal, simply crossing specific transaction thresholds can put you on the department’s radar. A seasoned tax expert, CA Nitin Kaushik, explains that financial … 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