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
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
“Thinking of gifting money to your spouse to save on taxes? Think again! 🤯 Many believe this is a smart tax move, but the Indian Income Tax Act has specific “clubbing provisions” (Sections 60-64) that prevent it. Here’s why gifting to your spouse (or other family members) won’t typically reduce your tax burden: The bottom … Read more
For the upcoming Income Tax Return (ITR) filing for Assessment Year (AY) 2025-26, a common question among small equity investors is whether they can achieve zero tax liability under the new tax regime, especially if their income includes Short-Term Capital Gains (STCG) and Long-Term Capital Gains (LTCG) from equity mutual funds and shares. Understanding the … Read more
Got an income tax notice after filing your return? Don’t panic! While it can be unsettling, it’s often a routine matter that can be resolved with a few simple steps. The digital nature of today’s tax system means even a minor discrepancy can trigger an automatic alert. Here’s what to check and do next: 1. … Read more
Annual Information Statement (AIS) before filing your Income Tax Return (ITR) isn’t just a suggestion anymore – it’s a crucial step for a smooth tax season. The Income Tax Department is cracking down, and even small mismatches between your declared income and their records can lead to big headaches. Why the AIS is Your Best … Read more
Joint Mutual Fund Holdings & AIS Discrepancies: What a Housewife Should Do Scenario: Mr. A and Mrs. A hold mutual funds jointly. Mr. A regularly invests from his savings and files his income tax returns. Mrs. A is a housewife, and her income is below the taxable limit, so she doesn’t file an ITR. However, … Read more
Don’t Miss This: Your AIS is Key to a Smooth ITR Filing 2025! The deadline for filing your Income Tax Return (ITR) for Financial Year (FY) 2024-25 (Assessment Year (AY) 2025-26) is now September 15, 2025 – an extension from the usual July 31st. This gives you extra time to ensure your e-filing is accurate, … Read more
Receiving an income tax notice can be unsettling, but it doesn’t always mean you’ve done something wrong. With tax authorities stepping up scrutiny, it’s more important than ever to understand these notices and how to respond. Ignoring them can lead to penalties, so let’s break down the common types, why you might get one, and … Read more
Found a discrepancy in your Annual Information Statement (AIS)? The Income Tax Department has a straightforward solution to help you fix it before you file your Income Tax Return (ITR) for Assessment Year (AY) 2025-26. Many taxpayers are encountering issues with their AIS, and the good news is, you’re not alone, and there’s a clear … Read more