It’s Income Tax Return (ITR) filing season for Assessment Year (AY) 2025-26 (which covers income earned in Financial Year 2024-25), and whether you’re a salaried professional, a freelancer, or a small business owner, now’s the time to tread carefully. While digital filing has made things faster, even minor missteps can lead to notices from the … 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
As a salaried taxpayer, getting your finances in order for the upcoming tax season is crucial. The good news is that Digital Form 16 is here to simplify the process for the Financial Year 2024–25 (Assessment Year 2025–26). This electronic tax certificate from your employer is your key to a smoother Income Tax Return (ITR) … Read more
Received your Form 16 or 16A? Great! But don’t hit that “file” button just yet. Before you submit your Income Tax Return (ITR) for 2025, there are a few crucial steps you absolutely must take. Skipping these can lead to headaches like tax mismatches, delayed refunds, or even notices from the Income Tax Department. Why … Read more
Unlocking substantial tax savings, even under India’s New Tax Regime, is more achievable than many salaried professionals realize. A real-world example demonstrates how a strategic approach can lead to significant tax relief without impacting your take-home pay. Rs 3.75 Lakh Tax Savings for a Rs 50 Lakh CTC Earner A tax professional, Sujit Bangar, shared … Read more
The Income Tax Department has officially opened the e-filing portal for ITR-1 (Sahaj) and ITR-4 (Sugam) for Assessment Year (AY) 2025-26. This means you can now file your tax returns for income earned between April 1, 2024, and March 31, 2025. Choose Your Filing Method The Department is making filing easier than ever with two … Read more
It’s ITR filing season again! For the financial year 2024-25 (Assessment Year 2025-26), the Income Tax Department has already rolled out Excel Utilities, and people are starting to file. While online filing is still getting ready, if you’re a salaried individual, it’s generally best to wait for your Form 16. With more and more people … Read more
Filing ITR for AY2025–26? 7 new details you must provide in ITR-1, ITR-4 under Old Tax Regime Currently, individuals eligible to file ITR-1 (Sahaj) and ITR-4 (Sugam) can begin preparing and submitting their returns using these utilities. However, the facility for direct online filing of ITRs has not yet been activated. The due date to … Read more