Navigating India’s High-Stakes Crypto Tax Landscape in 2025 Despite India’s strict tax regime, the country has emerged as a global powerhouse in cryptocurrency adoption, ranking second worldwide in Bitcoin holdings. As Bitcoin prices surge, Indian investors are re-engaging with the market, but the cost of entry has never been higher. A four-tiered tax system, combined … 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
It’s easy to overlook, but a simple TDS (Tax Deducted at Source) mistake cost one tenant a hefty Rs 1 lakh fine, even though he was regularly paying Rs 55,000 in monthly rent. This serves as a crucial reminder for anyone renting property in India. The Costly Oversight Abhishek, a tenant, found himself in hot … Read more
The recent Budget 2024-25 has significantly altered the tax landscape for Non-Resident Indians (NRIs selling property in India. Previously, NRIs enjoyed an indexation benefit for long-term capital gains (LTCG), which adjusted the purchase price for inflation, reducing taxable gains. This benefit has now been removed for property sales occurring on or after July 23, 2024. … Read more
In a significant relief for taxpayers and businesses, the Central Board of Direct Taxes (CBDT) has announced a waiver of penalties and tax demands related to shortfalls in Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) caused by inoperative PANs. This move addresses the issues faced by many who were hit with … Read more
Inoperative PANs and Higher TDS/TCS: CBDT Offers Significant Relief New Delhi: The Income Tax Department, through the Central Board of Direct Taxes (CBDT), has announced crucial relief for taxpayers and businesses concerning higher Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rates applied when Permanent Account Numbers (PANs) are inoperative. The Root … Read more
The Income Tax Department has rolled out the Excel utility for ITR-3 for the financial year 2024-25 (Assessment Year 2025-26), introducing several crucial updates for taxpayers, particularly stock market traders. Here’s a breakdown of the key modifications in the ITR-3 Excel utility: 1. Capital Gains Reporting Gets Granular: 2. Enhanced TDS (Tax Deducted at Source) … Read more
Filing ITR-2 for AY 2025-26? Key Changes to Note in the Excel Utility Planning to file your Income Tax Return (ITR-2) for Assessment Year 2025-26 (Financial Year 2024-25)? The Income Tax Department’s e-filing portal now allows you to download the Excel utility for this form. However, before you dive in, it’s crucial to be aware … Read more
New ITR-2 Form for FY2024-25 (AY2025-26) Unveiled: Key Changes Taxpayers Must Know The Income Tax Department has finally released the Excel-based utilities for ITR forms 2 and 3, after a notable delay attributed to significant revisions in the utility forms for the Financial Year 2024-25. This release, following ITR forms 1 and 4, makes all … Read more
You’ve just finished another financial year, and as you gear up to file your Income Tax Return (ITR), you might feel a sense of calm, assuming your employer handled all your tax deductions. But hold on a second! What if you’re among the many salaried individuals who earn a little extra from other sources, like … Read more