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In line with Budget 2024’s announcement to waive the penalty for non-disclosure of low-value foreign assets of up to Rs 20 lakh, the I-T department has decided to eliminate prosecution provisions as well
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Investing in US stocks as an Indian resident isn't just about picking the right companies — you need to be aware of the tax nuances as well. While the India-US DTAA provides relief from double taxation, compliance requires correct documents and timely filing
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For many middle- and upper-middle-class taxpayers, a one-time sale of property can inflate their gross total and push them into higher surcharge brackets, despite having no actual capital gain (after inflation adjustment).
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Chartered accountants differ over whether small taxpayers will be able to obtain section 87A rebate on their STCG income for FY 2024-25 (AY 2025-26) based on the Ahmedabad tax tribunal’s recent order.
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The section allows self-employed professionals as also salaried employees who are not entitled to HRA to avail of tax breaks on rent paid
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The Taxation Law (Amendment) Bill, 2025, makes 60 percent of the lump sum received by UPS subscribers at retirement tax-free, aligning its tax treatment with that of the NPS.
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The parliamentary panel headed by BJP MP Baijayant Panda had recommended that small taxpayers not be compelled to file an ITR solely to avoid penalties for non-filing.
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The new Income Tax Bill, 2025, which will replace the Income Tax Act, 1961, was passed by the Lok Sabha on August 11
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You can e-verify your returns in a few minutes via Aadhaar-OTP, net banking and electronic verification codes generated through pre-validated bank accounts.
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Claiming legitimate expenses can reduce your taxable income and boost savings
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Article 13 of the India–US DTAA entitles each country to levy tax on capital gains as per their domestic laws. Therefore, the son will have to pay tax on long-term capital gains whenever the residential house property inherited by him in India is sold.
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ITR filing: Taxpayers can check the status of the refunds due on the income tax department’s official e-filing portal (incometax.gov.in).
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Taxpayers, who fall under ITR-3 category such as those earning from futures and options trading, can now file their returns before the September 15 deadline
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Corporate NPS contribution, employers’ contribution to EPF and tax breaks on housing loan interest in the case of let-out properties are some of the key tax breaks that even the new regime allows.
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Cryptocurrencies are categorised as virtual digital assets In India are taxed at 30 percent as per Section 115BHH of the I-T Act after allowing deduction for costs. No other expenses or losses are allowed as a deduction.
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Salaried taxpayers looking to claim section 80C tax deductions and exemptions under the old tax regime must file their returns by September 15, the extended due date for FY 2024-25
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For one, your children's school and college tuition fees are eligible for deductions under section 80C. That would help reduce your tax outgo.
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Income tax returns: All the major changes announced in Budget 2024 - rejig of income tax slabs under the new regime and rationalisation of capital gains tax structure - being the key ones, will have to be factored in while filing returns this year.
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Income tax return filing 2025: While delayed ITR utilities and AIS glitches remain sore points, quicker refunds and improved communication have worked in taxpayers’ favour.
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You will have to choose between ITR-3 and ITR-4 (Sugam), verify AIS to ensure you do not miss out on any source of income and maintain documentary proof for any deductions claimed.
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Heightened I-T dept scrutiny has compelled many salaried taxpayers to avail of deductions on 80C tax-saving investments, HRA, and donations only when their claims can be supported by valid documents.
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A parliamentary panel headed by BJP's Baijayant Panda has suggested 32 amendments to the new I-T bill, which will replace the Income Tax Act, 1961
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A valid Tax Residency Certificate from the UAE is mandatory to claim benefits under the DTAA in India.
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Start by choosing the right form. For instance, selecting ITR-1 instead of ITR-2 will be seen as trying to conceal income that you ought to have disclosed in ITR-2.
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Since the AIS and Form 26AS contain the complete history of a taxpayer’s transactions, nothing will go unnoticed — any non-disclosure can invite notices from the income tax department.
