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If one opts to disclose tuition income under "Income from Other Sources", the return may be furnished using ITR-1 or ITR-2, depending on the nature of other income (such as capital gains, if any).
If you fail to file the ITR by September 15, you can still file it by December 31, 2025, which is the final deadline. After this date, filing will no longer be possible.
While you are not required to submit a formal balance sheet unless you are engaged in business or profession, you do have to provide asset and liability details since your taxable income has now crossed Rs 1 crore.
If the employer treats you as an employee, the income would fall under Salaries, and you would be entitled to the standard deduction of Rs 50,000 under the old tax regime or Rs 75,000 under the new regime.
TDS on dividend income is deducted if the total dividend payable by a company in a financial year exceeds Rs. 5,000.
In the case of jewellery received before 2001 either the cost of acquisition to the previous owner or the fair market value (FMV) as on 1st April 2001, whichever is higher can be considered.
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.
Making a gift by an HUF to a member is considered a partial partition, and since partial partitions are not recognized under income tax laws, the gift will not qualify as exempt.
Claiming legitimate expenses can reduce your taxable income and boost savings
In case any notice is received for a mismatch, you can always explain that, though the post office has shown the lump-sum interest on NSC for all the years in the year of maturity/payment, you have been offering it year after year
As per current tax laws, if the aggregate value of all gifts received during a year exceeds Rs 50,000, the same is treated as income in the recipient’s hands. However, gifts received from specified relatives, including spouse, are not considered income, regardless of the amount.
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.
Central government spending surged dramatically in Q1 FY26, with the fiscal deficit more than doubling to Rs 2.8 lakh crore compared to the same period last year. While total expenditure jumped to Rs 12.22 lakh crore, a staggering 46 percent increase in interest payments now consumes nearly one-third of all government spending, highlighting India's growing debt burden and constrained fiscal flexibility
ITR filing: Taxpayers can check the status of the refunds due on the income tax department’s official e-filing portal (incometax.gov.in).
In a key ruling of the Bombay High Court, the right of multiplexes to charge a convenience fee for the service of online ticket booking has been upheld, marking an important precedent for all digital platforms providing services
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
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.
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.
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
For one, your children's school and college tuition fees are eligible for deductions under section 80C. That would help reduce your tax outgo.
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.
It is important to mention capital losses while filing income tax return, as it will help in setting it off against future income.
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.
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.
'I procure vegetables from the farmers and sell the produce at the small shop... The GST officials have served a tax demand of Rs 29 lakh. How can I pay such a huge amount?' vegetable vendor Shankargouda Hadimani said.
