Income Tax Bill 2025: Finance Ministry issues corrigendum on interest on advance tax shortfall
Advance tax is generally payable by individuals, companies, and other entities with a tax liability of Rs 10,000 or more in a financial year, in four instalments. Senior citizens without business income are typically exempt.
Govt amends income tax law to ensure parity between NPS, UPS
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.
When do senior citizens need to pay advance tax on capital gains?
If an individual is a senior citizen without any business income and the only taxable income is Long-Term Capital Gain on sale of equity shares, there is no liability to pay advance tax during the financial year
Can one claim both HRA and home loan benefits? How should a vacant house be classified in ITR?
The tax benefits for a home loan are available for the full year in which possession of the property is taken. So you will be able to claim the benefits of HRA as well as a home loan for the full year.
No ITR filing exemption for small taxpayers in new Income Tax Bill, say CAs
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.
New Income Tax Bill: Late ITR filers will still be eligible for tax refund
The new Income Tax Bill, 2025, which will replace the Income Tax Act, 1961, was passed by the Lok Sabha on August 11
Is there a tax exemption limit for gifting money to a married daughter?
Gifts received from specified relatives are fully exempt, regardless of their value. Parents fall within this definition of specified relatives.
Is inherited money taxable in India after a parent’s death?
Amounts received either under a Will or as inheritance are outside the scope of Section 56(2) and are not taxable.
Freelancer or Salaried: How your income is taxed differently in ITR 2025
Freelancers are not eligible for standard deduction. Instead, they can claim actual business-related expenses incurred in the course of their work, excluding personal expenses.
ITR 2025: My wife takes home tuitions. Is that income taxable?
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).
ITR 2025: Know the difference between due date and last date of filing income tax return
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.
I have crossed Rs 1 crore income. But why is my CA asking for a balance sheet?
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.
ITR 2025: How to file income tax return (ITR) when I earn income from multiple sources?
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.
My dividend income is below exemption limit, yet TDS was deducted: How to claim refund while filing ITR 2025”
TDS on dividend income is deducted if the total dividend payable by a company in a financial year exceeds Rs. 5,000.
I want to sell gold inherited from my grandmother. What are the tax implications?
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.
ITR filing 2025: Filed your return? Complete e-verification within 30 days or risk invalidation
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.
I have received a gift of Rs 10 lakh from my father through his HUF. Will it be taxable?
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.
How to save taxes on freelance income through business expense deductions
Claiming legitimate expenses can reduce your taxable income and boost savings
ITR 2025: I declare NSC interest yearly, what if AIS shows it as lump sum in last year? Can I get income tax notice?
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
I am an NRI with short term capital gains. How to file ITR 2025?
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.
Will my NRI child pay tax on selling an inherited Indian home?
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.
Govt capex rises sharply in Q1, but low tax revenue growth a slowdown signal
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 2025: Submitted your income tax return? Here’s how to check the refund status
ITR filing: Taxpayers can check the status of the refunds due on the income tax department’s official e-filing portal (incometax.gov.in).
Convenience comes at a cost and now it’s court-approved
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
