Aditya Narayan Parida 
The National Pension Scheme (NPS) offers multiple tax benefits to individuals under the Income Tax Act, 1961. These benefits are available to both salaried and self-employed individuals: 1. Deduction under Section 80CCD(1) Eligibility: Available to individuals (both salaried and self-employed). Maximum …
To switch between old and new tax regimes while filing your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26), the process depends on whether you have business or professional income or only salary/other income. Here’s a detailed guide: 1. For Individuals with Salary or …
Understanding capital gain taxation on sale of securities is crucial to ensure accurate tax compliance, avoid penalties, and plan investments efficiently. It helps investors differentiate between short-term and long-term gains, apply correct tax rates, claim eligible exemptions, and optimise returns …
The taxation of capital gains arising from the sale of shares in India depends on several factors such as the type of shares (listed/unlisted), the period of holding, and whether Securities Transaction Tax (STT) has been paid. Below is a …
The Income Tax Return (ITR) filing season for the Financial Year 2024-25 (Assessment Year 2025-26) is underway. While the usual deadline for filing ITR is July 31, the Central Board of Direct Taxes (CBDT) has extended the last date to September 15, 2025 this …
Understanding capital gain taxation is crucial for every investor, property owner, and taxpayer in India. Capital gains arise when you sell a capital asset such as property, stocks, mutual funds, or gold, and the sale proceeds exceed the original purchase …
Capital gains in India refer to the profit earned from the transfer (sale) of a capital asset. Such gains are taxable under the Income Tax Act, 1961. Here’s a comprehensive summary of capital gain taxation in India: 1. Meaning of Capital …
If you are living in rented accommodation but do not receive House Rent Allowance (HRA) from your employer, you can still claim a tax deduction under Section 80GG of the Income Tax Act, 1961. This provision provides relief to taxpayers …
The process of filing Income Tax Returns for individuals is currently underway. During this period, it is crucial for taxpayers to stay informed about the various exemptions and deductions available to them under the Income Tax Act, 1961. In this …
For AY 2025-26, the New Regime of Income Tax under section 115BAC(1A) is suitable for the following types of individuals, depending on their income structure, deductions, and preferences: ✅ Who is Generally Suitable for the New Tax Regime (115BAC(1A))? Individuals with No Major Deductions or Exemptions …
The Income Tax Return (ITR) filing deadline for Assessment Year (AY) 2025-26 may see another extension, according to tax experts, as technical glitches and system delays continue to hamper the filing process. Current ITR Filing Deadline and Pending Utilities In …
As the deadline for filing Income Tax Returns (ITR) for FY 2024–25 (AY 2025–26) approaches, the Income Tax Department has rolled out a new taxpayer support service called ‘TAXASSIST’ to make the filing process smoother and hassle-free. The deadline to file your ITR …
As the income tax filing season for FY 2024-25 (AY 2025-26) gains momentum, taxpayers, especially salaried individuals and first-time investors, must tread carefully when it comes to reporting capital gains. A seemingly small mistake—like choosing the wrong ITR form or …
The Income Tax Return (ITR) filing season for Assessment Year 2025-26 is in full swing. Over 79 lakh taxpayers have already filed their returns. With the deadline set for September 15, 2025, it’s crucial to be aware of key income tax rules—not just to …
As the extended deadline for filing Income Tax Returns (ITR) for Financial Year 2024-25 (Assessment Year 2025-26) approaches (September 15, 2025), many individuals—especially those with income below the taxable threshold or Non-Resident Indians (NRIs) without Indian income—often wonder: “Do I …
Income Tax Notice Triggers: Common Reasons You May Get an ITR Notice for AY 2025-26 As the deadline to file Income Tax Returns (ITR) for Financial Year 2024-25 (Assessment Year 2025-26) approaches on September 15, 2025, taxpayers need to be extra cautious—not just …
ITR Refund Delay for AY 2025-26: Income Tax Department Reviewing Past Returns Before Issuing Refunds The filing of Income Tax Returns (ITR) for the Assessment Year (AY) 2025-26 began at the end of May 2025. So far, over 75 lakh ITRs have …
With the Income Tax Return (ITR) filing deadline for Assessment Year (AY) 2025–26 extended to September 15, 2025, for select categories, many taxpayers have already begun submitting their returns, especially after receiving Form 16. However, tax experts caution that even minor mistakes or …
The Central Board of Direct Taxes (CBDT) has issued Circular No. 08/2025, dated July 1, 2025, providing much-needed clarity on the waiver of interest levied under Sections 201(1A)(ii) and 206C(7) of the Income Tax Act, 1961. This circular addresses the concerns raised by …
The Income Tax Department recently brought attention to an insightful post by Chartered Accountant (CA) Pradeep Goyal on X (formerly Twitter) that sheds light on how the current income tax scrutiny process works in India. The department highlighted the post …