ITR Processed and Refund Credited Within 3 Hours: Taxpayer Applauds Income Tax Department’s Swift Action

In a remarkable instance of efficient governance, an individual recently shared an extraordinary experience of getting two Income Tax Returns (ITRs) processed and refunds credited within just three hours of filing. The incident highlights the Income Tax Department’s ongoing efforts …

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Recent Changes in ITR 1 Applicable for FY 2024-25 Income Tax Return Filing

The Income Tax Department has notified ITR forms for FY 2024-25 (AY 2025-26), with significant changes aimed at simplifying filing and enhancing compliance. ITR-1 and ITR-4 were released with new Excel utilities requiring detailed HRA, TDS, and deduction disclosures. LTCG …

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Applicability of itr forms for different persons for filing income tax return FY 2024-25

Knowing the correct ITR form is crucial for accurate income tax return filing. Using the wrong form can lead to rejection of the return, delays in processing, penalties, or even legal scrutiny. Each ITR form is designed for specific categories …

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How to Respond to Income Tax Notices for Political Donation Claims under Section 80GGC

If you have received a notice under Section 158BC related to your 80GGC claim, follow these steps: 1. Log in to the Income Tax Portal Visit the official Income Tax Portal and access the e-Proceeding tab. 2. Submit Form ITR-B File the required response by submitting Form ITR-B along …

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ITR Filing FY 2024-25: 8 Common Mistakes First-Time Taxpayers Make & How to Avoid Them

Filing your Income Tax Return (ITR) for the first time is a significant financial step. With the income tax filing season for Assessment Year (AY) 2025-26 underway, many new taxpayers often make avoidable mistakes that can delay refunds, trigger notices, or …

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Tax Benefits of Deposits under National Pension Scheme (NPS) as per Income Tax Act, 1961

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 …

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How to Switch Between the Old and New Regime while Filing Income Tax Return 2025

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 …

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Taxation of Capital Gains on Sale of Securities under the Income Tax Act, 1961

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 …

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ITR Filing FY 2024-25: Step-by-Step Guide to File Income Tax Return Online

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 …

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Conditions to avail Exemption of Capital Gain Tax under Section 54 of the Income Tax Act, 1961

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 …

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Section 80GG of Income Tax Act: Rent Paid Deduction, Eligibility, Conditions & Claim Process

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 …

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Income Tax Return Filing 2025: Exemptions and Deductions Available to Individuals in the FY 2024-25

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 …

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Income Tax Return Filing 2025: Who is Generally Suitable for New Tax Regime?

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 …

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Income Tax Return Filing 2025: Will ITR Deadline Get Extended Again?

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 …

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Income Tax Filing 2025: IT Department Launches ‘TAXASSIST’ to Help Taxpayers with Queries, Notices – Here’s How It Works

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 …

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Income Tax Return Filing 2025: One Small Capital Gains Mistake Can Lead to Heavy Penalties

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 …

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20 Surprising and Lesser-Known Income Tax Rules Every Indian Must Know in 2025

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 …

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ITR Filing for FY 2024-25 (AY 2025-26): Why You Must File Your Income Tax Return Even If You Have No Tax Liability

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 …

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