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 …
Income Tax Return Filing 2025: With the ITR filing season for Assessment Year (AY) 2025-26 already underway, salaried employees, freelancers, and professionals are once again faced with the crucial decision — Should I opt for the old tax regime or the new tax regime? While the new …
In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has struck down a reassessment order after finding that the Assessing Officer (AO) cited an invalid legal provision while reopening the case for Assessment Year (AY) 2006-07. Background of the …
The Income Tax Department of India is rolling out several important changes from July 1, 2025, impacting PAN-Aadhaar linkage, ITR forms, e-filing utilities, and tax payment deadlines. Taxpayers, both individuals and businesses, must stay updated to avoid penalties and ensure …
The Income Tax Department has introduced a more stringent scrutiny framework for FY 2025-26, powered by AI and advanced data analytics. From high-value transactions to undisclosed incomes, the tax authorities are leaving no stone unturned in identifying suspicious cases. Experts warn …
As the income tax return (ITR) filing season for Assessment Year 2025-26 progresses, many taxpayers are facing uncertainty due to the delayed release of utilities for ITR-2 and ITR-3 forms. While the Excel and JSON utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) …
Filing an Income Tax Return (ITR) is not just a responsibility but a legal obligation for many individuals in India. Whether you are a salaried employee, a businessperson, a freelancer, or even a non-resident, understanding the rules for mandatory ITR …
ITAT Overturns 58.5L Cash Deposit Addition Made During Demonetization In a notable judgment providing relief to businesses scrutinized during the demonetization period, the Income Tax Appellate Tribunal (ITAT) has deleted an addition of Rs. 58.5 lakh made under Section 69A of the Income Tax Act, 1961. Background …
The Indian Income Tax Department (ITD) has intensified its crackdown on undisclosed cryptocurrency income, sending out notices to thousands of investors who failed to report earnings from Virtual Digital Assets (VDAs) such as cryptocurrencies and NFTs. With the implementation of …
The Delhi High Court has referred a significant legal question regarding income tax reassessment of foreign assets to a larger bench, potentially impacting numerous cases involving time-barred assessments. A division bench comprising Justice Vibhu Bakhru and Justice Tejas Karia passed …
As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 kicks off, tax experts are urging taxpayers—especially businesses and professionals—to pay close attention to the reconciliation of their Goods and Services Tax (GST) returns with income tax …
The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26 (pertaining to Financial Year 2024-25). This announcement was made on May 30, 2025, through a post on its official social media platform X (formerly Twitter). The …
In a significant judgment, the High Court of Jammu and Kashmir and Ladakh has ruled that the income tax exemption under Section 10(26) of the Income Tax Act, 1961 is not automatic and must be backed by credible proof. The court emphasized …