Income Tax Return 2025: Applicability of Income Tax on Provident Fund (PF) 

The applicability of Income Tax on Provident Fund (PF) in India depends on the type of PF, the contribution, interest earned, and withdrawal conditions. Here’s a clear breakdown: 🧾 1. Types of Provident Funds Statutory Provident Fund (SPF) Applicable to government, railways, universities, and recognized educational …

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Income Tax Return FY 2024-25: Tax Benefits of Allowances Received by Salaried Individuals

Under the Income Tax Act, 1961, several allowances are provided to salaried individuals which are either fully or partially exempt from tax, offering substantial tax-saving benefits. Here’s a categorized summary of key allowances and their tax benefits: ✅ 1. House Rent Allowance (HRA) – Section 10(13A) Tax Benefit: Partially …

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ITR Filing 2025: What the conditions under which a NRI is required to file income tax return in india?

A Non-Resident Indian (NRI) is required to file an Income Tax Return (ITR) in India under certain conditions. These are based on the income earned or received in India and the applicability of exemptions or deductions. Here’s a detailed explanation: ✅ When an NRI …

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Guide for Reporting Long-Term Capital Gains (LTCG) in your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26)

Long-Term Capital Gains (LTCG) arise when an individual sells a capital asset—such as property, shares, or mutual funds—after holding it for a specified period (typically more than 12/24/36 months, depending on the asset). In India, these gains are taxable under …

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ITR Filing AY 2025-26: Excel Utilities for ITR-2 & ITR-3 Released with Key Updates for Capital Gains, Crypto Income, and More

The Income Tax Department has officially released the Excel-based utilities for ITR-2 and ITR-3 for the Assessment Year (AY) 2025–26, marking an important development for taxpayers with complex income streams such as capital gains, business income, foreign assets, and crypto earnings. These utilities …

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MCA Notifies Web-Based Form CSR-1 for CSR Entity Registration: Companies (CSR Policy) Amendment Rules, 2025

In a significant move to enhance compliance efficiency and promote digital governance, the Ministry of Corporate Affairs (MCA) has notified Notification No. G.S.R. 452(E) dated July 9, 2025, introducing key changes to the Companies (Corporate Social Responsibility Policy) Rules, 2014. The amendment will come into force …

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Karnataka Commercial Tax Department Busts ₹39 Crore Inter-State GST Fraud, Arrests Rajasthan Fake Bill Trader Kailash Bishnoi

Bengaluru, India – July 2025: In a significant crackdown on GST fraud, the Karnataka Commercial Taxes Department has exposed a massive inter-State fake billing racket involving bogus Input Tax Credit (ITC) claims worth ₹39 crore. The primary accused, identified as Kailash Bishnoi from Jalore …

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Delhi Government Likely to Launch One-Time Tax Amnesty Scheme to Resolve Pre-GST Disputes

New Delhi: The Delhi Government is reportedly preparing to introduce a one-time tax amnesty scheme aimed at settling legacy disputes related to Value-Added Tax (VAT), excise, and service tax, which predate the implementation of the Goods and Services Tax (GST) in July 2017. According to sources in …

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Income Tax Return: How to Avoid Ineligible Deduction Claims While Filing ITR for AY 2025-26

With the ITR filing deadline extended to September 15, 2025, for non-audit cases, taxpayers must exercise caution while claiming deductions. The Income Tax Department is adopting a zero-tolerance approach towards false or ineligible claims in the Income Tax Return (ITR). Avoiding such errors …

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