Paying rent for accommodation? You may be eligible to claim tax exemption on the House Rent Allowance (HRA) received from your employer under the Income Tax Act, 1961. HRA is a common component of salary, designed to help employees meet …
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for the girl child, offering attractive interest rates and tax benefits. Parents can open the account anytime before the girl turns 10. It provides tax deduction under Section 80C, tax-free interest, …
The Union Budget 2024 has introduced a significant change in the taxation of capital gains arising from the sale of immovable property. As per the announcement, indexation benefits will no longer be available for properties purchased on or after 23rd …
The Income Tax Department has released updated guidelines explaining how certain Income Tax Returns (ITRs) are selected for scrutiny. These latest directions aim to bring more transparency to the scrutiny process and help taxpayers understand the reasons behind receiving scrutiny …
Capital gain tax in India is levied on profits earned from the sale of capital assets such as property, shares, gold, or mutual funds. Gains are classified as short-term or long-term, depending on the holding period. Short-term capital gains (STCG) on listed shares …
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 …
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 …
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 …
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 …
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 …
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 …