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 …
The Income Tax Department employs several verification mechanisms to ensure that the details provided in Income Tax Returns (ITRs) are accurate and compliant with the law. Here’s a breakdown of the various ways the department verifies returns: 🔍 1. Matching with Form 26AS / …
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 …
Are you preparing to file your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26)? Then read this before you start. The Income Tax Department has introduced 6 important new disclosure requirements in ITR-1 and ITR-4 forms. These changes aim to improve transparency, stop …
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 …
Excel utilities in ITR filing help taxpayers prepare and validate income tax returns offline. Users can download the utility, enter details like income, deductions, and taxes, validate the form, generate XML, and upload it to the income tax portal. It …
If you earned short-term capital gains (STCG) during the financial year 2024–25 (assessment year 2025–26), you must disclose it correctly in your income tax return (ITR) to avoid notices, penalties, or loss of refund eligibility. Here is a step-by-step guide on how …
To lodge a complaint for quick resolution of an income tax refund, you can follow these step-by-step methods depending on your case. Here’s a streamlined guide for AY 2025-26 or any current year: ✅ Step 1: Verify Your Return Status …
As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 is underway, one of the most important documents for taxpayers to verify before filing their returns is the Annual Information Statement (AIS). The AIS is a comprehensive …
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 …
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 …
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 …
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 …
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 …
A Section 8 Company, registered under the Companies Act, 2013, is formed for charitable or not-for-profit purposes such as promoting commerce, art, science, education, sports, research, social welfare, etc. While these companies are non-profit in nature, they are not automatically …
Ranchi, July 7: The Enforcement Directorate (ED) has filed a prosecution complaint against four individuals for their alleged involvement in a massive ₹734 crore GST Input Tax Credit (ITC) fraud. The chargesheet was submitted before the Special Court under the Prevention …
Section 80GG of the Income Tax Act, 1961, provides a deduction for individuals who pay house rent but do not receive House Rent Allowance (HRA) from their employer. This benefit is available to both salaried individuals (without HRA) and self-employed …
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 …