Short-Term Capital Gains (STCG) in India refer to profits earned from the sale of a capital asset held for a short duration—typically less than 12 months for listed equity shares and mutual funds, and less than 24 or 36 months …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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) …
In a significant judgment, the Chhattisgarh High Court has ruled that disallowance under Section 143(1)(a) of the Income Tax Act, 1961 cannot be applied when the issue in question is pending adjudication before the Supreme Court. The Division Bench, comprising …
Home loan interest is a significant tax-saving tool under Section 24(b) of the Income Tax Act, 1961. Understanding the deduction limits, eligibility criteria, and how to claim them can help taxpayers maximize their savings. This guide covers everything you need to know …