Why Are More Taxpayers Choosing the New Income Tax Regime? For many years, Indian taxpayers depended heavily on deductions and exemptions under the Old Tax Regime to reduce their tax liability. However, with the introduction of the New Tax Regime, the focus has shifted toward Lower tax rates, simpler compliance, and Greater financial flexibility As …
Myth: Low Income Means No Need to File ITR : Not True Many people believe that if they don’t “earn enough,” they don’t need to file an income tax return (ITR). This myth is widespread — but incorrect. The Truth: Filing Depends on Your Gross Total Income, Not Your Final Taxable Income. You must file …
Why Paying Fake Rent to Parents Will Become Very Difficult Now Mandatory Relationship Disclosure (New Form 124) Under the Draft Income‑Tax Rules, 2026, the Income Tax Department has introduced a new requirement for claiming House Rent Allowance (HRA): Taxpayers must now disclose their “relationship with the landlord” in the new Form 124. This looks like …
Basic Comparison between Revised, Belated, and Updated Return Revised Return – Section 139(5) A revised return is filed when a taxpayer has already filed an original or belated return and later discovers any mistake, omission, or wrong statement (income missed, wrong head, incorrect deductions, etc.). Time limit for Revised Return – Section 139(5), like example …
Which Foreign Assets are to be Declared in Schedule FA of ITR It explains the reporting requirements for resident & ordinarily resident taxpayers who hold foreign assets or income. This is general guidance. Reporting requirements may vary based on residential status and specific facts of the case. Professional advice is recommended before filing the return. …
Jio Finance Tax Filing + Advisory Plan (INR 25,000) What’s Included in Jio Finance Tax Filing + Advisory Plan Unlimited video calls for tax filing assistance Tax calculation walkthroughs Next year tax planning with monthly advisory video calls Dedicated priority support That plan Covers NRI income, ESOPs & RSUs, Foreign income & Business income Pricing …
Carry Forward of Losses – Important Points House Property Loss : Carry forward allowed for 8 years. Can be carried forward even in belated returns (filing on time not mandatory). Speculation Loss : Can be carried forward for 4 years. & Filing return on time is mandatory. Business Loss (Non-speculative) : Normal business loss: 8 …
Overview: Decoding the Business Codes in ITR The Income Tax Dept has updated business & profession codes in the ITR forms to reflect the evolving nature of businesses in India. from traditional trades to emerging sectors like social media and online trading. These codes classify specific activities, ensuring taxpayers report their income under the correct …
What Taxpayers & Professionals Should Know about Income Tax Act, 2025 India’s Income-tax framework in 2025 continues to evolve towards simplification, digitization, and transparency, with a strong emphasis on voluntary compliance and technology-driven administration. Here are the key takeaways for FY 2025-26 & beyond. Faceless & Technology-Based Regime : Assessments, appeals, rectifications, refunds, and even …
Form 10-IEA filing requirements & switching restrictions Under this blog where summaries Form 10-IEA filing requirements & switching restrictions when changing between new & old tax regimes for FY 2023–24 & FY 2024–25. Form 10-IEA filing is only required for ITR 3 & 4 taxpayers who choose the Old Regime. Taxpayer Switching Restrictions apply only …