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 …
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 …
Key guidance for MF to ensure accurate ITR filings & avoid inflated capital gains reporting due to duplicate entries in the AIS: What is the issue: duplicate mutual fund redemptions in AIS What’s Happening in such a case: During this year’s ITR filing season, a peculiar issue has emerged in the AIS reporting of mutual …
BREAKING NEW : Excel Utilities for ITR-1 & ITR-4 Now Available for AY 2025-26! Tax Filing Season Officially Begins : The early release of Excel Utilities for ITR-1 and ITR-4 for AY 2025-26 is a welcome step, allowing taxpayers to prepare and file their returns well ahead of time. Don’t wait for the deadline …
What are the common Reasons for Scrutiny & How to Avoid Them Why Do You Receive an Income Tax Notice? Even if you have filed your Income Tax Return (ITR) correctly and on time, a notice may still land in your inbox. The reasons could range from minor errors to major mismatches. Understanding these can …
Differences Between Updated Return (ITR-U) and Application for Condonation of Delay u/s 119(2)(b): Amendments in Budget 2025 for ITR-U Previously, taxpayers had 2 years from the end of the relevant assessment year to file an updated return (ITR-U). Budget 2025 extends this period to 4 years, providing more time for taxpayers to correct omissions and …
Updated Return (ITR-U) Can sometimes be costlier than a reassessment. Can updating ITR cost you more than a reassessment? Yes, updating an Income Tax Return (ITR) using ITR-U (Updated Return) can sometimes be costlier than a reassessment initiated by the Income Tax Department. The proposed extension of the ITR-U (Updated Return) filing window from two …
The viral claim that senior citizens above 75 years old are exempt from paying taxes is false. Fact Check: What is the Truth? No Tax Exemption for Senior Citizens Above 75 Years : The Government of India has not announced any such exemption for senior citizens. Section 194P – Exemption from Filing ITR, Not Paying …
Section 87A Rebate Restored- utility update disallowed rebate on Special Rate Income The Income Tax Department’s announcement about the updated utilities for ITR-2 and ITR-3 incorporating Section 87A rebate provisions is a notable development, especially for taxpayers dealing with income taxed at special rates such as Short-Term Capital Gains u/s 111A and Long-term capital gains …