BREAKING NEW : Excel Utilities for ITR-1 & ITR-4 Now Available for AY 2026-27! 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 …
Resident but Not Ordinarily Resident (RNOR) tax status in India Who is a Resident but Not Ordinarily Resident (RNOR)? RNOR Status: The Hidden Tax Advantage for Returning NRIs. RNOR is a special tax classification under Indian income tax law. It applies to returning NRIs and provides a bridge between full non-resident and resident status—offering limited-time …
Income Tax benefits decoded comparison of the old vs new income tax regimes for FY 2025–26 “Tax benefits decoded” offers a detailed comparison of the old vs new income tax regimes for FY 2025–26, helping taxpayers evaluate which regime is more beneficial based on their deductions and exemptions. Rebate under Section 87A for the FY …
Income Disclosed under Presumptive Taxation Scheme (Sections 44AD, 44ADA, or 44AE): Cash deposits in bank A/c Cash deposits in bank A/c in cases where income is declared under presumptive taxation scheme (Sections 44AD, 44ADA, or 44AE): Section 68 of the Income Tax Act can only be invoked when There is a credit entry in the …
Taxation on income from shares and mutual funds under various sections for FY 2024-25 Categories of Mutual Funds: Equity-Oriented Funds (EOFs) – >65% investment in equity shares of domestic companies. Specified Mutual Funds – <35% in equity (as per Finance Act 2023) / >65% in debt or debt-oriented FOFs (as per Finance (No.2) Act 2024, …
New Income Tax, TDS, and TCS changes effective from April 1, 2025 Key Income Tax, TDS, and TCS changes effective from April 1, 2025, which affect salaried individuals, startups, crypto investors, business entities, and more: Major Income Tax Changes (From April 1, 2025) Revised New Tax Regime Slabs Income Slab (₹) Tax Rate Up to …
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 …
What are Forms 15G and 15H? These are self-declaration forms submitted by individuals to prevent TDS on interest income and other eligible incomes if their total taxable income is below the basic exemption limit. Form 15G and Form 15H are self-declaration forms used to request non-deduction of TDS (Tax Deducted at Source) on certain incomes (usually …
Taxation of Gains from Equity Shares Short-Term Capital Gains (STCG) : Gains from selling equity shares listed on a stock exchange within 12 months of purchase. Tax Rate on STCG is @ 15% Long-Term Capital Gains : Long-Term Investor is holding shares for over a year before selling. Capital Gains. LTCG taxed at 10% on …
CBDT extended the deadline for filing Form No. 56F for AY 2024-25 to March 31, 2025. CBDT has extended the deadline for filing Form No. 56F for the AY 2024-25 to March 31, 2025. This extension provides additional time for taxpayers to submit the required accountant’s report necessary to claim exemptions u/s 10A & 10AA …