It’s common that after you have done ITR Filing, you might have made some mistakes such as: Missed claiming a tax refund, Forgotten to include deductions or exemptions, or Reported incorrect income details. So, no need to panic. The law under Section 139(5) gives you the right to file revised income tax return and correct … Read more
The Indian Income Tax Department(ITD) has not issued any detailed guidance for cryptocurrency taxation. However, the income tax act contains key provisions such as Section 115BBH and Section 194S. These sections govern taxation on cryptocurrency and other virtual digital assets(VDAs). Profits from VDAs are generally subject to a flat 30% tax, 1% TDS on certain … Read more
After you’ve filed your ITR, the Income Tax Department checks your return for correctness. This checking generates a formal notice named Income Tax Notice 143(1) or Intimation under Section 143(1). It is among the most common notices issued to taxpayers and it is vital to understand why it is being issued, what exactly it … Read more
Being tax-compliant is sometimes an annual burden, however with the aging population in India, there are significant relief measures that the government has implemented. Some elderly citizens in 2025 will be allowed by law not to file income tax returns under certain conditions. This will lessen stress and paperwork so that they can concentrate on … Read more
Taxpayers file their ITR every year anticipating a refund in case they are over-deducted tax from their income more than required. Although most refunds are released hassle-free, at times the Income Tax Department surprises the taxpayers by sending an income tax refund adjustment notice in place of the refund. The notice at first sight might … Read more
The Indian cryptocurrency industry has expanded at a very high rate, with investors, traders and institutions all being interested in it. Along with opportunities, though, there are also regulatory and tax-related requirements that all crypto enthusiasts should know about. The most frequent question posed by many first time investors is: How is crypto taxed in … Read more
Recently, the Income Tax Department was able to find out that jewellers in India were involved in a massive fraud which involved making false entries on inventory valuation so that the businesses could report losses and claim unjustified tax refunds. This scheme is not just poor accounting; it is a calculated action of tax evasion … Read more
In order to encourage better reporting accuracy and streamline the filing process, the Income Tax Department has introduced five new professional codes under ITR-3 for Assessment Year 2025-26. This is as part of the departmental endeavor to keep finetuning income classification and extend full-fledged reporting under income tax return filing. The new provision kicks in … Read more
All entities that are liable to collect Tax Collected at Source(TCS) must file Form 27EQ as a quarterly return. Sellers collect TCS from buyers while selling certain goods or services. Government and non-government collectors can use Form 27EQ, which Section 206C of the Income Tax Act governs. Companies generally use the 27EQ filing to report … Read more
The Income Tax Department carried out a massive drive against fake claims and fictitious ITR refunds in India, busting a huge scam that manipulated returns to earn illicit proceeds from government exchequers. The aggressive action is a reflection of the department’s commitment to keeping the tax machine clean and preventing exploitation of taxpayers in collusion … Read more