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
Forex trading is popular among Indian investors. However, when it comes to taxation of forex investment, things are complicated and not well understood especially if your profits are received in USDT (Tether) or directly into your bank account. Understanding how these different payout methods affect your Forex Trading ITR Filing is essential to save taxes … Read more
The Central Board of Direct Taxes (CBDT) has shelved an important compliance shift i.e. compulsory due diligence of ITR Filing in FY 2025-26. This step is not normal. It represents a straight turn to improved transparency, increased audit levels and better enforcement. This is the wake call to every casual Income Tax Return Filing habit. … Read more
In one of its landmark moves that brings huge relief to Non-Resident Indian (NRI) investors, the Indian government has now made a tax amendment that lowers the long-term capital gains (LTCG) tax levy on unlisted shares. The move is especially welcome by NRIs who invest in Indian startups and private companies. The amendment not just … Read more
As cryptocurrency investment increased in India, the Income Tax Department introduced well-defined rules for taxing virtual assets. Knowing how to file crypto tax in India has become a must for all investors and traders who handle Virtual Digital Assets (VDAs) such as Bitcoin, Ethereum, or NFTs. Here’s a step-by-step guide to crypto tax filing and … Read more