The Department of Income Tax has now provided some relief for senior citizens. So, for those aged 75 years or more, exemption from ITR filing may be warranted. This exemption is applicable only under some specified conditions under Section 194P. This exemption is applicable for Assessment Year 2025-26. But, to avail of these exemptions, certain … Read more
There has recently been new tax rules and changes introduced that significantly impact investors of Gold Exchange-Traded Funds (ETFs) and gold mutual funds. If you invest in these gold-based financial products, understanding the implications of the Tax on sale Gold ETFs & Gold Mutual Funds is crucial for smart portfolio planning and accurate ITR Filing. … Read more
Smart Investors in India are already making moves to grow their money via deposit PPF before the clock hits April 5. The PPF is not just a safe and reliable savings scheme but it is also beneficial in maximizing interest earnings and saving taxes. Let’s understand all about the benefits of Deposit PPF Before 5 … Read more
Finance Bill 2025 proposed important amendments to Section 143(1) of the Income Tax Act, 1961, with a purpose to enhance income tax return (ITR) processing and transparency. The amendment authorizes the Income Tax Department to compare the new ITRs with the old ones, marking mismatch to the notice and enforcing compliance. What is Section 143(1) … Read more
In a major move as in Budget 2025, the Indian Government proposed removing the 6% equalization levy on online advertisement also known as the ‘Google Tax.’ Let’s understand this important update in detail. What is the Google Tax? The government introduced the Equalisation Levy in 2016 to tax non-resident digital companies providing services to Indian … Read more
Advance Tax in India is the income tax you pay in installments before the financial year ends. Furthermore, in case your total tax liability is exceeding Rs. 10,000/- in a year, it is mandatory for you to pay taxes in advance rather than waiting for ITR Filing. Let’s learn all about Advance taxes through this … Read more
The Delhi High Court has recently issued a crucial ruling regarding bad debt deduction rules under Section 36(1)(vii) of the Income Tax Act, 1961. This ruling is important for you to know before you do ITR Filing and make a decision on bad debts. Important Highlights of Delhi HC Meeting Recently, the Delhi High Court … Read more
Filing zero income tax return or ‘Nil’ return is a process where people inform the Income Tax Department of their income even though it is less than the tax threshold. Although it is not compulsory for individuals with income under the level of basic exemption, filing a Nil return can prove to be useful in … Read more
The Indian Revenue Authority has tightened its scrutiny of large political contributions, especially those of more than Rs 5 lakh, during the fiscal year 2020-21. It is fueled by apprehensions regarding tax evasion, money laundering, and abuse of tax exemption on political contributions. Thousands of individuals are in the government’s spotlight, with an aim to … Read more
The Central Board of Direct Taxes (CBDT) has made substantial changes to Form 16 and Form 24Q to simplify the ITR Filing process for the year 2025-26. The updates aim to enhance accuracy, eliminate discrepancies, and provide a hassle-free tax-filing experience for both employers and employees. CBDT published the circular on 20 February 2025, and … Read more