Introduction to the New Tax Changes The Indian tax system has seen a tremendous change from April 1, 2026, with a new Income Tax Act, 2025, introduced in our country. The idea behind this is to simplify, clarify, and ease the process of taxation, making it more transparent and easier for individuals and taxpayers. One … Read more
The Madras High Court has made a historic ruling and declared cryptocurrency a property of Indian law. This decision provides virtual assets with a legal identity and has a direct implication on how they should be reported in the ITR filing. It will be a relief and responsibility to those millions of Indians trading or … Read more
An income tax notice is a written communication from the Tax Department to a taxpayer indicating an issue with their tax account. It may be sent for various reasons such as unfiled returns, assessment, or requesting specific information. When received, the taxpayer must address it within the specified timeframe. Otherwise, you may have to face … Read more
Mistakes happen, even when it comes to filing your Income Tax Returns online. But don’t fret! You can easily correct any Income Tax Return after ITR Filing without paying any additional fees. Here is the process to correct Income Tax Return after ITR Filing. Stepwise Process to Correct Income Tax Return after ITR Filing Visit … Read more
Charitable trusts are now subject to stricter reporting regulations by the income tax authorities, requiring additional information in audit reports and placing greater responsibility on auditors. Thus, the Central Board of Direct Taxes (CBDT) has introduced changes to the audit reports for charitable trusts. Let’s understand the latest updates for Charitable trusts through this article. … Read more
The Government of India has given the opportunity to the taxpayers for selecting either of two income tax regimes. The new tax regime was launched in the Union Budget 2020. Both of these regimes have pros and cons. Thus, Taxpayers must choose wisely between these two as both of these regimes involve complex concepts necessary … Read more
Farmers in India are reported to form the majority of the country’s workforce. It is the primary source of income for the vast majority of India’s rural people. The country as a whole is completely reliant on agriculture to provide its basic food needs. Therefore, the government has announced several schemes and benefits to boost … Read more
When a family’s primary breadwinner passes away, his or her death benefits might assist cover the costs of the household. This is a well-known fact. However, The idea that life insurance may perform a similar function in the version of Keyman insurance for businesses is less widely understood. In this article, you will understand the … Read more
Share market is a lucrative investment option for many. In India, apart from salary, rental income, and business income, you can earn money from the sale or purchase of securities. The money earned from the stock market is treated as Capital Gain income and you have to declare such income in ITR Filing and pay … Read more
Income tax returns (ITR) are only necessary for India if an individual’s taxable revenues exceed the Rs 2.5 Lakhs exemption threshold for the fiscal year. NIL tax returns are not required for individuals whose gross income falls below this threshold. However, it’s still a good idea to file a tax return even if your tax … Read more