Clipped from: https://cleartax.in/s/speculative-income For income tax purposes, the income earned by the taxpayers is categorised under five major heads such as income from salary, income from house property,
Category: Income Tax
Comprehensive*******When to Use ITR 3 vs ITR 2: Key Differences
Clipped from: https://www.taxbuddy.com/blog/itr-3-vs-itr-2-for-income-from-business-capital-gains-and-more Filing the right Income Tax Return (ITR) form is more than just a checkbox on your financial to-do list, it determines whether your
*****Discrepancy in AIS? Income tax department explains how to resolve it easily – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/ais-mismatch-in-itr-filing-heres-how-to-fix-it-as-per-income-tax-dept-guidelines-3922959/ Over 1.62 crore taxpayers have so far filed their income tax returns (ITRs) this assessment year (AY2025-26). The Income Tax Department website shows that as many as
*****AIS/26AS Mismatch May Trigger Tax Notices: What Taxpayer Should Know
Clipped from: https://taxguru.in/income-tax/ais-26as-mismatch-trigger-tax-notices-taxpayer.html Introduction Just last month, a client of mine—a schoolteacher—received an unexpected notice for underreporting interest income of only ₹1,000. She was shocked because
*Avoid penalties: Fix AIS discrepancies before submitting ITR; Here’s what to do – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/ais-discrepancies-correction-income-tax-department-ay-2025-26-485186-2025-07-18 If your Annual Information Statement (AIS) shows incorrect data, it’s important not to ignore it. Errors or mismatches in the AIS can lead
1*******Investor sets off F&O loss against capital gains, slashes surcharge from 15% to 10%; expert explains how – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/investor-sets-off-fo-loss-against-capital-gains-slashes-surcharge-from-15-to-10-expert-explains-how-486423-2025-07-25 Many taxpayers involved in F&O trading frequently miss reporting their trading income in their tax returns, mainly due to lack of awareness. However,
ITAT Allows HRA Exemption of ₹7.8 Lakh for Salaried Employee, Slams CPC for Erroneous Disallowance [Read Order]
Clipped from: https://www.taxscan.in/top-stories/itat-hra-exemption-salaried-employee-slams-cpc-erroneous-disallowance-1428611 he Revenue’s representative also conceded that the CPC’s decision was flawed and agreed to a fresh verification by the Assessing Officer The Income
Clipped from: https://economictimes.indiatimes.com/wealth/tax/ltcg-tax-paying-only-12-5-tax-on-capital-gains-accounts-scheme-withdrawals-while-filing-itr-fy2024-25-tax-dept-could-soon-raise-tax-demand/articleshow/122897199.cms Under the Capital Gains Accounts Scheme, taxpayers can deposit uninvested capital gains in a designated bank account and later use the funds for
*******Think your AIS is accurate? Tax pro spots Rs 1.9 lakh income duplication in real case – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/think-your-ais-is-accurate-tax-pro-spots-rs19-lakh-income-duplication-in-real-case-486207-2025-07-24 A tax expert’s recent review of a client’s ITR revealed a glaring issue—duplicate reporting of the same interest income in the Annual Information
*****I-T notice after filing return? Don’t panic, here’s what to check and do next
Clipped from: https://www.businesstoday.in/personal-finance/tax/photo/i-t-notice-after-filing-return-dont-panic-heres-what-to-check-and-do-next-486172-2025-07-24 Getting an income tax notice after filing your return can feel stressful—but it’s often no cause for alarm. With the tax system now
Comprehensive*******Getting tax benefits on rent? Most salaried employees claim HRA exemption wrong, says CA – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/getting-tax-benefits-on-rent-most-salaried-employees-claim-hra-exemption-wrong-says-ca-486139-2025-07-24 Many salaried employees unknowingly miscalculate their HRA claims, missing out on tax benefits. Understanding how to compute HRA exemption correctly can help reduce
*******Irrelevant personal chats will be redacted during investigation of digital evidence in tax matters, says CBDT chief – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-investigation-only-financial-data-from-personal-chats-other-apps-to-be-analysed-says-cbdt-chief-3925323/ In the new Income Tax Bill, there is one provision which triggered a major debate among taxpayers in the country. This provision is
*****Income tax slabs for salaried individuals for ITR filing FY 2024-25 (AY 202-26) under old, new tax regime – The Economic Times
Clipped from: https://economictimes.indiatimes.com/markets/bonds/corporate-bonds-in-india-from-institutional-stronghold-to-broader-participation/articleshow/122808987.cms The Income Tax Department has extended the last date for filing the income tax return (ITR) for FY 2024-25 (AY 2025-26) to September
1*******ITR filing 2025: Who can file ITR-1, who cannot file it for FY 2024-25 (AY 2025-26)? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-2025-who-can-file-itr-1-who-cannot-file-it-for-fy-2024-25-ay-2025-26/articleshow/122882862.cms Filing your tax return starts with choosing the correct ITR form. The Income Tax Department has released the income tax return (ITR) forms for Financial Year
1*******Income Tax Login | Best ITR Filing Platform File Income Tax Return for FY 2024-25 (AY 2025-26) | TaxBuddy
Clipped from: https://www.taxbuddy.com/file-itr-now?utm_term=&utm_campaign=&utm_source=&utm_medium=&hsa_acc=4215790609&hsa_cam=21400742829&hsa_grp=&hsa_ad=&hsa_src=x&hsa_tgt=&hsa_kw=&hsa_mt=&hsa_net=adwords&hsa_ver=3&gad_source=2&gad_campaignid=21411220477&gclid=Cj0KCQjws4fEBhD-ARIsACC3d29BZRgnfDq3p1mMuD_eM4bSXnVozq69lAxANPj46D4RzQfNA-tfXKwaAp7DEALw_wcB Free Notice Compliance | 365 days support TaxBuddy: Your AI-Driven Partner for Online Income Tax Filing We simplify your e-filing journey with powerful
CBDT using AI tools to boost income-tax compliance, says Chairman Agrawal | Economy & Policy News – Business Standard
Clipped from: https://www.business-standard.com/economy/news/cbdt-ai-tools-boost-income-tax-compliance-nudge-ravi-agrawal-125072400520_1.html Speaking on using artificial intelligence to monitor taxpayer behaviour, CBDT Chairman Ravi Agrawal stated that the department’s role remains facilitative and non-intrusive The
This CA says you can earn ₹24 lakh and pay nothing in tax. Here is the legal catch – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/this-ca-says-you-can-earn-rs24-lakh-and-pay-nothing-in-tax-here-is-the-legal-catch-486001-2025-07-24 And unlike other deductions, there’s no need to prove expenses. “Section 44ADA assumes 50% expenses automatically,” Goel noted. “You only need to report
Income Tax dept is watching: Your clicks, your claims, your fake email, nothing’s off limits – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-dept-is-watching-your-clicks-your-claims-your-fake-email-nothings-off-limits-486010-2025-07-24 On July 14, the department launched a verification sweep across 150 cities, zeroing in on over 1.5 lakh PANs linked to suspicious deduction
CBDT chief says I-T Dept now tracking online visits, filtering PANs to nudge taxpayers – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/cbdt-chief-says-i-t-dept-now-tracking-online-visits-filtering-pans-to-nudge-taxpayers-3925014/ The department is using AI-powered data analytics to raise red flags for high-value transactions where returns have not been filed or where taxpayers
*****Taxpayer wins Rs 1.4 lakh penalty case despite claiming false income tax deductions to reduce income by 50%; Know the details – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/taxpayer-wins-rs-1-4-lakh-penalty-case-despite-claiming-false-income-tax-deductions-to-reduce-income-by-50-know-the-details/articleshow/122860793.cms Penalty of Rs 1.4 lakh deleted despite a taxpayer claiming false income tax deductions to reduce his income by 50%; Know the details
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