Clipped from: https://economictimes.indiatimes.com/wealth/tax/error-in-itr-utility-penal-interest-is-automatically-getting-added-to-taxpayers-who-dont-have-to-pay-advance-tax-check-the-details/articleshow/122952229.cms Error in ITR Utility: CA says ITR utility software is calculating wrong Section 234C interest which may lead to tax notices, refund being
Category: Income Tax
*’Income Tax Department’ among top keywords on Google Trends amid ITR filing rush – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-department-among-top-keywords-on-google-trends-amid-itr-filing-rush-3927645/ ‘Income Tax Department’ has been trending on Google Trends this July, especially in the last 15 days, due to the ITR filing season
*******What Form 10 IEA means for those rejecting India’s default tax regime – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/new-tax-rules-what-form-10-iea-means-for-those-rejecting-indias-default-tax-regime-486441-2025-07-26 Tax experts explain that Form 10-IEA is mandatory for taxpayers with business or professional income, particularly those filing under ITR-3 or ITR-4. Earlier,
*Is interest income taxable under New Tax Regime for senior citizens? Key details here – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/is-interest-income-taxable-under-new-tax-regime-for-senior-citizens-key-details-here-486445-2025-07-26 With income up to Rs 12 lakh now eligible for a rebate under Section 87A, many senior citizens may end up paying zero
*Govt cracks down on crypto tax evasion using AI, collects ₹437 cr from VDAs in FY23 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/indian-government-crypto-tax-compliance-ai-data-analytics-virtual-digital-assets-486476-2025-07-26 The AI tools helped the Income Tax Department collect Rs 437 crore from virtual digital asset (VDA) income in FY 2022–23 alone. To
Rs 437 crore tax collection: For crypto traders, evading income tax is getting difficult as Tax Dept uses AI, data analytics tools – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/rs-437-crore-tax-collection-for-crypto-traders-evading-income-tax-is-getting-difficult-as-tax-dept-uses-ai-data-analytics-tools/articleshow/122919681.cms In India, avoiding taxes on bitcoin, cryptocurrencies, and other virtual digital assets is becoming increasingly difficult. The Income Tax Department is increasing its efforts to monitor transactions
*****ITR 2 or ITR 3 -for Speculation Income – Income Tax
Clipped from: https://www.caclubindia.com/forum/itr-2-for-speculation-income-522376.asp Can we file ITR 2 for the person having income from Speculation of shars as well as LTCG & STCG on shares?What if
*****Speculative Income – Meaning, Taxability, Exceptions
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,
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
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