Clipped from: https://www.businesstoday.in/personal-finance/tax/story/fo-trader-shock-why-even-your-losses-could-trigger-a-rs15-lakh-audit-penalty-494983-2025-09-21 F&O trading is considered non-speculative business income. That means it falls under “Profits & Gains of Business or Profession,” and traders must maintain
Category: Income Tax
*******Who really needs a tax audit? CA demystifies audit rules, clears confusion on ITR 3 & 4 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/who-really-needs-a-tax-audit-ca-demystifies-audit-rules-clears-confusion-on-itr-3-4-495012-2025-09-21 In an explanatory post, the financial advisor broke down the rules around turnover thresholds, due dates, and audit requirements, making compliance clearer for
*******Selling dad’s old house? How you can pay Rs 9.08 lakh instead of Rs 12.25 lakh in capital gains tax – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/selling-dads-old-house-how-you-can-pay-rs-908-lakh-instead-of-rs-1225-lakh-in-capital-gains-tax-494937-2025-09-20 Selling an inherited property can be costly if you don’t know the rules, but a few tax-saving strategies can help preserve your wealth.
*Top five changes in income tax audit form 3CD for AY 2025-26; Check details – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/top-five-changes-in-income-tax-audit-form-3cd-for-ay-2025-26-check-details/articleshow/124012292.cms September 30, 2025, is the deadline for for eligible taxpayers. including certain individuals, to submit their income tax audit reports. Just to give you a
*****HRA Claim Restricted to 50% as Rent Agreement in Joint Name with Brother, rules ITAT Despite Assessee Bearing Entire Rent [Read Order]
Clipped from: https://www.taxscan.in/top-stories/hra-claim-restricted-to-as-rent-agreement-in-joint-name-with-brother-rules-itat-despite-assessee-bearing-entire-rent-1432977 Despite the assessee’s submission that the entire rent of ₹1,26,500 was paid by him and that his brother had not claimed any HRA
*****CBDT issues SOP to track capital gains from JDAs, reports due Oct 31 | Industry News – Business Standard
lipped from: https://www.business-standard.com/industry/news/cbdt-sop-capital-gains-jda-october-deadline-125091701218_1.html CBDT has issued an SOP for field officers to track capital gains from JDAs using RERA data, cross-checking with ITRs and requiring reports
*****ITR deadline gone: How a slight mismatch can lead to tax notices; key things to note – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-deadline-gone-how-a-slight-mismatch-can-lead-to-tax-notices-key-things-to-note-494372-2025-09-17 Even small mistakes in your Income Tax Return (ITR), like missing a few thousand rupees of interest income, can trigger a notice from
*******Property and assets gifted to son’s wife: Will the income from it be clubbed to your income for tax purposes? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/property-and-assets-gifted-to-sons-wife-will-the-income-from-it-be-clubbed-to-your-income-for-tax-purposes/articleshow/123878630.cms Clubbing of income refers to a situation when you get taxed on someone else’s income. For example, a wife’s income gets combined with her husband’s
*New tax regime isn’t zero deduction: here are 10 ways to legally cut your tax bill – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/new-tax-regime-isnt-zero-deduction-here-are-10-ways-to-legally-cut-your-tax-bill-493927-2025-09-14 Equity investors should take note: long-term capital gains (LTCG) on shares and equity mutual funds are taxed at 12.5% for gains exceeding ₹1.25
*ITR deadline extension not coming? What late filers could lose this year – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-deadline-extension-not-coming-what-late-filers-could-lose-this-year-493913-2025-09-14 One major hit that often goes unnoticed is the loss of carry-forward benefits. If you’ve suffered business or capital losses in FY25 and
*******₹60,000 gone? CA breaks down what’s changing in housing under new tax regime – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/rs60000-gone-ca-breaks-down-whats-changing-in-housing-under-new-tax-regime-493912-2025-09-14 For taxpayers with two or more houses, any additional property is considered “deemed to be let out” — and is taxed based on
*******Even if you made zero capital gains income from sale of property you still need to pay tax in this situation; CA explains why – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/even-if-you-made-zero-capital-gains-income-from-sale-of-property-you-still-need-to-pay-tax-in-this-situation-ca-explains-why/articleshow/123871304.cms Pay income tax even if you made no effective capital gains on such a sale; Know why Sujit Bangar, a former IRS officer
Last three days left for ITR filing; Step-by-step guide on how to file ITR 1, 2 for free on e-filing ITR portal – The Economic Times
lipped from: https://economictimes.indiatimes.com/wealth/tax/last-three-days-left-for-itr-filing-step-by-step-guide-on-how-to-file-itr-1-2-for-free-on-e-filing-itr-portal/articleshow/123869252.cms Last few days left for ITR filing; Step-by-step on how to file ITR 1, 2 for free on the e-filing ITR portal The
*******Capital gains: Latest LTCG and STCG rates and holding periods for various assets for AY 2025-26 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/capital-gains-latest-ltcg-and-stcg-rates-and-holding-periods-for-various-assets-for-ay-2025-26/articleshow/123827541.cms Latest tax rate and holding period for various assets for LTCG and STCG for AY 2025-26 The capital gains income taxation has seen
*******He got Rs 89 lakh as gift from relatives; Tax dept doubted its genuineness, but ITAT Mumbai ruled in his favour: Here’s why – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/he-got-rs-89-lakh-as-gift-from-relatives-tax-dept-doubted-its-genuineness-but-itat-mumbai-ruled-in-his-favour-heres-why/articleshow/123845428.cms When Mr. Manwani filed his income tax return (ITR) for AY 2018-19 by declaring an income of Rs 98 lakh, he was issued a tax notice. The
*Wife pays no income tax after selling two houses for Rs 6 crore gifted by her husband, wins case in ITAT Mumbai; here’s how it happened – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/wife-pays-no-income-tax-after-selling-2-houses-for-rs-6-crore-gifted-by-her-husband-wins-case-in-itat-mumbai-heres-how-it-happened/articleshow/122905982.cms No income tax for wife who sold two flats for Rs 6 crore (5.98) bought originally by husband for Rs 51 lakh total,
*******Senior citizen investor asks: How do I maximise pension and FD income without paying extra tax? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-rules-senior-super-senior-citizens-ay-2025-26-deductions-exemptions-filing-493884-2025-09-13 For Assessment Year (AY) 2025-26, income tax regulations provide specific reliefs and benefits for senior citizens (aged 60–79 years) and super senior citizens
*******Income Tax law for senior citizens and super senior citizens: What’s new for AY 2025-26 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-law-for-senior-citizens-and-super-senior-citizens-whats-new-for-ay-2025-26/articleshow/123851488.cms Important aspects of Income Tax law that senior citizens and super senior citizens should know for AY 2025-26 A few months ago, the Income
*******Seven situations when gifts received by an individual are free from income tax – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/seven-situations-when-gifts-received-by-an-individual-are-free-from-income-tax/articleshow/123866052.cms 7 situations when monetary gifts received by an individual do not get taxed The Income Tax Department has recently released an updated brochure explaining the
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