Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-deadline-approaches-five-mistakes-to-avoid-while-filing-income-tax-returns-477351-2025-05-22 ITR filing deadline breach: Income below Rs 5 lakh incurs a Rs 1,000 penalty, while incomes over Rs 5 lakh may result in
Category: Income Tax
*******From capital gains, business income to rent in India — NRIs must know these tax rules before filing – BusinessToday
Clipped from: https://www.businesstoday.in/nri/story/from-capital-gains-business-income-to-rent-in-india-nris-must-know-these-tax-rules-before-filing-477507-2025-05-23 Non-Resident Indians (NRIs) earning income from Indian sources must file their Income Tax Returns (ITR) in specific cases, with the deadline for FY
*******From salaried to self employed: Know which ITR form fits you to avoid costly errors before deadline – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-new-itr-forms-ay-2025-26-filing-deadlines-477516-2025-05-23 The Income Tax Department has introduced ITR forms for AY 2025-26, with filing commencing soon. Key deadlines include July 31 for individuals and
*******ITR Filing: Which ITR form is applicable for tax return filing by NRIs in 2025? – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/itr-filing-which-itr-form-is-applicable-for-tax-return-filing-by-nris-in-2025-3855374/ The applicability of ITR forms depends on factors such as the assessee’s sources of income, total earnings and also the category of the
*******Set off your options trading loss against LTCG from shares; your queries answered – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/set-off-your-options-trading-loss-against-ltcg-from-shares-your-queries-answered-3855435/ Explore how to set off options trading loss against LTCG, claim tax deductions on two home loans including let-out property, and understand Section
*******ITR Filing: How to File Income Tax Returns (ITR) Step by Step for Beginners
Clipped from: https://www.taxscan.in/itr-filing-how-to-file-income-tax-returns-itr-step-by-step-for-beginners/520361/ In addition to being required by law, filing your income tax return (ITR) has several important financial advantages. You must lawfully file an
*******Learn why RBI’s 180-day rule complicates gifting money to NRI children abroad
Clipped from: https://www.taxscan.in/gifting-money-to-nri-children-why-the-rbis-180-day-rule-is-a-hidden-hurdle/517151/ In today’s globalized world, it is quite common for Indian parents to financially support their children who have settled abroad—whether for educational expenses,
***Addition not sustained as source of funds for purchasing crypto currency explained
Clipped from: https://taxguru.in/income-tax/addition-sustained-source-funds-purchasing-crypto-currency-explained.html Primit Shambhuprasad Purani Vs ITO (Gujarat High Court) Gujarat High Court held that reopening of assessment under section 148 of the Income Tax
***Income Tax Notices Unanswered as Authorised Representative Hospitalised for Surgery: Madras HC grants Opportunity to File Reply
Clipped from: https://www.taxscan.in/income-tax-notices-unanswered-as-authorised-representative-hospitalised-for-surgery-madras-hc-grants-opportunity-to-file-reply/519032/ The Madras High Court has granted relief to a taxpayer whose authorised representative was hospitalised and unable to respond to income tax notices. The writ
ITR Processing Delay: 78-Year-Old Senior Citizen Waits Over 2 Years, Here’s the Income Tax Dept’s Response
lipped from: https://www.taxscan.in/itr-processing-delay-78-year-old-senior-citizen-waits-over-2-years-heres-the-income-tax-depts-response/518967/ A recent post on social media platform X (previously Twitter) has attracted public attention regarding the excessive delay in accepting for processing the
***Madras HC Upholds Income Tax Notice against Advocate, rules ITR Mandatory for High-Value Withdrawals
Clipped from: https://www.taxscan.in/itr-filing-mandatory-for-high-value-withdrawals-even-for-poa-holders-madras-hc-upholds-income-tax-notice-against-advocate/518940/ In an important ruling, the Madras High Court has ruled that income tax returns ( ITR ) must be filed when you’re withdrawing
*******section 54 exemption: Selling two homes? New tax ruling says you can still save on capital gains | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/selling-two-homes-new-tax-ruling-says-you-can-still-save-on-capital-gains-125051900886_1.html A recent ITAT ruling offers tax relief for those selling two homes and reinvesting in one, easing capital gain worries, especially for joint
***All ITR Forms notified for AY 2025-26 but you still can’t file your income tax return – Find out why – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/all-itr-forms-notified-for-ay-2025-26-but-you-still-cant-file-your-income-tax-return-find-out-why-3850956/ As of May 20, 2025, there is no update on the e-filing portal of the tax department, while forms from ITR-1 to ITR-7
*******Old or new tax regime? A step-by-step guide to choose what’s best for you | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/old-or-new-tax-regime-a-step-by-step-guide-to-choose-what-s-best-for-you-125051900708_1.html The new regime offers lower tax rates, but does not allow most tax deductions. On the other hand, the old regime permits popular
*****Got a big gift recently? Here’s how it could trigger a tax surprise | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/got-a-big-gift-recently-here-s-how-it-could-trigger-a-tax-surprise-125051901052_1.html Experts decode how your cash, property, or crypto gifts could quietly land you on the tax radar income tax bill, income tax, tax
*****Tax Query: Tax Computation Under Budget 2025 Proposals – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-tax-computation-under-budget-2025-proposals/article69523134.ece Where the total income of a resident individual exceeds ₹12 lakh, the individual is not eligible to claim the rebate under the relevant
*******ITAT: No Income Tax Addition Permissible in Unabated Assessment Without Incriminating Material Found During Search u/s 132
Clipped from: https://www.taxscan.in/no-income-tax-addition-permissible-in-unabated-assessment-without-incriminating-material-found-during-search-u-s-132-itat-2/517825/ The Pune Bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that no addition can be made under Section 153A in an
*******ITR Filing 2025: How NRIs can file income tax return – tax slabs, forms, eligibility and filing deadline explained – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/itr-filing-2025-how-nris-can-file-income-tax-return-tax-slabs-forms-eligibility-and-filing-deadline-explained-3847429/ NRIs are allowed to invest in various financial instruments and real estate in the country. The only exception is they cannot invest in
*******Income Tax Notice: Got a tax notice for a sudden income spike? What it means what you must do | Personal Finance – Business Standard
lipped from: https://www.business-standard.com/finance/personal-finance/got-a-tax-notice-for-a-sudden-income-spike-what-it-means-what-you-must-do-125051200859_1.html What is an Income Tax notice under Section 133(6)? How to respond if you get one? Experts outline what triggers the notice, how
*******ITR Filing 2025: Key changes in capital gains reporting and disclosure norms you must know – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/itr-filing-2025-key-changes-in-capital-gains-reporting-and-disclosure-norms-you-must-know-3845704/ In the last year’s budget, Union Finance Minister Nirmala Sitharaman raised the exemption limit on long-term capital gains for listed equity and mutual
aniltikotekar4sme.com 