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
Category: Income Tax
***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
*******Income Tax Return 2025: How to file ITR without Form 16? Check out THESE easy alternative documents – Income Tax News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-income-tax-return-2025-how-to-file-itr-without-form-16-check-out-these-easy-alternative-documents-3846430/ Form 16 or Form 16A is the certificate of deduction of tax at source. It is issued on deduction of tax by the
*******First time taxpayer? One mistake in your capital gains report could trigger a tax notice – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/first-time-taxpayer-one-mistake-in-your-capital-gains-report-could-trigger-a-tax-notice-476401-2025-05-15 Filing income tax returns for the first time can be daunting, particularly when dealing with capital gains. It is crucial to accurately report
*******Pay zero tax on stock, MF gains? Here’s how investors can use capital losses to wipe out liability – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/stock-mf-investors-heres-how-investors-can-use-capital-losses-to-wipe-out-liability-in-ay2025-26-476425-2025-05-15 With equity markets turning choppy in FY 2025–26, many investors are sitting on a mix of gains and losses. But here’s the upside—those
*****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,
*****ITR Forms for AY 2025 26 released: Capital Gains reporting simplified for taxpayers in different tax forms – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-forms-for-ay-2025-26-released-capital-gains-reporting-simplified-for-taxpayers-in-different-tax-forms-476070-2025-05-13 The CBDT has notified all seven Income Tax Return (ITR) forms for AY 2025-26, incorporating new capital gains rules. This update aligns with
*****Salaried taxpayers could have saved Rs 49,094 in taxes; here’s what to avoid, note during tax filing – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/salaried-taxpayers-could-have-saved-rs-49094-in-taxes-heres-what-to-avoid-note-during-tax-filing-476088-2025-05-13 Taxpayers tend to make common mistakes, like selecting the wrong tax regime or missing out on corporate NPS benefits. DIY tax filing often
*****Tax talk: Pick the right ITR form this year – Income Tax News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-tax-talk-pick-the-right-itr-form-this-year-3839168/ Learn about key changes in ITR forms for AY 2025–26, including exempt capital gains in ITR-1 & ITR-4, updated capital gains reporting in
*****7 ITR Forms notified with changes for AY 2025-26: Here’s how to select the right one for you – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/7-itr-forms-notified-with-changes-for-ay-2025-26-heres-how-to-select-the-right-one-for-you-3842921/ The Central Board of Direct Taxes (CBDT) has released a new set of Income Tax Return (ITR) forms — which will be applicable
Assessee Ineligible for Deduction under Section 54B in lieu of land purchases in Wife’s name: ITAT [Read Order]
lipped from: https://www.taxscan.in/assessee-ineligible-for-deduction-under-section-54b-in-lieu-of-land-purchases-in-wifes-name-itat/516321/ The bench after relying on the judgments of the High Courts concluded that the assessee cannot claim any deduction under section 54B for
*******Tax calculation: Here’s a capital gains tax hack on how to use losses smartly to lower your FY26 tax outgo – Tax calculation: Here’s a capital gains tax hack on how to use losses smartly to lower your FY26 tax outgo BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/tax-calculation-heres-a-capital-gains-tax-hack-on-how-to-use-losses-smartly-to-lower-your-fy26-tax-outgo-475774-2025-05-10 The Income-tax Act of 1961 outlines set guidelines for offsetting capital gains and losses. This enables taxpayers to deduct losses from gains effectively,
*****Tax calculation: Here’s a capital gains tax hack on how to use losses smartly to lower your FY26 tax outgo – Tax calculation: Here’s a capital gains tax hack on how to use losses smartly to lower your FY26 tax outgo BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/tax-calculation-heres-a-capital-gains-tax-hack-on-how-to-use-losses-smartly-to-lower-your-fy26-tax-outgo-475774-2025-05-10 The Income-tax Act of 1961 outlines set guidelines for offsetting capital gains and losses. This enables taxpayers to deduct losses from gains effectively,
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