Clipped from: https://economictimes.indiatimes.com/wealth/tax/paying-rs-55000-rent-on-time-could-not-save-salaried-taxpayer-from-rs-1-lakh-penalty-for-missing-tds-know-why/articleshow/122955038.cms This salaried individual was asked to pay a tax penalty of Rs 1 lakh because he was paying Rs 55,000 as monthly house
Category: Self Education
Comprehensive*******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,
*******Influencers to F&O traders: here’s what ITR utility update means for you | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/influencers-to-f-o-traders-here-s-what-itr-utility-update-means-for-you-125072800863_1.html From influencers to F&O traders, the Income Tax department’s revised ‘Nature of Business’ codes will affect how freelancers and professionals file their returns
*******New regime or old? The one mistake salaried taxpayers are making before filing returns – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/new-regime-or-old-the-one-mistake-salaried-taxpayers-are-making-before-filing-returns-486528-2025-07-28 For the current filing (FY 2024–25), the old regime—despite being less promoted—can lead to significantly lower tax bills, especially for those with investments,
1*******ITR filing 2025: Are you eligible for Rs 60,000 rebate under Section 87A? Here’s what you need to know – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/itr-filing-2025-are-you-eligible-for-rs-60000-rebate-under-section-87a-heres-what-taxpayers-need-to-know-3928979/ The Income Tax Return (ITR) filing season is in full swing. Like every year, taxpayers while filing their ITRs grapple with issues related to forms, rules or
*******Error in ITR Utility: Penal interest is automatically getting added to taxpayers who don’t have to pay advance tax, check the details – The Economic Times
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
*******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
*****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,
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
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