Clipped from: https://economictimes.indiatimes.com/wealth/tax/is-filing-itr-tougher-this-year-experts-decode-new-tax-return-forms-tax-refund-delays-and-stricter-scrutiny/articleshow/122834140.cms Income tax refund As the tax filing season for FY 2024-25 (AY 2025-26) begins, taxpayers are preparing to file their Income Tax Return
Category: Seven Star
1-Comprehensive*******Understanding AIS and TIS in Income Tax Filing: Explained
clipped from: https://www.taxbuddy.com/blog/ais-and-tis-in-income-tax For many people, filing their income taxes is a rather difficult task. To file an accurate and compliant return and avert any prospective
Comprehensive*******FAQs on AIS (Annual Information Statement) | Income Tax Department
Clipped from: https://www.incometax.gov.in/iec/foportal/ais-faq Q-1 What is Annual Information Statement (AIS)? Annual Information Statement (AIS) is comprehensive view of information for a taxpayer. The objectives of AIS
*******ITR-2 Online e-Filing Enabled: Late Yet Riddled with Glitches, says CAs and Tax Filers
Clipped from: https://www.taxscan.in/top-stories/itr-2-online-e-filing-enabled-late-yet-riddled-with-glitches-says-cas-and-tax-filers-1428339 Some tax filers complained that even basic features like HRA and LTA exemptions under the salary breakup are difficult to declare properly as
*******Investors filing tax using LRS route must disclose foreign assets, income
Clipped from: https://www.business-standard.com/finance/personal-finance/investors-filing-tax-using-lrs-route-must-disclose-foreign-assets-income-125071701334_1.html Misreporting may invite penalty as high as Rs 10 lakh, can go up to 200 per cent of the tax due The Income-Tax
*******India Inc’s profit boom has a name: It’s called the Herfindahl Index | Industry News – Business Standard
Clipped from: https://www.business-standard.com/industry/news/india-inc-profit-boom-hides-consolidation-herfindahl-hirschman-index-explained-125071700945_1.html What is the Herfindahl-Hirschman Index (HHI), and what does it say about competition, monopolies, and industry growth in India Sectors such as telecom,
*******Cash payments or UPI, GST registration is mandatory if registration turnover satisfied: Here’s what Karnataka tax department clarified – The Economic Times
lipped from: https://economictimes.indiatimes.com/wealth/tax/switching-from-upi-to-cash-wont-help-in-avoiding-tax-notice-if-turnover-crosses-gst-registration-threshold-heres-what-karnataka-state-gst-department-said/articleshow/122766635.cms GST notice can be sent even if you use cash instead of UPI if turnover crosses registration threshold; Here’s what Karnataka State GST
*******NRIs need not disclose foreign assets or income in ITR – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/nris-need-not-disclose-foreign-assets-or-income-in-itr-3919432/ NRIs with India-sourced income must file ITR using Form ITR-2, but need not disclose foreign assets or income unless resident. Learn rules on
*******You get tax benefit on top-up home loan; your queries answered – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/you-get-tax-benefit-on-top-up-home-loan-your-queries-answered-3919439/ Get clarity on tax benefits for top-up home loans, education loans, and F&O trading losses. Understand deductions under Sections 24(b), 80C, 80E, and
*******Income tax audit forms are now enabled for business and professional income on ITR e-filing portal, check 5 prominent changes in form 3CA-3CD and 3CB-3CD – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-audit-forms-are-now-enabled-for-business-and-professional-income-on-the-e-filing-portal-check-5-prominent-changes-in-form-3ca-3cd-and-3cb-3cd/articleshow/122743426.cms Forms 3CA-3CD and 3CB-3CD are now enabled on the e-Filing portal with changes as per Notification No. 23/2025/F. No. 370142/10/2025-TPL On July 18,
1-*******New ITR Scrutiny Rules for FY 2025-26: These ITR Filers Will Face Mandatory Investigation – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/new-income-tax-rules-2025-tax-authorities-will-investigate-your-itr-if-tds-claim-is-3894448/ The Income Tax Return (ITR) filing for the financial year 2024-25 (Assessment Year 2025-26) has picked up pace with more than 60 lakh
*******UIDAI deactivates 1.17 crore Aadhaar numbers of deceased persons; new portal launched to report family member’s death online – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/uidai-deactivates-1-17-crore-aadhaar-numbers-launches-online-death-reporting-service-3917472/ UIDAI has deactivated 1.17 crore Aadhaar numbers of deceased individuals as part of its database cleanup drive. It has also launched a new
1*******Indian engineer wins Rs 69-lakh unexplained investment income tax case in ITAT Mumbai on these technical grounds – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/indian-engineer-wins-rs-39-lakh-unexplained-investment-income-tax-case-in-itat-mumbai-on-these-technical-grounds/articleshow/122614253.cms Indian engineer working in Dubai since 1997 wins Rs 69 lakh income tax unexplained investment case in ITAT Mumbai on this technical ground
*******Income Tax Dept cracks down on bogus claims of tax deductions like 80GGC; What can taxpayers do? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-dept-cracks-down-on-bogus-claims-of-tax-deductions-like-80ggc-80d-what-can-taxpayers-do/articleshow/122565662.cms If during an income tax raid, a taxpayer is found to have claimed bogus deductions to reduce taxable income, can they be jailed?
1*******How much tax NRIs have to pay on selling property in India? Understand the new math – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/how-much-tax-nris-have-to-pay-on-selling-property-in-india-understand-the-new-math-3916639/ After the 2024-25 Budget, NRIs selling property in India face new tax rules. The government has introduced a flat 12.5% LTCG tax without
1*******Want to cut taxes on rental income? CA explains 4 step formula to claim maximum deductions – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/home-loan-tax-deductions-sbi-mclr-rate-cuts-emi-relief-484790-2025-07-16 Paying too much tax on your rental income? You might be missing key deductions. A 4-step formula shared by a CA can help
1-*******ITR 3 Excel utility: Significant changes introduced for AY 2025 26; check details before ITR filing – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-3-excel-utility-significant-changes-noted-for-ay-2025-26-check-details-before-itr-filing-484873-2025-07-16 The ITR-3 Excel utility for Assessment Year 2025-26 introduces major updates, including enhanced disclosure requirements for deductions, capital gains segregation, and new reporting
1-*******ITR-3 Excel utility for AY 2025-26: Seven major changes in ITR-3 Excel utility that all taxpayers including stock traders should note – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-for-ay-2025-26-seven-major-changes-in-itr-3-excel-utility-that-all-taxpayers-including-stock-traders-should-note/articleshow/122509059.cms Seven changes in ITR-3 excel utility for AY 2025-26 (FY 2024-25) The Excel utilities of all income tax return (ITR) forms are now out, including
1*******Income Tax Dept cracks down on bogus claims of tax deductions like 80GGC; What can taxpayers do? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-dept-cracks-down-on-bogus-claims-of-tax-deductions-like-80ggc-80d-what-can-taxpayers-do/articleshow/122565662.cms If during an income tax raid, a taxpayer is found to have claimed bogus deductions to reduce taxable income, can they be jailed?
1*******HRA exemption glitch in ITR utility may impact lakhs of salaried taxpayers, warns CA – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/hra-exemption-glitch-in-itr-utility-may-impact-lakhs-of-salaried-taxpayers-warns-ca-484786-2025-07-15 A major flaw in the ITR utility for FY 2024–25 could derail HRA claims for salaried taxpayers. Experts warn that incorrect prompts around
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