The Income Tax Department has notified revised ITR-1 (Sahaj) and ITR-4 (Sugam) forms for Assessment Year (AY) 2025–26. These updated forms aim to simplify the return filing process for small taxpayers, particularly salaried individuals and retail investors with limited capital gains. The move is widely seen as an effort to streamline tax compliance and improve …
The Employees’ Provident Fund (EPF) has long been a go-to retirement savings option for salaried individuals in India, known for its reliability and tax benefits. Under the old tax regime, both employer and employee contributions to EPF enjoyed significant tax exemptions, making it a key component of tax-saving strategies. However, with the adoption of the …
Receiving a gift from your parents is often a moment of joy, but it’s important to understand the tax implications under Indian law. According to Section 56(2)(x) of the Income-tax Act, 1961, gifts are taxed as “Income from Other Sources” if they exceed ₹50,000 in a financial year. However, there are exemptions when gifts are …
A taxpayer may not always be liable to pay tax on long-term capital gains (LTCG) and short-term capital gains (STCG) arising from the sale of equity mutual funds and shares. The Income-tax Act, 1961, provides several exceptions and exemptions that could apply based on an individual’s specific circumstances. These provisions aim to reduce or eliminate …
The old income tax regime allows taxpayers to claim a range of exemptions and deductions under various sections, such as Section 80C for investments, Section 80D for health insurance premiums, and interest on housing loans under Section 24. This regime is typically more beneficial for those who have significant deductible expenses or investments. It provides …
In a landmark ruling that could reshape tax liabilities in real estate redevelopment, the Bombay High Court has delivered a major relief to landowners/homeowners engaging in joint development agreements (JDAs) with builders. The court ruled that no Goods and Services Tax (GST) is applicable when homeowners do not transfer development rights (TDR/FSI) to the …
Paying rent to your parents or other relatives and claiming House Rent Allowance (HRA) sounds simple but it’s become a hot topic for the income tax department. With several taxpayers receiving notices recently, it’s clear the I-T department is tightening scrutiny on rent claims, especially when close relatives are involved. So how can you protect …
As the income tax filing season for the Assessment Year 2025–26 approaches, taxpayers across India are preparing to meet their obligations. Among them, senior citizens have a unique set of exemptions and filing requirements under the Income Tax Act. According to a news report, selecting the correct ITR form is critical for accurate and compliant …
As the tax filing season nears, senior citizens and super senior citizens must ensure they choose the correct Income Tax Return (ITR) form. Doing so ensures not just regulatory compliance but also helps in claiming eligible benefits and deductions under the Income-Tax Act, 1961. Who is a Senior or Super Senior Citizen? According to Indian …
With the commencement of the new financial year, the tax season is now officially underway. Taxpayers across the country can begin filing their Income Tax Returns (ITR) for the Assessment Year 2025–26 (Financial Year 2024–25). As in previous years, the return filing can be done through both online and offline modes. However, this year brings …
