Online rectification request to fix wrong tax demand notice, intimation is now enabled for up to AY 2023-24

Income Tax: Sometimes the tax department makes errors in sending intimations, notices, others and this results in problems for the taxpayers. To help taxpayers with this problem the tax department has launched a new online feature wherein you can send a request for rectification to an assessing officer (AO) who will fix the errors. Read below to know more.

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No GST e-Way Bill without two factor authentication from April 1, 2025?: GSTN to shortly make it mandatory

Goods and Services Tax: GST registered taxpayers who are yet to register for two factor authentication have got a relief from GSTN. This is because GSTN said on the portal that for now the requirement of generating a e-waybill with 2FA is optional. Shortly it will be made mandatory. Read below to know whether you can generate e-waybill without 2FA.

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New FY 2025: New income tax slabs, zero tax on income upto Rs 12 lakh, 9 other income tax laws effective from April 1, 2025

New Financial Year 2025, new tax laws: Today marks the beginning of the new financial year 2025-26. With the new year, a lot of changes are effective. This includes new income tax slabs and other new tax laws, such as tweaks in ULIPs taxation, no higher TDS for non-ITR filers etc. Know the eleven tax changes are effective from today.

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Is the government already reading your WhatsApp chats? Despite the government’s denial, here’s what experts are saying

The new income tax bill, effective from April 1, 2026, allows authorized officers to access locked physical and digital spaces to search for any undisclosed income. Government provisions under the DPDP Act, Telegraph Act, and IT Act empower them to access such sensitive data for national security and law enforcement purposes. Experts weigh in on how this will impact your fundamental right to privacy.

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Non-residents to get full income tax exemption on profits from OTC derivative contracts traded in IFSC due to this rule change

No income tax: Incomes arising out of non-resident's income on Over-the-Counter (OTC) derivatives will be fully exempt from Income Tax under Section 10 (4E) provided they are routed through overseas banking units or FPIs. ​Yeeshu Sehgal says: “It means Non-residents can now engage in transactions through FPIs operating in IFSCs & income earned from these derivative transactions will continue to be exempt from income tax."

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Unused LTA utilisation: Take a holiday and travel in India before March 31, 2025, to save income tax; know how to make this plan work

Leave Travel Allowance (LTA): Eligible employees who have an holiday on March 31, 2025 on account of Eid al-Fitr can make use of their unused LTA to plan a family short vacation and while at it save income tax under the old tax regime. For the present Block the last date to take LTA is Dec 31, 2025. Read below to know how to make this plan work.

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Equity tax-loss harvesting is a double-edged sword, make sure it works for you

Equity tax-loss harvesting: Many stock market investors use equity tax-loss harvesting as a tool to save income tax on the long-term capital gains from their equity investments. However, not many individuals know the risks associated with equity tax loss harvesting and what they could lose if the strategy is not used correctly.

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New income tax slabs from April 1, 2025: Know tax slabs, rates under new, old tax regime for FY 2025-26 (AY 2026-27)

With the start of the new financial year, many income tax changes will take effect; understanding the latest income tax slabs will help you select the tax regime that works best for you. Here are the income tax slabs under the new tax regime and old tax regime for FY 2025-26 (AY 2026-27), i.e., between April 1, 2025 and March 31, 2026.

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Despite no investment you can still get Section 80C income tax deduction if you invested in NSC

Save income tax: National Savings Certificate is a fixed-income investment scheme that's backed by the Government of India. But did you know that you can claim the interest component of NSC investment as Section 80C tax deduction under the old tax regime even if the NSC was invested in the past years. Read below to know more.

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Waiting till March 31, 2025, will be too late to save capital gains (LTCG) tax on equities this financial year

Save LTCG: Long term capital gains (LTCG) tax on equities is presently levied only if the gains is over Rs 1.25 lakh. However when we calculate, it shows taxpayers will save more LTCG tax on equities in FY 2024-25 than in FY 2023-24, but only upto a certain limit. Also March 31, 2025 is stock market holiday, so you need to use tax harvesting method by March 28, 2025.

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Income Tax: Can you claim HRA tax exemption for society maintenance charges also?

Usually, an employee's salary structure has HRA as one of its components. A salaried employee can claim tax exemption on HRA if he/she lives in a rented accommodation and has received HRA as part of his/her salary. However, if an employee is living in a society, then along with rent to the landlord, he/she has to pay maintenance charges also.

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GST Amnesty Scheme: Last few days left for payment of tax to apply for the scheme using SPL-02 form

GST Amnesty Scheme: You need to make the tax payment by March 31, 2025 to become eligible to apply for GST Amnesty Scheme by June 30, 2025. Sivakumar Ramjee says: ​"If a taxpayer fails to pay the outstanding tax by March 31, 2025, they will not be eligible to apply for the amnesty benefits, even if they attempt to submit the application before June 30, 2025."

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Income tax department to compare your last year ITR with current year’s ITR for any irregularities: How taxpayers will be impacted?

Compare last year's ITR with the current ITR: The income tax department will check and match your current income tax return filed with the previous year's ITR from next year onward. This is done to check for any inconsistencies and irregularities in the current year's ITR. The question arises: Is it good news or bad news for the taxpayers?

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