Payback the Section 87A rebate amount claimed against capital gains, says the tax demand notice; What are your options?

Tax demand notice: Since February 24, 2025 many taxpayers have received a tax demand notice in their Income Tax Return (ITR) intimation order. Section 87A tax rebate makes your total tax liability to nil but it is not being given on special rate incomes hence the reason for this tax demand notice. Experts highlight what you can do in this situation.

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Have a CTC of over Rs 17 lakh? You can still pay zero tax just by rejigging your salary structure: Here's how

Salary structure to pay zero tax: If your taxable income is more than Rs 12 lakh, there are ways that you can still pay zero tax. This can be done by rejigging your salary structure and using reimbursements that are allowed under the new tax regime. Know four reimbursements and allowances that can help you reduce your taxable income.

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Delhi HC denies capital gains tax exemption u/s 54F claim by a widow who bought two non-adjacent flats in Noida

Section 54F: This section allows individual and HUF taxpayers to save tax on capital gains arising from the sale of a long-term capital asset, other than a residential property, by investing the gains in a new residential property. However, a women who did exactly this was denied the capital gains tax exemption by Court. Read to know why this happened and how to prevent this from happening with you.

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Your stock market transactions could fund Budget's income tax relief : Govt expects to get 40% more from STT

Securities transaction tax (STT) is levied on the value of taxable securities transactions traded on recognised stock exchanges. It is a direct tax levied on the investors, on every sale of securities. Stock exchanges, mutual funds, insurance companies, and lead merchant bankers are entrusted with collecting the tax on behalf of the government.

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Selling shares and MF worth Rs 60 lakh. Can I get capital gains tax exemption by investing it in an under-construction residential project?

Our panel of experts answers questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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End of arbitrary arrest by income tax officers? New Income Tax Bill 2025 proposes to decriminalise Section 276CCC

Income Tax Bill, 2025: The new tax Bill has proposed to decriminalise Section 276CCC of the Income Tax Act, 1961. This Section (276CCC) is now mentioned under clause 480 of the Income Tax Bill, 2025. Under clause 480 now tax officers need to take approval of higher authorities before initiating prosecution under clause 480 (Section 276CCC).

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No refund if ITR filed post due date in new income tax bill? I-T dept issues this clarification

Experts pointed out that the new income tax bill proposed for FY2026-27 would require taxpayers to file their ITR by the due date to claim refunds, unlike the current I-T rules, which allowed for claiming refunds even when taxpayers file belated returns. The I-T department issued clarification in this regard, noting that refund-related provisions will not be changed.

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Unregistered persons can now generate e-Way Bill for GST compliance; Step-by-step guide on how to file ENR-03 on E-Way Bill portal

GSTN Advisory February 15, 2025: Unregistered dealers engaged in the movement or transportation of goods can now generate e-Way Bills by enrolling themselves on the EWB portal and obtaining a unique Enrolment ID. This ID will serve as an alternative to the Supplier GSTIN or Recipient GSTIN for generating e-Way Bills. Read below for step-by-step guide on how to file ENR-03 form.

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Employed outside India; here’s how your income tax in India will be impacted as per new tax bill 2025; Experts seek clarification from the tax dept

Employed outside India: There has been a slight tweak in the wordings of non-resident clauses. As per the proposed Income Tax bill, 2025 a person who went abroad “for employment outside India” will get the relaxed Indian tax residency clause benefit of 182 days, instead of 60 days. Earlier this phrase was "for the purpose of employment outside India". Experts seek clarity from tax dept about its interpretation.

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Can you stop filing ITR if your income is below Rs 12 lakh?

The Budget 2025 has raised the threshold of rebate available under Section 87A from Rs 25,000 to Rs 60,000. The basic income exemption limit was also increased to Rs 4,00,000. However, those with annual income less than Rs 4 lakh and those earning between Rs 4 lakh and Rs 12 lakh are required to file their ITRs, lest they might come under the ambit of tax. Read on to know more about such conditions.

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New Income Tax Bill 2025 vs current Income Tax Act 1961: What is really new?

New Income Tax Bill vs current Income Tax Act: The new Income Tax Bill will replace the Income Tax Act. However, not many people are able to understand how the new tax bill is different from the current Act. Here is how the new Income Tax Bill differs from the current Act and what is really new in it.

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How new Income Tax Bill 2025 rewrites a new era of taxation from April 1, 2026

New Income Tax Bill: Different indirect taxes were subsumed in the Goods and Services Tax, which took effect on July 1, 2017. The new Income Tax Bill aims to do the same with the current Income Tax Act. The new tax bill attempts to streamline and consolidate the current income tax laws.

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Has income tax slabs for FY 2025-26 in new, old tax regime changed in new Income Tax Bill?

New income tax bill: The new Income Tax Bill will replace the current Income Tax Act, once it becomes effective from April 1, 2026. However, many taxpayers are worried that the new tax bill has made any changes in the income tax slabs under old and new tax regimes. Read on to know about it.

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New Income Tax Bill 2025 to be introduced by FM Nirmala Sitharaman in Parliament today: Check time, other details

New Income Tax Bill in Parliament today: Finance Minister Nirmala Sitharaman will introduce the new income tax in Parliament today. The new Income Tax Bill will replace the Income Tax Act of 1961. The new tax bill is being brought to simplify the tax laws and remove obsolete and redundant laws.

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10 takeaways in new Income Tax Bill for taxpayers: Tax year, TDS compliance, number of sections and more

New Income Tax Act: The Income Tax Act 2025 will replace the current Income Tax Act 1961. As the current income tax laws will change, many taxpayers are worried about how the new income tax bill can impact them. Here are 10 things from the new income tax bill that will impact taxpayers.

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When is new Income Tax Bill likely to come into effect?

Income Tax Act, 2025: Once the new income tax bill is passed by Parliament, many taxpayers and common citizens will wonder when it will come into effect. Will the government provide ample time for taxpayers, tax experts and other stakeholders to understand the new law and its impact on them?

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Will deadline for income tax filing change in the new income tax bill?

ITR filing in new income tax bill: Many taxpayers want the permanent extension of ITR filing deadlines to get more time to meet the compliance laws. The question arises: Will the new income tax bill 2025 change the deadlines for filing ITR and provide relief to taxpayers? Read on to know what sources say.

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Will new income tax bill increase tax burden? What taxpayers can expect from it?

New income tax bill 2025: Many taxpayers are awaiting the draft of the new income tax bill 2025. The government has said the new income tax bill is being brought to simplify the changes and reduce the litigation. However, should the taxpayers be worried about changes in the income tax slabs and tax rates?

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Won case against income tax department but still waiting for benefit? No more delay after an update in ITR portal

Order giving effect: Now a online process has to be used for submitting order giving effect requests. Earlier even if a taxpayer won a case against the Income Tax Department, they had to personally meet the tax assessing officer. Now no more physical meets, only online process for order giving effect (OGE).

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Ahmedabad-based finance professional can save Rs 1.58 lakh tax by moving to new tax regime

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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12 lakh ITR filers for FY2023-24 have not got tax refund despite income tax dept releasing it: Check how to fix issue

ITR filing: No tax refunds was paid to 12 lakh Income Tax Return (ITR) filers for AY 2024-25 despite 3.94 crore verified ITRs claiming tax refunds. Minister Pankaj Chaudhary said that the main reasons for pendency of tax refunds in these 12 lakh ITRs is because reply is awaited from taxpayers in respect of notices issued for defective ITRs and others. Read below to know how to fix defective ITRs.

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New income tax bill: What it could mean for taxpayers and how it can impact them

New income tax bill, 2025: Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025 on February 1, announced that she will table the new income tax bill in Parliament next week. Many taxpayers and common citizens anticipate the new income tax bill to know how it could impact them.

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Waiver of late fee for filing pending GSTR-9C by March 31, 2025: CBIC clarifies who is eligible and how to calculate

Goods and Services Tax (GST): GSTR-9C which is to be filed along with GSTR-9. While the deadline to file GSTR-9C is December 31 of the respective financial year. However,if you had missed filing GSTR-9C for FY 2017-18, FY 2018-19, FY 2019-20, FY 2020-21, FY 2021-22 or FY 2022-23 then you will get total waiver of late fee, provided you file the GSTR-9C by on or before March 31, 2025.

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Three things middle-class did not get, despite taxpayer-friendly Budget 2025

Middle class in Budget 2025: The Finance Bill presented by the FM on February 1, 2025, had a bonanza for middle-class taxpayers. However, despite the tax relief of not paying tax on incomes up to Rs 12 lakh, Budget 2025 disappointed middle-class taxpayers with no changes in these three areas.

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Frequent regulatory changes, full automation under GST making compliance difficult and expansive for taxpayers

GST changes in Budget 2025: The Central Board of Indirect Taxes and Customs (CBIC) has introduced key mechanisms to automate compliance under the GST framework in recent years. However, given the dynamic nature of business transactions in today's digital age, automating this ever-evolving tax law is a complex and demanding task.

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March 31, 2025, is deadline to claim pending TDS credit for these past years: Ask bank, deductor to revise TDS return

TDS credit: March 31, 2025 is the deadline to file a revised TDS return for FY 2007-08 to 2018-19. What this means is if you have any pending TDS credit which was previously not claimed in ITR due to wrong TDS return filed by banks, etc then you need to tell the bank, etc to revise their TDS return. When the bank revised the TDS return, you will get the TDS credit.

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Unlimited tax exemption on ULIP returns for non residents if it is bought from this intermediary office: Budget 2025

No tax on ULIPs: If ULIPs and other policies are purchased from International Financial Services Centre (IFSC) registered insurance intermediary office then then it is fully exempted from income tax provided the premium paid is not more than 10% of the actual sum assured. Indian residents however, do not get this benefit for purchasing ULIPs.

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Will you pay Rs 61,500 as income tax on Rs 12.10 lakh income? Know how marginal relief comes into play

Marginal tax relief for Rs 12 lakh: Individuals having taxable income of Rs 12 lakh will not required to pay any tax from FY 2025-26. However, there can be taxpayers whose taxable income exceeds Rs 12 lakh, even after claiming all the eligible deductions. Will they have to pay higher tax?

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How to pay lower tax under old tax regime? This much deduction can help you save more income tax than new tax regime

Save tax: Save more tax in old tax regime by claiming up to Rs 8.5 lakh tax deductions for a salary income up to Rs 25 lakh. Moreover, for salary income of Rs 15 lakh you need to claim atleast Rs 5,93,750 as tax deductions so as to achieve equilisation level of tax with new tax regime. If you claim more deductions beyond this equilisation point you will save more tax in old tax regime than new.

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5 Budget 2025 proposals that save tax and eases compliance burden

Income tax compliance for taxpayers: Budget 2025 has hiked the income tax basic exemption limit, introduced new income tax slabs under the new tax regime, no income tax on income up to Rs 12 lakh. The announcements made will help the taxpayers in easing their income tax compliance burdens. Know how these income tax proposals help taxpayers.

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Zero tax on Rs 13.7 lakh salary? NPS & deductions can make it happen

Salaried individuals can achieve zero tax on annual income up to ₹13.7 lakh through standard deductions and investments in NPS. Contributions to NPS provide significant tax savings, but uptake is low due to lock-in restrictions. Despite limited liquidity and mandatory annuitization at retirement, NPS offers long-term benefits and low fund management charges.

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New vs old tax regime: Which income tax regime to choose, what should save your money? Read this to clear all your income tax confusions

New vs old tax regime: If you are still confused about which tax regime to choose after Budget 2025 proposals, here is how to choose between the old, new and proposal newer income tax slabs.

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Homeowners get income tax relief on second house in Budget 2025

Taxpayers will be able to claim nil valuation for two self-occupied properties instead of one. The reform will promote ownership for vacation homes or secondary residences as well.

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