What is the password to open ITR processing confirmation file sent under Section 143 (1) by the income tax department?

Upon processing your income tax return, the Income Tax Department sends a Section 143(1) intimation notice, a password-protected PDF. This notice confirms whether your income calculation matches the tax department's records, highlighting potential tax dues or refunds. So its crucial to check this notice and take action as soon as possible. Read below to know what is the password of this income tax intimation notice.

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I-T Department notifies ITR forms 1, 4 for AY 2025-26

With the notification, individuals, HUFs, firms having income up to Rs 50 lakh and those having earnings from business and profession in the 2024-25 fiscal (April-March) can start filing I-T returns for the income earned in the financial year.

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To prevent TDS on FD under new tax regime can senior citizens with income up to Rs 12 lakh file Form 15H?

TDS on FD: If the interest amount in a particular bank is over Rs 1 lakh then TDS is deducted by banks. But if a senior citizen files Form 15H with the bank then he can prevent this TDS deduction if the senior citizen's income is up to Rs 12 lakh under the new income tax regime. Read below to know more about Form 15H.

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ITR forms 1, 4 notified for FY 2024-25 (AY 2025-26): Major overhaul in ITR Form 1 to include these long-term capital gain taxes, check what else has changed

ITR forms for FY 2024-25 notified: The Central Board of Direct Taxes (CBDT) has notified some income tax return forms. The notification has been issued for ITR-1 and ITR-4 forms. There is a major change in the ITR-1 form. Read on to know what has changed in this year's ITR forms.

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ITR forms yet to be notified by Income Tax Department: Will it lead to ITR filing deadline extension?

ITR filing deadline 2025: The income tax department has not yet notified the income tax return forms. As the one month is about to pass, will the late notification of the ITR forms lead to extension of the ITR filing deadline. Read on to know what experts say about this.

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TDS on Rent: How to get a refund for excess TDS deducted from house rent payments? Here’s a step-by-step guide

TDS: If you are paying rent above Rs 50,000 then you need to deduct TDS at 2% rate from October 2024. But this rate of TDS was 5% earlier, hence in this confusion if you deducted a higher TDS then you have two options- either negotiate with your landlord or seek excess TDS refund from the income tax department through the TRACES portal. Read to know more.

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Why is the tax-free income Rs. 12.50 lakh and not Rs. 12.75 lakh under the new tax regime for salaried taxpayers?

Standard deduction in the new tax regime: Due to an error in Budget 2025, a salaried employee may not be able to avail of the standard deduction of Rs 75,000 from their salary. Instead, he may get a standard deduction of Rs 50,000 even in the new tax regime. Read on to know why.

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New 1% TCS: Know the list of specified goods, threshold, effective date and more as CBDT released FAQ

TCS on luxury goods: The Income Tax Department has released some frequently asked questions (FAQs) on which are the list of specified goods on which tax collected at source (TCS) needs to be paid by the buyer to the seller. Read below to know the full list of goods on which TCS will be levied from April 22, 2025.

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One time tax settlement scheme 2025 by Haryana govt: Get up to Rs 1 lakh rebate and full waiver of interest and penalty

Haryana One time tax settlement scheme 2025 (OTS): The Haryana Government has released some FAQs on the tax due settlement scheme under which you can get up to Rs 1 lakh rebate if your outstanding tax dues is up to Rs 10 lakh. This scheme will remain open for the coming 180 days i.e. 6 months.

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Can I switch to the old income tax regime while filing ITR?

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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Pay new income tax TCS of 1% on these luxury goods above Rs 10 lakh; CBDT issues notification

TCS on luxury goods: The income tax department has issued two notifications specifying the list of luxury goods on which tax will be collected at source (TCS) from the buyer. The TCS will be levied on the purchase of luxury goods. Know the new TCS rules on buying luxury goods like Omega watches, Birkin bags, etc.

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Bombay HC gives GST relief to homeowners: No GST on re-development by homeowners through builder under these terms

Real estate: The Bombay High Court has ruled that no GST can be levied in a joint development agreement (JDA) where the landowner/homeowner has not sold the land's development rights. In this case where this judgement came, the landowner made a deal with the builder to build a multstoried apartment on his land, for this he paid Rs 7 crore and 2 apartments. Know more about this case.

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Is 18% GST levied on maintenance amount when housing society is managed by builder?

GST on house maintenance is needed to be paid by those who are paying more than Rs 7,500 per month and the RWA's turnover is more than Rs 20 lakh (Rs 10 lakh in some states). But question is what if the RWA is yet to be formed and the builder is taking maintenance money. Do you still need to pay GST on this house maintenance money? Know more.

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What happens if you do not inform your tax regime choice to your employer?

It is essential to inform your employer of your preferred tax regime on time to ensure that less tax is deducted from your salary for the 2025-26 financial year. Read on to know what will happen if you do not inform your employer of the tax regime. Which income tax regime will be applicable to your salary income for TDS purposes?

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New Tax Bill 2025: No Nil TDS certificate for all taxpayers including NRIs; What does it mean for Indians and NRIs?

New Income Tax Bill, 2025 has removed the concept of nil TDS certificate. This means now only a lower TDS certificate is possible, so non-residents including non-resident Indians and Indian taxpayers need to file an income tax return (ITR) claim this TDS so deducted. CA Ankit Jain says deduction of TDS can become a useful tool for the government in identifying cases where income is not being properly disclosed.

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Plan to become an NRI to save tax? You may still come under tax scanner

A recent ruling providing tax relief to NRIs on MF capital gains has taxpayers mulling a move abroad, but the tax authorities are watching for any misuse of law.

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New guidelines to curb GST registration related harassment, to help in timely resolution of grievances of taxpayers

GST registration: The govt said: "It is noted that varied practices are being followed by the officers in respect of verification of documents & details provided in FORM GST REG-01. It has been observed that while processing the application, avoidable clarifications are being sought by the officers leading to delay in getting registration as well as rejection of GST registration."

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HRA exemption queries: Is HRA available under new tax regime? Can you claim it along with your home loan? How to calculate the exemption?

HRA tax exemption rules: The start of the financial year means informing your employer about the preferred tax regime. Many individuals are confused about whether HRA can help them save tax in the new tax regime, whether HRA tax exemption can be claimed along with a home loan and other tax queries.

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Can you change tax regime while filing income tax return?

Income tax regime: Many individuals are confused about whether income tax rules allow a taxpayer to choose any tax regime during the income tax return filing. This is because last year, government presented the budget in July 2024 (after the General elections) but many communicated the desired tax regime in April for TDS on salary.

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Big relief for flat owners: No income tax payable if you get a new flat in exchange for old, rules Mumbai ITAT

A recent Mumbai ITAT ruling offers relief to homeowners in redevelopment projects. The tribunal held that receiving a new flat in exchange for an old one is not taxable under Section 56 of the Income Tax Act. This exchange should merely be considered an extinguishment of rights and not a gift, which would otherwise be taxable.

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Pay GST on society maintenance if monthly charge is more than this and annual collection is above Rs 20 lakh

GST: Every homeowner who is paying more than Rs 7,500 per month as house maintenance charges to the Resident Welfare Association (RWA), housing society, will need to pay 18% GST also. But there is a way to avoid this, even if you are paying more than Rs 7,500 per month. This option is dependent on the respective RWA, housing soceity's annual turnover. Read below to know more.

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Don’t be surprised if you get lesser income tax refund this year, the income tax dept is adjusting past dues against this year’s refund

Income Tax Notice: "Since there are pending assessment / re-assessment proceeding in the case of taxpayer, the refund release/withhold will be based on the response provided by Jurisdictional Assessing Officer(JAO) in accordance with the provisions of section 245(2) of the Income Tax Act, 1961." Read below to know how this notice can put an hold on your tax refund.

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New changes implemented by GSTN for Table 3.2 of GSTR-3B and GSTR-1, GSTR-1A from April 2025 tax period

GST: Goods and Services Tax (GST) registered buyers and sellers need to be aware of these changes made in GSTR-3B and GSTR-1/1A return from April 2025 tax period. GSTN said: ​"Taxpayers should ensure that the inter-state supplies are reported correctly in their GSTR-1, GSTR-1A, or IFF. This will ensure that the accurate values are auto-populated in Table 3.2 of GSTR-3B."

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LTCG tax computation on sale of house property: How this ITAT order favouring a taxpayer will change the way capital gains is calculated

Homebuyers wins: The income tax dept imposed Rs 1.42 crore short term capital gains (STCG) on house that was sold in FY 2009-10. This flat was alloted on October 7, 2005 and was registered in FY 2015-16 by the builder. This is why tax dept. rejected the Section 54 capital gains tax exemption on this property sale & imposed STCG. Read below to know how this case was won.

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Save 100% capital gains tax with 54EC bonds on this condition. See how to apply and save on LTCG

To save on long-term capital gains tax, investors can utilize Section 54EC by investing in specific long-term bonds, which are notified by the government. With a new income tax bill coming into effect starting April 1, 2026, understanding eligible bonds is crucial. At present, only some public sector enterprises have been mandated by the government to issue 54EC bonds. Read on to know more.

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Income tax dispute: Vivad Se Vishwas Scheme 2024 application deadline notified by Govt; apply now to get waiver of interest and penalty

Vivad Se Vishwas: The deadline to apply for Direct Tax Vivad Se Vishwas 2024 Scheme is April 30, 2025. Under this scheme all your pending interest and penalty amount will get waived off if you pay the disputed amount of tax and a specified percentage of the disputed amount of income tax. Read more on Vivad Se Vishwas Scheme 2024.

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18% GST instead of 5% to be charged on dining in a hotel if room rent per night is above this; know how much more it will cost?

GST: From April 1, 2025 restaurants inside hotels will have to charge 18% GST from customers instead of 5% previously if the said restaurant satisfied the definition of 'specified premises'. However, restaurants who do not satisfy this definition of specified premises have an option to either charge 18% GST or 5% from customers. Read below to know how customers will be impacted due to this high GST.

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Income tax dept notifies form ITR-B for taxpayers on whom search, or requisition operation has been initiated

ITR-B: Income Tax Department has notified income tax return (ITR-B) form. This return of income is required to be furnished by any person under clause (a) of sub-section (1) of section 158BC, relating to any search initiated under section 132 or requisition made under section 132A on or after the 1st day of September, 2024 shall be in the Form ITR-B and be verified in the manner indicated therein.

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Tax-free interest upto Rs 7000: Post Office Savings Accounts still offer relief under new tax regime; Here's how to claim it

Tax-free interest from post office: Many individuals will opt for the new tax regime for FY 2025-26. This is due to the new income tax slabs introduced from April 1, 2025. The new tax regime does not offer many exemptions and interest. However, the new tax regime does not offer many exemptions and deductions. Still, taxpayers can claim an exemption on a post office savings account. Here's how.

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CBDT issues new deadline: PAN holders using Aadhaar Enrolment ID must link Aadhaar number by December 31, 2025

PAN-Aadhaar deadline for these PAN holders: The Income Tax Department has issued a new notification on PAN-Aadhaar linking for certain PAN holders. The new notification issued by the CBDT asks specified PAN holders to link their PAN and Aadhaar by December 31, 2025. Read on to know how to link PAN-Aadhaar and what will happen if PAN-Aadhaar is not linked.

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New vs old tax regime for TDS on salary: How salaried employees can choose the best tax regime for FY 2025-26

New vs old tax regime TDS on salary: April is the month when your employer asks you to choose between the old and new tax regime for TDS on salary for FY 2025-26. Read on to know the calculations for deciding the best tax regime to reduce TDS on salary for the new financial year.

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Major TDS changes from April 1: Higher limits for interest, rent & dividends

From April 1, 2025, TDS threshold changes will increase limits on interest income, dividends, rent, and commissions. The updates aim to improve cash flow and reduce tax burdens. Key adjustments include higher limits for senior citizens, small investors, and professionals. These alterations will provide significant relief to depositors, investors, and those earning through commissions.

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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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