Got an income tax notice? Here are common types of tax notices and what to do to avoid penalties

Income tax notices can be daunting, but understanding them is crucial. The Income Tax Department issues various notices for reasons like mismatches, pending dues, or inquiries. Prompt action, accurate information, and expert help when needed are essential to avoid penalties and ensure compliance. Addressing these notices can effectively safeguard you against further complications with the Income tax department

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ITR filing 2025: Excel utilities for ITR 1 and 4 for FY 2024-25 (AY 2025-26) released by Income Tax dept; Check who can file

The Income Tax Department has released the Excel utility versions of ITR Forms 1 and 4 for AY 2025-26, enabling taxpayers to prepare for FY 2024-25 filings. A key change in ITR-1 now invalidates filings for certain TDS sections, directing taxpayers with income from sources like online games or crypto to use other appropriate forms.

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When will salaried employees get Form 16 to file income tax return for FY 2024-25 (AY 2025-26)?

Last date to get Form 16: Form 16 is a TDS Certificate, which is received by the employee from the employer. This TDS certificate makes the process of ITR filing easier for the salaried taxpayers. The deadline to file income tax return for the FY 2024-25 has been extended by the Income Tax Department to September 15, 2025. When will a salaried employee receive their Form 16 from the employer?

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NRIs to pay lower LTCG tax on these equity shares due to proposed forex fluctuation benefit in New Income Tax Bill 2025

The New Income Tax Bill, 2025 introduces a 'forex fluctuation benefit' that allows NRIs (excluding FIIs) to potentially pay lower long-term capital gains tax on unlisted equity shares. This provision addresses the issue of NRIs being taxed on artificially inflated income due to rupee depreciation. Read more to know how this helps.

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33% more money on tax refund interest this year for income taxpayers due to ITR filing deadline extension

Taxpayers filing income tax returns (ITR) for FY 2024-25 (AY 2025-26) on September 15, 2025 can receive 33.33% more interest on their tax refunds due to the ITR filing deadline extension to September 15, 2025. While the Income Tax Department pays 0.5% monthly interest on refunds, this interest is taxable under 'Income from Other Sources,' Read below to know how this works.

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ITR filing last date extended from July 31, 2025, for FY 2024-25 (AY 2025-26): Check the new date here

The CBDT has extended the due date to file income tax return from July 31, 2025, to September 15, 2025 for FY 2024-25 (AY 2025-26).

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Taxpayers should avoid filing ITR before June 15: Here's why

ITR filing 2025: The tax department has recently notified the ITR forms for filing tax return for FY 2024-25 (AY 2025-26). However, certain reasons ask taxpayers to file their income tax return after June 15. Check the reasons and what can happen if you file ITR before June 15. The last date to file ITR for certain taxpayers is July 31, 2025, for FY 2024-25 (AY 2025-26).

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LTA exemption in new tax regime: Can you claim leave travel allowance exemption in new tax regime or is it taxable?

LTA exemption in new tax regime: Many salaried employees have a leave travel allowance as part of their CTC. However, due to tax regimes (old and new), many are not aware of whether they can avail themselves of the LTA exemption in the new tax regime. Read on to know if the LTA exemption is available in the new tax regime, or is it taxable?

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3.5% remittance tax: Sending money from US to India to upset many; here's what NRIs can do to save tax on remittances

An upcoming US bill imposes a 3.5% tax on remittances sent by non-citizens, impacting Indians who are a significant portion of the US immigrant population. This tax, aimed at protecting US dollar outflow, may affect investments and corporate mobility programs. Experts suggest it could discourage remittances to India and prompt increased US investments.

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PF, gratuity, leave encashment, pension commutation and all income tax benefits for retired employees released in a brochure by income tax dept

The Income Tax Department has come out with a brochure outlining tax benefits for retired employees in both the public and private sectors, covering gratuity, pension, and leave encashment. It details exemption limits, standard deductions, and advance tax rules under both old and new tax regimes for retired employees. Read below to know the details.

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Ease in GST appeal: Now you can make pre-deposit payment for through input tax credit, rules Supreme Court, know who will benefit from it

In a significant win for GST registered taxpayers, the Supreme Court has dismissed the SLP that challenged the Gujarat High Court judgement of using input tax credit (ITC) for mandatory pre-deposit payments in appeal cases. The Gujarat High Court ruling, allows taxpayers to utilise their electronic credit ledger, easing working capital constraints. Read more to know which taxpayers can benefit from this.

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I am an NRI and I have inherited property in India. Can I sell it from abroad and what will be the tax implications?

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

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Make the best of income tax gains: Revise your salary structure for better tax saving and simpler tax filing

This can be done by eliminating the deductible allowances, such as House Rent Allowance (HRA), Leave Travel Allowance (LTA) under the old regime, and adding reimbursement components to reduce the documentation requirements for both the employer and employee.

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One-time set-off of long-term capital loss against STCG: New income tax bill 2025 allows this from tax year 2026-27 onwards

The New Income Tax Bill 2025 introduces a one-time relief, allowing taxpayers to offset brought forward long-term capital losses (LTCL) incurred up to March 31, 2026, against any capital gains, including short-term capital gains (STCG), from the tax year 2026-27 onwards. This means if you have carried forward losses then you can use it to lower your final capital gains tax outgo.

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CBDT notifies ITR-U: Know who can file updated return, penalty, last date to file

ITR-U Updated Return: The income tax department has notified the new ITR-U form. This tax form is used by taxpayers who are eligible to file an updated return. The new ITR-U form is notified as Budget 2024 amended the rules regarding filing an updated return in July. Check the new rules for filing an updated return using the new ITR-U form.

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90 crore tax deduction approved! Delhi HC allows 54F income tax deduction for buying multiple floors! Here's what it means for you

In a decision bringing clarity to Section 54F deductions under the Income Tax Act, the Delhi High Court has clarified that owning multiple floors in the same building is not equivalent to owning multiple residential properties. This ruling allows homeowners to claim long-term capital gains exemptions when investing sale proceeds into a new residential house, even if they own multiple floors in their existing single residence.

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Pune-based Agarwal can save Rs 10.5 lakh tax in new tax regime via corporate NPS, debt funds

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

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GST amnesty scheme update: Submit screenshot of appeal withdrawn application to become eligible, says GSTN

Great news for Goods and Services Tax payers. The GSTN has issued a new advisory regarding the GST Amnesty Scheme. Taxpayers can now submit a screenshot of their appeal withdrawal application. This makes them eligible for the scheme. The deadline to apply is June 30, 2025. This initiative helps taxpayers apply without waiting for official withdrawal confirmation. Experts say this is a good feature by GSTN.

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9 changes in ITR-1, ITR-2, ITR-3, ITR-4 you need to know for FY 2024-25 (AY 2025-26) income tax return filing

Income tax return forms 2025-26: The income tax department has notified the ITR forms for the FY 2024-25 (AY 2025-26). The utilities to file the tax return are yet to be released. However, this year, ITR forms come with the changes that were announced in the Budget 2024. Know the nine changes in ITR forms 2025-26 to ease the filing.

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Should home loan be the only factor to see while choosing between old and new income tax regime?

Budget 2025 brought significant changes to India's income tax structure. Under the new tax regime, the basic exemption limit was hiked to Rs 12.75 lakh for salaried individuals. This could potentially make traditional tax planning less relevant for many, since several deductions are no longer available. For those looking to opt for a home loan interest deduction, the old regime may still be better, but only if other deductions are also high.

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Updated LTCG and STCG capital gains tax table by income tax department: Check the tax rates for equities, foreign currency bonds and more

The Income Tax Department has updated capital gains tax rates, differentiating between long-term (LTCG) and short-term (STCG) gains across asset classes. Effective July 23, 2024, LTCG on certain securities will be taxed at 12.5%, and STCG at 20%. Taxpayers should note that standard deductions under sections like 80C and 80D are not applicable against capital gains.

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How minors can apply for a PAN card; is the process different if you are an NRI minor? Here’s a step-by-step guide

The Income Tax Department emphasizes the importance of PAN. Minors, including NRIs, can obtain a PAN card through their parents or guardians. The application process involves online and offline steps. Form 49A is used, and specific documents are needed. A fee is applicable. Upon turning 18, a new PAN card is required for signature and photo updates. Read more about applying for PAN of minor.

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Won money on Dream11, My11Circle? Know income tax rules for this casual income

Dream11 win: Winnings from lottery, online gaming, online sports betting, etc., are considered casual income for income tax purposes, as per tax experts. However, taxpayers are not aware of the tax rate applicable on casual income earned. Read on to know the latest income tax rules if money is earned from sports betting, and the penal consequences if it is not reported.

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ITR-2 for FY2024-2025 notified by Income Tax dept: There’s good news for Rs 50 lakh to Rs 1 crore income-earners, know other changes and more

The CBDT has notified the ITR-2 form for FY2024-25, effective from April 1, 2025, which will be applicable to the majority of taxpayers, especially salaried individuals, pensioners, and those with income from multiple properties or capital gains. Key changes include raising the asset and liability reporting limit to Rs 1 crore, requiring TDS section reporting, and splitting capital gains. Read on to know more about the changes made.

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You could save money, penalty by settling traffic challans, electricity bill, motor accident claims, and others at National Lok Adalat on May 10, 2025

National Lok Adalat on May 10, 2025. It will address pending legal disputes. Cases include Delhi Traffic Police challans, motor accident claims, cheque dishonor. To settle Delhi Traffic Police challans go to https://ift.tt/BaetpTj. Vehicle owners can save money on pending challans. The Lok Adalat will be held at various court complexes. People from NCR can settle Delhi Traffic Police challans. Read below to know more.

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Gahlaut can save Rs 1.8 lakh tax by switching 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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CBDT notifies new ITR form 5 for 2025-26 with key updates

One of the most notable revisions in ITR Form 5 is the introduction of a split within the Schedule-Capital Gain.

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Got LTCG up to Rs 1.25 lakh? How ITR filing will be easier for you for FY 2024-25

Taxpayers filing ITR for FY 2024-25 by July 31, 2025, benefit from the updated ITR-1 form, which now includes reporting of long-term capital gains from equities up to Rs 1.25 lakh. This simplifies filing for those under the new tax regime. The form also introduces detailed deduction reporting, enhancing accuracy and potentially preventing future disputes with the tax department. Read below to know more.

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ITR-3 form notified by the CBDT: Know what this means for taxpayers; Who is eligible?

ITR Filing Forms FY24-25: The CBDT has released the ITR-3 form for individuals and HUFs with business or professional income for FY 2024-25. It includes a capital gains split schedule for calculations before and after July 23, 2024, and allows reporting of capital loss on share buybacks.

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