No GST on maintenance charges of housing societies below this amount, government clarifies rules for levying GST on maintenance

The Ministry of Finance clarified GST rules for housing societies in response to parliamentary questions. Residents are exempt from GST compliance, with the onus on apartment associations. Maintenance charges up to Rs 7,500 per month per member are GST-exempt, and associations with turnover exceeding Rs 20 lakhs must register.

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Planning to give ITR filing a miss? You must know the consequences

Consequences of not filing ITR: Income tax laws make ITR filing mandatory as specified under the Income Tax Act. However, not many taxpayers are aware of the consequences if the ITR is not filed for a particular financial year. ET Wealth online spoke to a tax expert about the problems that a taxpayer will face if the ITR is not filed.

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Equity market volatility: Will I lose more on taxation if I switch from equity funds to liquid fund?

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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Income Tax Department enables updated return filing for these two years: Check details

The Income Tax Department has enabled utilities for filing updated income tax returns (ITR-U) for AY 2021-22 and 2022-23. Taxpayers now have up to 48 months from the end of the relevant assessment year to rectify errors or omissions by paying additional taxes. Penalties apply based on the filing timeline, with rates varying from 25% to 70%.

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Online ITR-3 filing enabled: Income taxpayers with share trading, unlisted shares investment, professional, business, other incomes can now file ITR-3 online

The Income Tax Department has activated online filing for ITR-3. Taxpayers with income from share trading, business, or unlisted shares can now file online. This applies to individuals and Hindu Undivided Families with business or professional income. There are seven key changes in the ITR-3 excel utility. These involve regime selection, capital gains reporting, and asset disclosure. Read more.

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NRI Taxation: Mutual funds capital gain, TDS rules; STCG, LTCG tax rules from equity, debt, international, hybrid MFs and others

Mutual funds taxation for NRI: From FY 2024-25, the capital gains taxation rules were revised for all asset classes, including mutual funds. Many NRIs who are or have been investing in mutual funds in India are confused about the taxation rules. Here are the rules of how mutual funds are taxed in the case of an NRI investor.

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Paying Rs 55,000 rent on time could not save salaried taxpayer from Rs 1 lakh penalty for missing TDS, know why

An individual faced a Rs 1 lakh penalty for not deducting TDS on monthly house rent of Rs 55,000. According to Section 194-IB, TDS at 2% must be deducted if monthly rent exceeds Rs 50,000. Tenants must file Form 26QC and provide Form 16C to the landlord. Penalties for non-deduction include interest and discretionary fines. Read below to know more.

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ITR processing deadline extended for wrongly invalidated ITR filed electronically till March 31, 2024

The CBDT has extended the processing deadline to March 31, 2026, for electronically filed ITRs up to March 31, 2024, that were wrongly invalidated by CPC, Bengaluru. This decision, made under Section 119 of the Income-tax Act, addresses grievances regarding erroneous invalidation due to technical reasons. However, if the PAN and Aadhar of a taxpayer are not linked, refund will not be issued.

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Error in ITR Utility: Penal interest is automatically getting added to taxpayers who don’t have to pay advance tax, check the details

Chartered Accountants have identified an error in the Income Tax Return (ITR) utility's calculation of Section 234C interest, potentially impacting taxpayers with liabilities under Rs 10,000. This flaw could lead to incorrect tax notices, delayed refunds, and processing mismatches. Experts urge the Income Tax Department to rectify the issue to ensure accurate computations and prevent unnecessary disputes for taxpayers.

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Save tax in new tax regime: Here are 6 smart ways

Use the right levers—EPF, NPS, arbitrage, gifting— to stay compliant and tax-efficient.

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Rs 437 crore tax collection: For crypto traders, evading income tax is getting difficult as Tax Dept uses AI, data analytics tools

The Income Tax Department is intensifying its scrutiny of cryptocurrency transactions. They are using AI and data analytics to detect tax evasion on virtual digital assets. The government collected Rs 437 crore in taxes from VDA income for FY 2022-23. Discrepancies in reported transactions are being addressed through the NUDGE campaign. Taxpayers may face penalties for under-reporting crypto earnings.

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GST's identity crisis: One nation, multiple headaches

Eight years since the introduction of GST, complex structures, clogged tribunals, and compliance burdens are chipping away at the ‘One Nation, One Tax’ promise.

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LTCG tax: Paying only 12.5% tax on Capital Gains Accounts Scheme withdrawals while filing ITR FY2024-25? Tax dept could soon raise tax demand

The Capital Gains Account Scheme is a special facility offered to taxpayers under the current income tax laws, allowing taxpayers to claim long-term capital gains (LTCG) tax exemption and defer reinvesting the gains in eligible assets.

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ITR filing 2025: Who can file ITR-1, who cannot file it for FY 2024-25 (AY 2025-26)?

The Income Tax Department has released ITR forms for FY 2024-25, revising ITR-1 eligibility. Individuals with income up to Rs 50 lakh, including limited LTCG from listed equity shares/mutual funds (up to Rs 1.25 lakh), can use ITR-1. However, those with higher income, business income, or multiple properties are ineligible.

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Income tax slabs for salaried individuals for ITR filing FY 2024-25 (AY 202-26) under old, new tax regime

Income Tax Slabs for Salaried Individuals: The last date to file the income tax return for salaried individuals has been extended from July 31, 2025, to September 15, 2025. However, not many salaried individuals are aware of the income tax slabs that will apply to their income for calculating income tax liability.

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Taxpayer wins Rs 1.4 lakh penalty case despite claiming false income tax deductions to reduce income by 50%; Know the details

Despite claiming false income tax deductions, Mr. Shinde won his penalty case at ITAT Pune. The Income Tax Department had imposed a penalty of Rs 1.4 lakh after Shinde under-reported his income by 50%. ITAT Pune cancelled the penalty, recognizing Shinde's good faith in reporting the tax consultant's fraud and paying the owed taxes with interest.

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Can I buy a new house with home loan and pay it off soon when my old house is sold? Will I get capital gain tax benefit?

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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Income Tax Bill 2025: Income from house property taxation related two key amendments suggested by select committee, know the impact

The Lok Sabha Select Committee has suggested amendments to the Income Tax Bill 2025, focusing on house property income. These revisions aim to align the bill with the Income Tax Act, 1961. Key recommendations include a standard deduction of 30% from the gross annual value after municipal taxes and allowing home loan interest deductions for rented properties.

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Taxable income below Rs 7 lakh: Will you pay zero income tax if this income includes LTCG and STCG for FY 2024-25?

Zero tax on incomes up to Rs 7 lakh: Budget 2025 clarified that tax rebate under Section 87A will not be available to incomes that are taxed at special rates. This rule applies to the incomes earned on or after April 1, 2025. However, there is no clarity on whether the tax rebate under Section 87A is available on LTCG and STCG for this year's ITR filing.

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Is filing ITR tougher this year? Experts decode new tax return forms, tax refund delays, and stricter scrutiny

ITR filing experience this year will be different from previous years due to several modifications introduced by the Income Tax Act of 1961 for FY 2024-25. T Wealth Online spoke to several tax experts to gain insights into the changes in this year's ITR filing process.

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Bizarre I-T law to penalise taxpayer to change soon: Income Tax Bill 2025 may give relief to specified small taxpayers filing ITR only to claim tax refunds

The Income Tax Bill 2025 may soon offer relief to small taxpayers seeking refunds. A Lok Sabha select committee suggests removing penalties for late ITR filing when the sole purpose is claiming a refund, especially for those with income below the taxable threshold. This change aims to prevent unwarranted prosecution for minor tax matters.

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Relief for these Property buyers and other taxpayers who got tax demand notice due to short deduction of TDS from in-operative PAN holders; Know more

The Income Tax Department is offering relief to taxpayers who received demand notices for short deduction or collection of TDS/TCS due to transactions with in-operative PAN holders. Taxpayers can avoid penalties if the PAN is linked with Aadhaar by a specified deadline. This also applies to property buyers who deducted TDS at a lower rate than required. Read below to know more.

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Income tax refund 'Manual Verification' email could be a trap: Know how to identify this fraud and avoid

As the tax filing season begins this year, cybercriminals are actively trying to exploit unsuspecting taxpayers by sending phishing emails that look official. The government has cautioned the taxpayers that this could potentially be a fraudulent or phishing email.

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New income tax bill 2025- Will fewer words mean fewer compliance burdens?

The new Income Tax Bill, 2025, is leaner, better organised, and easier to navigate than the Act it aims to replace. Yet, what most salaried individuals, pensioners, HUFs, and small businesses really want is a system that’s genuinely simpler— fewer hurdles, quicker resolutions, and fairer treatment. In addition to that, there is little clarity on addressing time delays in appeals, refunds

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Switching from UPI to cash won't help in avoiding tax notice if turnover crosses GST registration threshold; Here’s what Karnataka State GST department said

Karnataka's GST department is scrutinizing UPI transactions to identify unregistered traders exceeding the GST threshold, leading some to revert to cash payments. The department clarified that GST applies to all forms of payment, not just UPI, and warned of actions to collect applicable taxes. Traders receiving notices are advised to provide explanations and relevant documents for verification.

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Income tax audit forms are now enabled for business and professional income on ITR e-filing portal, check 5 prominent changes in form 3CA-3CD and 3CB-3CD

The Income Tax Department has enabled Income Tax Audit via Forms 3CA-3CD and 3CB-3CD on the e-Filing ITR portal. These changes are effective for the financial year 2024-25. The deadline for filing the tax audit report is September 30, 2025. Taxpayers must file their income tax returns by October 31, 2025. Read below to know more.

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Capital gain on property: How to pay lower LTCG tax using indexation benefit

Indian property owners selling real estate acquired before July 23, 2024, now have a choice regarding capital gains tax. They can opt for a 20% tax with indexation, adjusting for inflation, or a 12.5% tax without it. Indexation isn't always beneficial; it depends on the property's acquisition year, sale year, and prevailing tax rates. Read below to know the calculations.

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Indian engineer wins Rs 69-lakh unexplained investment income tax case in ITAT Mumbai on these technical grounds

In 2025, an Indian engineer working in Dubai, won a tax case against the Income Tax Department regarding a Rs 69-lakh 'unexplained investment'. The department questioned his Kerala property purchase and fixed deposit investments. While he gave explanations for these assets and investments, the tax dept rejected it. The Income Tax Appellate Tribunal (ITAT) Mumbai ruled in his favor on two technical grounds. Read to know how he won.

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What you should know about this emerging digital gateway for relaxed tax filing and compliance

Fixmytax, launched in 2022 by Dr. Pawan Jaiswal, simplifies tax filing and compliance for individuals and businesses across India. The platform offers transparent, affordable services with real-time support, aiming to eliminate the anxiety associated with taxation. With a focus on education and security, Fixmytax empowers taxpayers to manage their finances confidently.

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Income Tax Dept cracks down on bogus claims of tax deductions like 80GGC; What can taxpayers do?

The Income Tax Department is cracking down on fraudulent tax deduction claims, including those under sections like 80GGC, 80E, 80D, 80EE, 80EEB, etc. Taxpayers who have made incorrect claims can file updated returns (ITR-U) within the stipulated time to avoid penalties. For those whose ITR-U window has closed, experts advise to do this. Read more.

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Capital gain tax ready reckoner: Listed equity, unlisted equity, gold, house property, and other assets for ITR filing FY 2024-25 (AY 2025-26)

Latest Capital gain tax rules: The capital gain tax rules were changed in the mid-year from FY 2024-25 (AY 2025-26). Due to this, a taxpayer needs to be aware of both the old and new rules to pay the correct tax, depending on the date of sale. Here is a handy guide for individual taxpayers who have STCG and LTCG from houses, listed equity, unlisted equity, gold, and other assets.

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ITR filing for AY 2025-26: Seven major changes in ITR-3 Excel utility that all taxpayers including stock traders should note

The ITR-3 excel utility for AY 2025-26 introduces many key changes, including a raised threshold for asset reporting to Rs 1 crore and new requirements for capital gains transactions before and after July 23, 2024. Taxpayers must now provide detailed loan information for Section 24(b) deductions and report dividend income from share buybacks, with corresponding capital losses claimable under specific conditions. Read more.

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Six changes in ITR-2 Excel Utility that all taxpayers should know before ITR filing for AY 2025-26

The Income Tax Department released the Excel utilities for ITR forms. The ITR-2 excel utility has six changes for the assessment year 2025-26. The ITR-2 form now requires new reporting for share buybacks and dividend income. There are also changes to real estate transfer reporting and asset liability thresholds. Read below to know more about changes in ITR-2 filing.

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Income tax guide for NRIs returning to India from abroad: Here’s how to understand your tax liabilities for smoother transition

If you’re planning to settle in India, understanding how your tax residency status changes is as important as getting your shipping container through customs. The tax liability of NRIs after returning to India is determined primarily by how many days they have been physically present in the country during the concerned financial year.

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Cut income tax by Rs 29,000 under new tax regime: How Gurugram-based Kumar can reduce tax to only 6.9% of income

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

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ITR-1, ITR-2, ITR-3 or ITR-4: Which form applies to your income for ITR filing FY 2024-25 (AY 2025-26)?

ITR-1, ITR-2, ITR-3: The Income Tax Department has released software utilities for ITR-1, ITR-2, ITR-3 and ITR-4, enabling income tax return filing for FY 2024-25 (AY 2025-26). This year, the ITR forms underwent various changes due to amendments made to the Income Tax Act in FY 2024-25. Check which ITR form applies to your income.

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ITR-2 and ITR-3 excel utility released by Income Tax Department; Taxpayers with capital gains, crypto, other incomes can now file ITR

The Income Tax Department has released excel utilities for ITR-2 and ITR-3, enabling taxpayers with capital gains and crypto income to file returns for FY 2024-25 (AY 2025-26). Key updates include a capital gain split, share buyback loss allowance, and a raised asset/liability reporting limit to ₹1 crore.

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Income Tax: Changing these details on e-Filing website? Here's are the ways you can e-verify it

The Income-Tax Department emphasizes updating contact details on the e-Filing portal. This ensures secure communication. A new e-verification step is now mandatory. Taxpayers can use Aadhaar OTP or other methods. The process involves logging in, editing contact details, and e-verifying. Confirmation messages will be sent upon successful update. Keep the Transaction ID for future use.

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Can your HRA tax exemption claim get rejected despite submitting all proofs?

Salaried individuals claiming HRA tax exemption should ensure accuracy and compliance, as discrepancies can lead to rejection. Tax officers may dispute claims if rent receipts are deemed fake, landlord's PAN is missing, or transactions lack verifiable proof. Maintaining thorough documentation, including rent agreements and bank statements, is crucial to substantiate the genuineness of HRA claims and avoid potential scrutiny. Read more.

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NRIs' filing ITR in India should know these four income tax-related changes

NRI ITR filing changes: This year, income tax return filing will see changes due to the Income Tax Act amendments made via Budget 2024. Here are four changes that an NRI should know to ensure they are able to file their tax return properly.

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Sold equities and want to pay less capital gains tax by using Securities Transaction Tax (STT)? Find out if you are eligible to do so

Intraday stock traders can lower their capital gains tax by adding Securities Transaction Tax (STT) in their acquisition cost, unlike regular investors. This reduces net capital gains. But equity investors taking delivery of securites can't add STT to their cost of acquisition and doing so can trigger income tax notices. Read below to know more about capital gains tax on equities.

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Made a political donation? Income Tax Dept launches Tax Assist to help you respond to an income tax notice

The Income Tax Department is scrutinizing deductions claimed under Section 80GGC for political donations, prompting notices to taxpayers. A new portal facility assists in responding to these notices, emphasizing the need for valid donation receipts. Taxpayers can withdraw incorrect claims by filing an updated return, but ignoring notices may result in penalties.

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NPS tax benefits will be available under UPS: Central govt employees under UPS will get these income tax benefits

UPS tax benefits: The Finance Ministry has also extended the NPS tax benefits to UPS. Many central government employees were hesitant to switch to UPS because the tax benefit details of UPS were not clear. The press release issued by the government provides much-needed relief to the central government employees.

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ITR scrutiny notice: Income Tax Department looks at these parameters while selecting ITRs for scrutiny

The Income Tax Department provides guidelines for Income Tax Return (ITR) scrutiny. These guidelines ensure transparency in sending income tax scrutiny notices. The Central Board of Direct Taxes issues circulars outlining criteria for mandatory selection of ITRs. The latest circular was issued for Financial Year 2025-26. Taxpayers should note the latest ITR scrutiny guidelines.

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Will LTCG exemption on equity, equity mutual funds be Rs 1 lakh or Rs 1.25 lakh while filing ITR for FY 2024-25 (AY 2025-26)?

LTCG Equity Exemption for ITR Filing: The capital gains rules were amended effective July 23, 2024. The new capital rules have created confusion among those who sold listed equity and equity mutual funds throughout the year, especially because the LTCG equity exemption limit was hiked to Rs 1.25 lakh from Rs 1 lakh earlier.

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ITR filing for salaried employees is easier with these sources of income: Here's how

By now, most salaried individuals would have received their Form 16-a crucial document that summarizes salary earned, deductions claimed, and TDS deducted during the financial year. For salaried taxpayers, this remains the most essential document for accurate filing of their ITRs.

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Cost Inflation Index (CII) for FY 2025-26 (AY 2026-27) notified by Income Tax Department: Know its applicability for LTCG tax calculation

The Income Tax Department has announced the Cost Inflation Index for fiscal year 2025-26. This index helps calculate long-term capital gains on asset sales.

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Don’t forget to claim these five deductions for reducing your income tax liability for AY 2025-26 under old tax regime

The deadline for submitting ITR for FY 2024-25 is September 15, 2025 and this means eligible taxpayers should claim eligible certain tax deductions under the old tax regime. Some common tax deductions are available under sections 80D, 80C, 80TTA, 80TTB. These include health insurance premiums, EPF, PPF, ELSS, and savings account interest. Read below to know more.

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