Inherited property taxation: Know how to save capital gains tax on sale of inherited property or land

Inheriting property doesn't trigger immediate taxes, but selling it does incur capital gains tax, with exceptions. Tax laws allow using the property's fair market value as of April 1, 2001, potentially lowering the tax burden. The cost of acquisition and holding period of the parent are carried forward, impacting the capital gains calculation upon sale.

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ITR deadline: Do I need to file ITR if my salary income is less than Rs 3 lakh? Know when you need to file ITR

With the ITR filing deadline of September 15, 2025, fast approaching, the Income Tax Department is sending reminders. Filing is mandatory if your income exceeds ₹3 lakh under the new regime or Rs 2.5 lakh under the old regime, as per FY 2024-25 rules. Even with income below the limit, certain transactions or refund claims necessitate filing.

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Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations

The Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lakh may avoid penalties and prosecution. This applies to assets excluding immovable property. The Central Board of Direct Taxes amended its instructions. The new rule aims to provide relief for unintentional omissions. It focuses enforcement on significant cases of non-disclosure.

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Has the promised zero penalty privilege for small taxpayers been taken away in the New Tax Act 2025? Here’s what experts say

The Lok Sabha approved the Income Tax Act 2025. It clarifies rules for late ITR filing and tax refunds. A select committee suggested changes to Section 263. The bill removes sub-clause (1)(ix). Taxpayers can now claim refunds even with delayed returns. This resolves confusion for those filing after the deadline. The new rules aim to provide flexibility for refund claims.

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GST refund made easy: GSTN has done this change in GST portal for hassle free tax refund claims

New GSTN Advisory: The GSTN has enhanced the GST portal, effective August 28, 2025, to streamline GST refund claims. Taxpayers can now claim refunds even with positive or zero cumulative balances, provided a minor head shows a negative balance. This change addresses previous restrictions, unlocking capital for businesses and simplifying the refund process. Read more.

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Extend ITR and tax audit deadlines due to tax portal glitch, data mismatch in AIS and Form 26AS, new ICAI format, says CCTAX

The Chandigarh Chartered Accountants Taxation Association (CCTAX) has urged the CBDT to extend the ITR and tax audit deadline for AY 2025-26, citing persistent glitches on the ITR filing portal, data mismatches, and recent ICAI format changes. CCTAX highlights that natural calamities and delayed utility releases have further complicated compliance. Read more.

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ITR filing due date for FY 2024-25 is September 15, 2025, but is it also deadline to pay self-assessment tax without penalty?

The government extended the income tax return filing deadline for FY 2024-25 to September 15, 2025, offering relief to many taxpayers. Experts suggest that with the ITR filing due date for FY 2024-25 (AY 2025-26) extended to September 15, 2025, the revised date will be considered as the 'due date' for the purposes of Section 234A.

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Documents for ITR filing FY 2024-25 (AY 2025-26): Eight documents you must keep ready to file your income tax return

The government has extended the ITR filing deadline for FY 2024-25 to September 15, 2025, benefiting taxpayers not requiring audits. Taxpayers should verify income details using Form 26AS and AIS. Gathering key documents like Form 16, capital gains statements, and interest certificates in advance simplifies the filing process and ensures accurate reporting of income, investments, and deductions.

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After STCG ruling, now LTCG also allowed to get Section 87A tax rebate, rules ITAT Chennai

On August 20, 2025, Chennai ITAT allowed Section 87A tax rebate on long term capital gains (LTCG). This decision favors taxpayers with incomes under Rs 7 lakh. The ruling references a Bombay High Court decision. Venkatraman, a taxpayer, initially faced denial of the rebate. ITAT Ahmedabad also allowed the rebate on STCG income on August 12, 2025.

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My wife bought a flat with money that I transferred to her, how should we show it in our ITR?

​I’ve purchased a flat in my wife’s name, and all payments to the developer are being made from her bank account. The money was transferred from my account to hers, and I’ve already paid tax on it. While filing her income tax return, how can I show this transfer as a gift?

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87A and STCG: Will recent ITAT ruling on Section 87A allow taxpayer to claim 87A rebate on Short term capital gains while filing ITR?

A recent ITAT Ahmedabad ruling has sparked hope for taxpayers seeking Section 87A tax rebates on short-term capital gains (STCG) for FY 2024-25. The ruling states that Section 87A doesn't explicitly exclude STCG, potentially allowing the rebate if total income is within the specified limits. Read below to know more about Section 87A on STCG.

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ITR filing FY2024-25: How to register online on e-filing portal to file income tax return; a step-by-step guide

First-time taxpayers, get ready to file your Income Tax Return. The deadline is September 15, 2025. Register on the Income Tax Department's e-filing portal now. A valid PAN, mobile number, and email ID are needed. The portal offers many tax-related services. Follow the simple steps to create your account. Set a strong password for security.

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NRE vs NRO accounts: Source of funds, taxation, currency of deposit, repatriation limits explained

If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 65th part of this series, Riju Mehta explains the difference between the two types of accounts for non-resident Indians.

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Earned money from Dream 11, Rummy, other real money gaming apps? File ITR now to report this income or risk tax notice and likely prosecution

Income from online real money games like Dream 11 and Rummy is taxable, necessitating ITR filing. Even small winnings are subject to a 30% tax rate, and TDS is deducted by gaming platforms. Failure to report such income can lead to tax notices and potential prosecution, emphasizing the importance of compliance.

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ITR filing AY 2025-26: How to add and validate your bank account details to receive income tax refund

To finalise online ITR filing, verifying your income tax return is essential. Taxpayers can add and pre-validate their bank account details on the income tax portal to receive a tax refund. Multiple accounts can be validated and nominated for refunds. It's important to keep contact details updated to avoid issues with revalidation.

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CAs caution joint bank account holders about this critical issue with tax rules that can lead to tax notices

Chartered Accountants highlight a critical issue with tax rules. Rule 114E(2) causes duplicate reporting for joint account holders. This leads to unnecessary tax notices, especially for non-filers. Experts suggest reviewing AIS/TIS and reporting income correctly. Taxpayers should maintain records of investments. The current system needs a fix to avoid penalizing joint holders, particularly senior citizens.

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Good news for salaried taxpayers: Limits for these two tax-free perquisites raised substantially in Finance Act, 2025

Good news for salaried individuals. The Central Board of Direct Taxes (CBDT) has raised the income limits for tax-free perks. This change impacts specified employees and overseas medical treatment. The new limits are Rupees four lakh and Rupees eight lakh respectively. These revised rules will be effective from April 1, 2025. More employees can now benefit from tax exemptions on perks.

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Do you need to file ITR-3 for AY 2025-26 (FY 2024-25)? Here is the eligibility criteria

Filing Income Tax Return can be complex. For Assessment Year 2025-26, individuals with business income must use ITR-3. The Income Tax Department has introduced key changes. These include capital gains splits and asset reporting limit changes. Taxpayers must specify transfer dates for capital assets. Reporting requirements for virtual digital assets are also expanded.

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CAs point to glitch in ITR software resulting in taxpayers getting a little less tax refund; what it means for you

A system error in the Income Tax Return software is causing taxpayers to receive slightly lower refunds. Chartered Accountants have identified that the software isn't rounding off refund amounts as per Section 288B of the Income-tax Act, 1961. While the individual difference is small, the cumulative impact could be significant. Read more.

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ITR e-filing: CBDT enables ITR-U filing via ITR-3 and ITR-4 forms; here's who needs to file it and why

The Central Board of Direct Taxes has made updated Income Tax Return filing easier. Taxpayers can now use ITR-3 and ITR-4 forms on the e-filing portal. The deadline to file an updated return is now 48 months from the end of the assessment year. This allows people to correct errors in previous filings by paying additional taxes.

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16 transactions which tax dept gets to know via SFT returns; Report them now to avoid possible jail term for misreporting income

Banks and financial institutions file the Specified Financial Statement (SFT) with the income tax department, detailing taxpayers' financial transactions. This PAN-based information is used to monitor financial activities and detect potential tax evasion. Discrepancies between reported income and financial transactions can trigger scrutiny, penalties, and even prosecution for tax evasion, emphasizing the importance of accurate ITR filings. Read more.

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Updated tax return: Key factors every taxpayer must know

If you are confused by personal finance terms, jargon, and calculations, here’s a series to simplify and deconstruct these for you. In the 64th part of this series, ET Wealth explains all you need to know about updated tax returns.

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How stock market traders can reduce their capital gains tax even under new tax regime at the time of ITR filing

Stock market traders can reduce their capital gains tax, even under the new tax regime, by understanding set-off and carry-forward loss rules. These rules vary for speculative and non-speculative income, with different carry-forward periods. A new tax bill introduces a one-time relief measure for accumulated capital losses, allowing broader set-offs for eight assessment years.

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Love can be dangerous in personal finance: Wife gets income tax notice for husbands’ Rs 6.75 crore house purchase

The Bombay High Court relieved a wife from a tax evasion notice related to a Rs 6.75-crore property, as her husband solely funded the purchase, adding her name for convenience. The court emphasized that tax authorities must verify the actual source of funds, protecting nominal joint owners from unwarranted scrutiny. Read more.

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Love can be dangerous in personal finance: Wife gets income tax notice for husbands’ Rs 6.75 crore house purchase

The Bombay High Court relieved a wife from a tax evasion notice related to a Rs 6.75-crore property, as her husband solely funded the purchase, adding her name for convenience. The court emphasized that tax authorities must verify the actual source of funds, protecting nominal joint owners from unwarranted scrutiny. Read more.

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ITR filing deadline needs to be extended due to discrepancies in Form 26AS, AIS, system error while ITR uploading, and other issues, says GCCI

The Gujarat Chamber of Commerce & Industry (GCCI) has requested an extension to the income tax return (ITR) filing deadline, citing delays in the release of ITR utilities and persistent technical issues on the Income Tax portal. GCCI also highlights discrepancies in financial statements and seeks an extension for the income tax audit deadline, currently set for September 30, 2025.

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Four critical changes in Income Tax Act: Standard deduction, UPS, income tax search, and other changes to be applicable in FY 2025-26

Finance Minister Nirmala Sitharaman announced four key amendments to the Income Tax Act, 1961, addressing tax exemptions for sovereign wealth funds, abatement of assessments in search cases, and clarity for the new Income Tax regime's standard deduction. The amendments also align the Unified Pension Scheme (UPS) with the National Pension System (NPS) for tax purposes, removing previous disparities.

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Section 87A tax rebate can be claimed for short term capital gains income under new tax regime, rules ITAT Ahmedabad

In a significant win for taxpayers, the ITAT Ahmedabad has ruled that Section 87A tax rebate is applicable on short-term capital gains (STCG) under the new tax regime for AY 2024-25. This decision allows taxpayers with total income up to Rs 7 lakh to claim the rebate on STCG, nullifying tax department notices denying such claims. Read more.

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Commuted pension, house property income, nil TDS, and other changes made in the Income Tax Bill, 2025

The revised Income Tax Bill 2025, approved by the Lok Sabha, addresses drafting errors from the previous version, set to take effect on April 1, 2026. Key corrections include nil TDS certificates, standard deductions for house property income, and tax deductions for commuted pension for non-employees. These modifications aim to restore clarity, align with existing provisions, and prevent unnecessary litigation.

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Section 87A rebate rule correction: No income tax till income of Rs 12.75 lakh for salaried individuals except this income

For FY 2025-26 (AY 2024-25) Section 87A rebate allows an salaried individual to not pay any tax for income up to Rs 12.75 lakh but this rebate is not allowed on short term capital gains income under new tax regime. However, a drafting error in standard deduction limited it to Rs 50,000 instead of Rs 75,000 as announced in Budget 2025. This drafting error is now fixed.

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Has the penal interest increased from 1% to 3% on advance tax payment in the new income tax bill 2025? Here’s what CAs say

The Income Tax Bill 2025 initially contained a drafting error regarding interest calculation for advance tax payment shortfalls. The Lok Sabha Select Committee proposed a correction, setting a 3% interest rate for the first three installments and 1% for the final one. CAs clarify that this change primarily alters the calculation method, without increasing the actual interest burden. So essentially there is no change in law.

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Commuted pension from pension funds to get full tax deduction clarifies new version of Income Tax Bill, 2025

The Income Tax Bill 2025 brings good news for pensioners. It allows tax deductions on the full amount of commuted pension. This applies to those receiving pensions from specified funds like LIC Pension Fund. The bill addresses previous gaps in tax treatment for different recipients. Non-employees, including private-sector individuals with independent pension investments, will benefit.

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No income tax rebate under Section 87A even if income is less than Rs 7 Lakh under new tax regime in this situation, point out CAs

Chartered Accountants have raised concerns about the denial of Section 87A tax rebates to eligible taxpayers with special rate incomes like STCG under the new tax regime. While a Budget 2025 amendment restricts this rebate on special incomes from FY 2025-26, the ITR utility is already denying it for FY 2024-25, causing confusion and additional tax burdens. Read more.

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Can I get indexation benefit on renovation cost of my home without bill to save capital gain?

I plan to sell my 48-year-old house and have obtained a valuation, as of 1 April 2001, for long-term capital gain (LTCG) calculation. Over the years, I’ve spent a significant amount on repairs and renovations, but have no receipts or payment proof. While filing ITR after the sale, can I add and index these major expenses, along with the valuation-based cost?

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Did these errors in New Income Tax Bill, 2025 force withdrawal of the Bill today? Updated version to be introduced on Monday August 11, 2025

The Central government withdrew the Income-Tax Bill, 2025, on August 8, 2025, which was initially introduced to replace the Income-Tax Act, 1961. A revised version, incorporating recommendations from the Select Committee led by Shri Baijayant Panda, is scheduled for introduction on August 11, 2025. Read more about new tax bill 2025.

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No more higher tax on vacant property as recommended in New Income Tax Bill 2025 due to suggestions by select committee

The Lok Sabha's Select Committee identified drafting issues in Clause 21 of the Income Tax Bill 2025, concerning the annual value of residential properties. Their key suggestions, including deleting "in normal course" and explicitly comparing actual rent with "deeming rent," prevent a higher tax liability for vacant house property owners. Read more.

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Filed ITR will become invalid unless verified within 30 days from this date

ITR filing: Taxpayers must e-verify their returns within 30 days of filing to avoid penalties, utilizing various online methods or submitting ITR-V to the Bengaluru processing center.

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ITR filing deadline: What is the last date for filing returns for taxpayers not requiring an audit?

ITR deadline for non-audit taxpayers: The process of filing ITR for FY 2024-2025 has become more complex due to changes in the capital gains tax laws and income tax slabs established under the new tax regime.

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Want to avoid tax on gifts? Know the 50k rule, eligible relatives

Gifting assets, such as money, property or valuables, is governed by the Income Tax Act. Gifts above a certain threshold value are taxed in the hands of the recipient unless exempted under specific conditions.

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GST portal won't work on August 2 and 3 during these times due to scheduled drill

Attention GST taxpayers, the GST Common Portal will be unavailable on August 2nd and 3rd, 2025. This is due to a scheduled disaster recovery drill. Several services like registration, payments, and refund tracking will be affected. Businesses should plan accordingly. The GSTR-1 deadline remains the 11th of the subsequent month. The GSTR-9 deadline is December 31st, 2025.

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How to file ITR-1 online: A step-by-step guide for salaried taxpayers also having income from house property, LTCG and other source under new tax regime

Salaried taxpayers with income from house property, LTCG, and other sources can file ITR-1 online following a step-by-step guide. The Income Tax Department extended the ITR filing deadline to September 15, 2025, for FY 2024-25. Taxpayers can now report LTCG up to Rs 1.25 lakh using ITR-1, simplifying the filing process under the new tax regime.

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Online ITR filing charges across six tax filing websites compared for AY 2025-26

For the assessment year 2025-26, individuals must file their income tax returns by September 15, 2025. While the tax department offers free filing, many taxpayers seek assistance from chartered accountants or third-party websites like ClearTax and TaxBuddy. These platforms offer varied plans, including self-filing, assisted filing, and consultations with CAs, with costs differing based on income type and complexity.

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ITR filing 2025: Who can file ITR-2, who cannot file it for FY 2024-25 (AY 2025-26)?

For the assessment year 2025-2026, taxpayers using ITR-2 must understand eligibility and new reporting requirements, including capital gains calculations and asset disclosures. Individuals and HUFs with income exceeding Rs 50 lakh, or those with specific income sources like capital gains or foreign assets, may need to file ITR-2.

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