Advance tax deadline March 15, 2025: These salaried individuals don’t need to pay the advance tax unless circumstances changed; Know how

Advance tax deadline: March 15, 2025 is the advance tax deadline for FY 2024-25. However, if you are a salaried individual and your employer deducts TDS then you need not pay advance tax unless certain situations happen. Some examples of such situations is: you got capital gains income, or dividend income or you switched to another company in middle of year, many more. Read below for more.

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New TDS rules from April 1: Higher limit for tax deduction on FD interest, lottery winnings; check its impact

From April 1, 2025, the Union Budget 2025 introduces major TDS rule revisions, benefiting senior citizens with higher thresholds and similar benefits for general citizens, lottery winners, insurers, brokers, and investors in mutual funds and stocks. Check its impact

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Are you stuck with income tax cases? Here's how Section 158AB of Income Tax Act, 1961 can help you

Income Tax case: Section 158AB of the Income Tax Act, 1961, was introduced to reduce repetitive litigation by deferring certain appeals when an identical question of law is pending before the jurisdictional High Court or Supreme Court. This section helps in reducing unnecessary appeals – The tax authorities are not required to file appeals on the same issue multiple times, pending a final decision from higher courts.

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Didn’t file ITR in past? You may get tax notices from I-T department u/s 148A as it has identified high risk non-ITR filers

Tax notice: The Income Tax Department has identified the list of persons relating to AY 2019-20, 2020- 21 and 2021-22​ who did not file Income Tax Return despite having substantial income. These persons are being called: Non-filers with potential tax liabilities. "High-Risk Non-filer cases for relevant assessment year(s) as approvedby the Board have been made visible to the Assessing Officers (AO)". Read below to know your options.

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Pune-based Dinesh Parikh can save Rs 1.68 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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NSC vs bank FDs: Which is a better tax saving option?

NSC and tax-saving FDs both offer tax benefits and assured returns with a 5-year lock-in. NSC provides higher interest rates and tax advantages on reinvested interest.

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Will I have to pay tax if my parents gift me Rs 20 lakh?

Am I supposed to pay tax on a gift from my parents? 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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Tax harvesting to rescue equity investors: How loss from equities could help you save more tax

Save income tax by selling equities: The method is called tax harvesting and it requires you to sell the equity share or equity mutual fund on or before March 31 (March 28, 2025 for FY 2024-25 since March 31 is a trading holiday). There are two ways to do this- LTCG up to Rs 1.25 lakh and loss from equities carry forward for set-off. Read below to know how this works.

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Income tax savings via post office schemes: 5 small savings options that save tax under Section 80C

Post Office Savings Schemes are secure investment options in India, offering tax benefits under Section 80C of the Income Tax Act. The following Post Office Savings Schemes offer tax benefits under Section 80C of the Income Tax Act.

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Section 87A tax rebate on STCG income allowed by CIT (Appeals); Know how this legal battle was won

Section 87A: Tax rebate under Section 87A was not given on special rate income like STCG since July 5, 2024. Many taxpayers who could claim it were served with a tax demand notice. Now a Delhi based taxpayer who filed a case heard by Commissioner of Income Tax (Appeals) Mumbai won. The CIT (A) decided based on statistical reason this taxpayer should get Section 87A tax rebate on STCG.

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Your email and social media account can be accessed by income tax officer starting next financial year in these cases

Starting April 1, 2026, the income tax department will have the authority to access social media, emails, and other digital spaces to curb tax evasion. This has been granted to them under the new income tax bill. This will also include search and seizure powers over your assets and documents, which have raised major privacy concerns. Experts warn of challenges to fundamental privacy rights without judicial oversight and procedural safeguards.

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New rule for GST registration: Now biometric authentication in your home state is possible when you do GST registration in another state

GST registration: New advisory by Goods and Services Tax Network (GSTN) dated March 3, 2025 says additional facility allowing certain Promoters/Directors to complete their Biometric Authentication at any GSK in their Home State has been introduced. Read below to know more about how this new advisory about GST registration eases the pain point for GST registered taxpayers.

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Time to act for lower TDS deduction: Form 15E, Form 13 for FY 2024-25 will stop after March 15, 2025; file it now

Lower or nil TDS: The tax department has enabled online filing of Form 13 and Form 15E on the TRACES portal. These forms help all taxpayers including salaried individuals to apply for a lower or nil rate of TDS deduction. If the request is granted then the taxpayer will save the hassle of claiming a tax refund later on and also improve their cash flow situation.

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