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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