Receiving gifts brings joy, but understanding their tax implications often creates confusion among taxpayers. Whether it’s cash from your parents for a house purchase, jewelry from in-laws during marriage, or property gifted by a close friend, each transaction carries specific tax consequences under Indian Income Tax law.
When metropolitan cities witness unprecedented urban transformation, residential property redevelopment emerges as a pivotal opportunity for property owners. However, beneath the excitement of receiving enhanced accommodation lies a labyrinth of capital gain tax
The introduction of Section 194T through the Finance (No. 2) Bill, 2024, marks a significant milestone in India’s tax compliance framework. Section 194T, effective from April 1, 2025, mandates Tax Deducted at Source (TDS) on specific payments made by partnership firms to
The modernization of India’s tax filing system has brought significant changes to how taxpayers interact with the Income Tax Department. One of the most crucial aspects of this transformation is understanding DSC registration on new income tax portal procedures, which have become mandatory for specific categories of taxpayers and
Have you made mistakes in filing your ITR and wondering how to correct them? Every taxpayer encounters situations where errors surface after filing their income tax return. Whether it’s unreported income, miscalculated deductions, or simple computational mistakes, the Income Tax Act provides
The Income Tax Department dropped some major changes for ITR-1 and ITR-4 additional disclosure requirements for AY 2025-26. And honestly? It caught many of us off guard.
The new tax regime has turned traditional tax planning on its head. What seemed like a simple choice between lower rates and familiar deductions has become a complex puzzle that millions of taxpayers grapple with every year.
For many small business owners and professionals in India, maintaining detailed books of accounts and undergoing tax audits can be burdensome, time-consuming, and often requires professional assistance that comes at a significant cost. Recognizing these challenges,
Even sometime many income taxpayers can sometimes miss statutory deadlines due to unforeseen or genuine reasons. But does this mean the taxpayer permanently loses the right to claim a refund or avail tax benefits? Fortunately, Section 119(2)(b) of the Income Tax Act, 1961 provides a legal
The Central Board of Direct Taxes (CBDT) has notified critical amendments to Form 3CD via Notification G.S.R. 207(E) dated 28th March 2025, bringing sweeping changes effective from 01.04.2025 for Assessment Year 2025-26 onwards.
