This Common Cash Mistake Could Leave You Paying Hefty Income Tax Fine
As per Section 269SS of the Income Tax Act, taking Rs 20,000 or more in cash as a loan, deposit, or advance is not allowed. If you break this rule, Section 271DA imposes a penalty equal to the entire amount — which, in Rahul’s case, means Rs 1.2 lakh.
Aug 12, 2025, 14:35 PM IST
New I-T Bill: No ITR filing Exemptions For Small Taxpayers, Late Filers Can Claim Refunds
Taxpayers who file late or revised returns after the due date will still be eligible for refunds, the new bill suggested. Small taxpayers, including senior citizens, must file returns solely to claim a refund for excess taxes deducted at source (TDS), even if their income is below the basic exemption threshold.
Aug 12, 2025, 13:05 PM IST
Tax Code Overhaul: Key Changes In The New Income Tax Bill 2025 Explained
Finance Minister Nirmala Sitharaman introduced the Income Tax (No.2) Amendment Bill, 2025 in the Lok Sabha, outlining new provisions impacting property owners, taxpayers under the revised regime, and those qualifying for rebates.
Aug 11, 2025, 18:57 PM IST
Refunds, Dividends, NIL TDS: New Version Of Income Tax Bill Packs A Punch – Find Out What’s New
The new version includes most of the 285 suggestions made by a special committee that reviewed the earlier draft and submitted its report on July 21.
Aug 08, 2025, 20:15 PM IST
Govt Withdraws Income Tax Bill 2025, Will Release New Draft On August 11
The Income-Tax Bill, 2025, introduced in Lok Sabha on Feb. 13 to replace the Income-Tax Act, 1961, has been formally withdrawn.
Aug 08, 2025, 15:54 PM IST
Income Tax: Missed Filing ITR For Multiple Years? Here's What It Could Cost You
As a responsible taxpayer, it’s important to stay updated on key deadlines and follow the guidelines set by the Income Tax Department. It’s important to keep in your mind that last date to file your ITR for the Assessment Year 2025-26 is September 15, 2025.
Aug 07, 2025, 14:06 PM IST
Filed ITR But Haven't Verified It? Your Complete Process Will Become Invalid Unless...
The government has extended the ITR filing deadline for those originally due on July 31, 2025, to September 15, 2025.
Aug 07, 2025, 10:56 AM IST
Income Tax Return Filing: Missing 30-Day E-Verification Deadline? Your ITR...
The income tax portal has 13.21 crore individual registered users. The deadline for filing ITR for taxpayers who had July 31, 2025, as the deadline has been extended to September 15, 2025.
Aug 05, 2025, 18:42 PM IST
ITR Filing 2025: Do Students And Unemployed Need To File Income Tax Returns in 2025?
For individuals under 60 years old, it is generally required to file an ITR if your income exceeds Rs 2.5 lakh under the old tax regime or Rs 3 lakh under the new tax regime.
Aug 04, 2025, 14:46 PM IST
ITR Filing 2025: Selected New Tax Regime? Check Slab-Wise Tax Rates If Your Income Exceeds Rs 12 Lakh
Salaried employees or pensioners without business income can change their tax regime at any time prior to filing their ITR every year by simply selecting the relevant option on the ITR-1 or ITR-2 form.
Aug 04, 2025, 08:06 AM IST
New vs Old Tax Regime: Key Rules And Deductions You Must Know Before Filing ITR 2025
Before choosing a regime, consider your income, pay structure, and tax-saving investments. Salaried individuals with minimal deductions may benefit from the new regime.
Aug 03, 2025, 16:37 PM IST
ITR Filing Season 2025: Revised Your Return Once? Here’s How Many Times You Can Do It
According to the Income Tax Department, a revised return can be filed up to three months before the end of the assessment year or before the assessment is completed, whichever comes first.
Jul 31, 2025, 21:04 PM IST
Made Mistakes In Past ITRs? ITR-U Is Now Open For AY 2021-22 & 2022-23– Details Here
ITR-U is a special form introduced in 2022 that gives taxpayers a second chance to set things right. Whether you missed filing your return, forgot to report some income, or made a mistake, ITR-U lets you update your return.
Jul 31, 2025, 13:37 PM IST
Income Tax Filing Alert: ITR-3 Online Filing Begins — Are You Eligible? What’s New This Year
ITR-3 is now available for online filing for FY 2024–25. This form is meant for individuals and HUFs with income from business, profession, capital gains, or foreign assets.
Jul 30, 2025, 14:21 PM IST
Income Tax Bill 2025: Will There Be Tax Rates Changes Under New Income Tax Bill? Here's What IT Department Said.....
The Income Tax Department clarified that the new Income Tax Bill, 2025 only aims to simplify the tax law’s language and remove outdated sections, without changing any tax rates or exemptions. This statement was made to counter media rumors about changes to Long Term Capital Gains (LTCG) tax and equity investment benefits. The bill, introduced in February 2025, intends to replace the old Income Tax Act from 1961 with a modern, clearer, and more technology-friendly law. It has undergone detailed review by a Lok Sabha committee and marks the first full rewrite of India’s tax code in decades.
Jul 29, 2025, 20:56 PM IST
Big Relief To Tax Payers! Deadline Extended For Processing Of E-Filed ITRs Which Were Erroneously Rejected
CBDT has directed that returns of income filed electronically upto 31.03.2024 which have been erroneously invalidated by CPC shall now be processed.
Jul 29, 2025, 09:29 AM IST
ITR Filing 2025: No Taxable Income? Discover The Surprising Perks Of Filing Your ITR Anyway
Filing your ITR, even with zero tax, has important long-term advantages.
Jul 28, 2025, 15:58 PM IST
ITR Alert! Fix AIS Errors Easily With These I-T department Guidelines Before Filing Your Return
The Income Tax Department advises all taxpayers to double-check their AIS before filing ITR for AY 2025–26 to keep things smooth.
Jul 27, 2025, 09:42 AM IST
ITR Filing: New Tax Slabs, Rules To Keep In Mind Before Submitting Returns
Following this revision, the old tax regime will only be advantageous to taxpayers who are eligible to claim Rs 2 lakh deduction for home loan interest under Section 24(b) or a large house rent allowance (HRA). Most other deductions are unlikely to justify remaining with the old regime, said experts.
Jul 26, 2025, 15:44 PM IST
ITR Filing 2025: Freelancers, Read Carefully! Ignoring THESE Tax Rules Could Cost You Big
For freelancers, understanding TDS (Tax Deducted at Source) is crucial. When clients make payments, they often deduct 10 per cent as tax and deposit it with the government using your PAN.
Jul 26, 2025, 14:50 PM IST