How Home Loan Interest Affects Your Capital Gains Tax Selling a property in India? If you took a home loan, unclaimed interest may increase your cost of acquisition, reducing your taxable capital gains. However, the method of indexation remains a debated topic. Latest Capital Gains Tax Rules (Effective 23 July 2024) The government has introduced… Read More »
Starting February 17, 2025, new FASTag rules will impact all drivers. If your FASTag is blacklisted too long, you won’t be able to pass. Here’s what you need to know. Key FASTag Changes Explained The NPCI has introduced stricter validation to reduce toll congestion. The main update: FASTag Status Allowed to Pass? What to Do?… Read More »
Why Every Indian Should Know About HUF A Hindu Undivided Family (HUF) is a separate tax entity under Indian law. It allows families to pool income and save taxes legally. HUFs can own assets, earn income, and claim deductions separately from individual members. Did You Know? HUFs are not just for Hindus! Buddhists, Jains, and… Read More »
Massive Tax Savings in Budget 2025! Budget 2025 has brought big tax relief for salaried individuals. If your annual income is up to ₹12.75 lakh, you can now pay zero tax under the new tax regime. Let’s break down this exciting tax-saving opportunity! New Income Tax Slabs 2025 The revised tax rates under the new… Read More »
Losing your PAN card can be frustrating, but getting a new one is easier than you think! Follow this simple guide to renew or reprint your PAN card without any stress. Simple Steps to Reprint/Renew Your PAN Card 1. Access the Official Website Visit the Income Tax Department’s website or NSDL/UTIITSL portals for PAN-related services.… Read More »
The Income Tax Department is taking strict action against fraudulent refund claims. If you’re filing an ITR, beware of false deductions! How AI is Detecting Fraudulent Refunds Detection Method Action Taken AI-based scrutiny Refund delay or rejection Retrospective audits Investigation for 9 years Tracking unverified agents Refund blocking, penalties Steps to Secure Your Refund How… Read More »
Are Your Savings Account Transactions Compliant? The government has implemented specific rules to monitor cash transactions. Staying compliant helps avoid penalties and ensures hassle-free banking. Deposit Limits in Savings Accounts The Income Tax Department monitors cash deposits exceeding specific limits: Account Type Annual Deposit Limit Action Required Savings Account Over ₹10 lakh Reported to Income… Read More »
Breaking Down the New Tax Rules The Income Tax Department’s updated compounding guidelines bring clarity and relief for taxpayers in India. Announced in 2024, these reforms simplify processes and reduce financial burdens. Highlights of the Revised Rules Changes Before Reform After Reform Number of applications Restricted to one Unlimited if corrected Co-accused fee structure Separate… Read More »
Cash to Wife? Know the Tax Rules! Cash transactions between spouses are common, but improper handling can invite tax complications. Let’s simplify the rules for your peace of mind. Rules for Household Expenses and Investments Purpose Tax Implication Household Expenses Not taxable Investment Income Clubbed with the husband’s taxable income. Sections 269SS and 269T: Explained… Read More »
Filing ITR: A Must for Taxpayers with Losses In India, over 77 million taxpayers filed ITR in FY 2022-23. Surprisingly, many were loss-makers. Filing ITR during financial losses is crucial for compliance and long-term benefits. Here’s why it matters. Benefits of Filing ITR with Losses 1. Faster Tax RefundsAccurate ITR filings speed up tax refund… Read More »