TDS COMPLIANCE
NRI wins capital gains tax case in Delhi High Court regarding sale of Rs 2 crore property despite Rs 46 lakh tax demand notice
An NRI faced tax issues after a property sale in Pune for Rs 2 crore. The buyer used the wrong TDS form (26QB), causing problems. The Income Tax Department issued a tax demand notice of Rs 46 lakh. The Delhi High Court intervened, directing the department to correct the TDS records. The court ordered a tax refund computation for the NRI. Read below to know more.
New ITR Utility: Is landlord’s PAN card needed for claiming HRA while filing income tax return?
Rent HRA: The income tax department has released new excel and online utilities for ITR-1 and ITR-4. However, in the new excel utilities taxpayers who want to claim rent HRA tax exemption need to give some additional details like place of work, saalry, etc. Question is do you need to give PAN of the landlord? Answer is yes, but when? Read to know more.
How to save tax on your Bitcoin investments in India, legally!
Indian Bitcoin investors face a steep 30% tax and 1% TDS, hindering profitability. Bitcoin ETFs offer a tax-efficient alternative, taxed as long-term capital gains at 12.5% if held over 24 months, with no TDS. Unlike direct crypto investments, ETF losses can be offset, providing significant tax savings.
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
Filing ITR for FY2024-25? Mistakes in HRA claims, capital gains tax calculation are among 7 errors to avoid
Taxpayers stand to benefit from a 45-day extension for filing returns due to significant ITR form changes in Budget 2024. However, errors can crop up despite online filing improvements, ranging from incorrect forms to misreporting income. Avoiding these mistakes, like neglecting AIS/Form 26AS reconciliation or HRA claim errors, is crucial to prevent penalties and ensure accurate tax computation.
ITR filing last date extended from July 31, 2025, for FY 2024-25 (AY 2025-26): Check the new date here
ITR filing 2025 deadline extended: 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). Read to know who will benefit from the new deadline and why the Income Tax Department extended the due date.
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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).
ITR for UAE NRIs: Submit returns by July 31 to avoid penalties
Indian expatriates in the UAE must file their Income Tax Returns (ITR) for the financial year 2024-25 by July 31, 2025. Recent changes include increased capital gains tax rates, affecting investors in listed shares and securities. Filing is crucial for claiming refunds, avoiding penalties, and carrying forward losses.
RERA impact: Homebuyer to get Rs 65 lakh compensation for delay of over 9 years in possession of a home in Delhi NCR
A Gurgaon (Delhi NCR) homebuyer's nine-year wait for their property ended with a RERA order compelling the builder to pay Rs 65 lakh due to extensive delays. The builder's cited reasons, including Covid-19 and regulatory issues, were dismissed. This ruling reinforces RERA's commitment to protecting homebuyers' rights and ensuring builders adhere to agreed timelines, setting a precedent for similar cases. Read below to know the impact for homebuyers.
NRI Talk | A blended approach—India + global—is becoming the norm in NRI portfolios: Alok Saigal
While India is seen as a core long-term investment destination by NRIs, countries like UAE & Singapore continue to attract NRI capital for diversification, real estate and global exposure. A blended approach—India + global—is becoming the norm in NRI portfolios.
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.
EPF changes in 2025: New form to transfer EPF account, instant UAN activation, other announcements made by EPFO that you need to know
EPFO has recently announced several important updates aimed at making Provident Fund (PF) operations more efficient, transparent, and user-friendly.
9 changes in ITR-1, ITR-2, ITR-3, ITR-4 you need to know for FY 2024-25 (AY 2025-26) income tax return filing
Income tax return forms 2025-26: The income tax department has notified the ITR forms for the FY 2024-25 (AY 2025-26). The utilities to file the tax return are yet to be released. However, this year, ITR forms come with the changes that were announced in the Budget 2024. Know the nine changes in ITR forms 2025-26 to ease the filing.
CBDT calls for more disclosure on foreign donations
The Central Board of Direct Taxes has revised the Income-tax Return Form ITR-7. This change impacts political parties and charitable organizations. They must disclose more details on foreign contributions and donations. The updated form includes compliance checks for violations. These revisions aim to improve transparency and accountability.
FD interest rate up to 8.25% for senior citizens investing for one year tenure
Several banks are still offering high interest rates on fixed deposits (FDs) for senior citizens. Rates go up to 8.25% for one-year tenures on deposits under Rs 3 crore. Moreover, the TDS threshold for senior citizens has been increased to Rs 1 lakh from April 1, 2025 which means senior citizens can invest more money in FDs without worrying about TDS. Read below to know more.
NRI Talk: Tax-free gains? How NRIs in UAE, Singapore & Mauritius legally avoid MF taxes
NRIs are increasingly aligning investments with India’s growth, drawn by economic resilience, reforms, and emotional ties. Tax-friendly hubs like Dubai and Singapore amplify returns, while new tools like GIFT City and fractional real estate expand options.
ITR filing FY24-25: ITR-3 form notified by the CBDT: Know what this means for taxpayers; Who is eligible?
ITR Filing Forms FY24-25: The CBDT has released the ITR-3 form for individuals and HUFs with business or professional income for FY 2024-25. It includes a capital gains split schedule for calculations before and after July 23, 2024, and allows reporting of capital loss on share buybacks.
ITR-2 for FY2024-2025 notified by Income Tax dept: There’s good news for Rs 50 lakh to Rs 1 crore income-earners, know other changes and more
The CBDT has notified the ITR-2 form for FY2024-25, effective from April 1, 2025, which will be applicable to the majority of taxpayers, especially salaried individuals, pensioners, and those with income from multiple properties or capital gains. Key changes include raising the asset and liability reporting limit to Rs 1 crore, requiring TDS section reporting, and splitting capital gains. Read on to know more about the changes made.
ITR forms 1, 4 notified for FY 2024-25 (AY 2025-26): Now report these long-term capital gains in ITR-1; check other changes
Income tax ITR forms for FY 2024-25 notified: The Central Board of Direct Taxes (CBDT) has notified some income tax return forms. The notification has been issued for ITR-1 and ITR-4 forms. There is a major change in the ITR-1 form. Read on to know what has changed in this year's ITR forms.
To prevent TDS on FD under new tax regime can senior citizens with income up to Rs 12 lakh file Form 15H?
TDS on FD: If the interest amount in a particular bank is over Rs 1 lakh then TDS is deducted by banks. But if a senior citizen files Form 15H with the bank then he can prevent this TDS deduction if the senior citizen's income is up to Rs 12 lakh under the new income tax regime. Read below to know more about Form 15H.
Delhi HC bars Gensol, BluSmart from creating rights over leased EVs amid financial irregularities
The Delhi High Court has barred Gensol Engineering and BluSmart from creating third-party rights over 95 Tata EVs leased by Clime Finance, citing lease defaults and financial misconduct. A court-appointed receiver will oversee the vehicles. Clime alleges fund diversion and unpaid dues, prompting lease termination and judicial intervention.
Up to 9.1% interest rate on FDs in these banks for senior citizens on 3-year investment tenure, check the full list here
Bank FD: Senior citizens can get up to 9.1% interest rate in banks for three years tenure. Moreover, if a senior citizen has income up to Rs 12 lakh in a year under the new tax regime, then he/she can submit Form 15H and prevent TDS deduction from FD interest rate also. Read below to get the full list of the banks offering up to 9.1% interest on FD.
Changes in EPF website: EPFO updates Form 13 to ease PF account transfer process, to show taxable PF
Employees Provident Fund Organisation has made some changes. A new version of Form 13 simplifies PF transfers. The EPF website now clearly shows taxable and non-taxable PF interest. These changes will help over 1.25 crore members.
Redo KYC before June 30: FIU tells crypto exchanges
The Financial Intelligence Unit-India (FIU-IND) has mandated cryptocurrency exchanges to strengthen their KYC processes by June 30, adhering to the Prevention of Money Laundering Act (PMLA). Exchanges must update user details, initiate fresh KYC for accounts older than 18 months, and collect additional information from risky accounts.
Pay new income tax TCS of 1% on these luxury goods above Rs 10 lakh; CBDT issues notification
TCS on luxury goods: The income tax department has issued two notifications specifying the list of luxury goods on which tax will be collected at source (TCS) from the buyer. The TCS will be levied on the purchase of luxury goods. Know the new TCS rules on buying luxury goods like Omega watches, Birkin bags, etc.
New Tax Bill 2025: No Nil TDS certificate for all taxpayers including NRIs; What does it mean for Indians and NRIs?
New Income Tax Bill, 2025 has removed the concept of nil TDS certificate. This means now only a lower TDS certificate is possible, so non-residents including non-resident Indians and Indian taxpayers need to file an income tax return (ITR) claim this TDS so deducted. CA Ankit Jain says deduction of TDS can become a useful tool for the government in identifying cases where income is not being properly disclosed.
Paying rent above Rs 50,000? You can be classified as assessee in default by income tax dept if you fail to deduct TDS
TDS on rent: According to a Income Tax Department brochure, Form 16C is a TDS certificate issued by a tenant to a landlord for rent payments, under Section 194-IB of the Income Tax Act. The tenant must deduct 5% TDS on rent payments exceeding Rs 50,000 per month. This form is filed after submitting Form 26QC and shows the TDS deducted.
Major TDS changes from April 1: Higher limits for interest, rent & dividends
From April 1, 2025, TDS threshold changes will increase limits on interest income, dividends, rent, and commissions. The updates aim to improve cash flow and reduce tax burdens. Key adjustments include higher limits for senior citizens, small investors, and professionals. These alterations will provide significant relief to depositors, investors, and those earning through commissions.
For Budget 2025, AMFI proposes uniform rate for surcharge on TDS for NRIs
AMFI has proposed a uniform 10% surcharge rate on TDS for NRIs on dividend payments and capital gains from mutual funds. This aims to address the challenges faced by NRIs, simplify compliance, and provide uniformity across mutual funds, replacing the current variable surcharge rates based on investor income slabs.
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