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CA SHARWAN

Income from House Property under the Income Tax Act for FY 2024-25

Owning a house brings financial security, but it also comes with certain tax responsibilities. The Income Tax Act clearly defines how income from house property is calculated and taxed. Whether the property is self-occupied or rented out, knowing the rules can help you save tax and plan better. What is Income from House Property? Income from house property simply means the money you earn by renting out your home, office,… Read More »Income from House Property under the Income Tax Act for FY 2024-25

ITR-5 Form for AY 2025-26: What Has Changed and How to File

If you are a partnership firm, LLP, Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP), business trust, or cooperative society, the ITR-5 form is your gateway to filing income tax returns. The Income Tax Department has introduced some important changes for the Assessment Year 2025-26 that every taxpayer in this category should know. Who Can File ITR-5 The ITR-5 form is designed specifically for certain types… Read More »ITR-5 Form for AY 2025-26: What Has Changed and How to File

SME IPO vs Mainboard IPO: What Every Investor Should Know

Investing in an IPO gives you the opportunity to become part of a company’s journey from day one. While many investors are familiar with mainboard IPOs, SME IPOs are also gaining traction, especially among those looking to support fast-growing small businesses. So what’s the difference between SME and mainboard IPOs, and which one might be the better choice for you? What is an SME IPO? SME IPOs are launched by… Read More »SME IPO vs Mainboard IPO: What Every Investor Should Know

Need to Pay Less TDS? Here’s How a Lower Deduction Certificate Can Help

If you’re a freelancer, consultant, landlord, or business owner who regularly receives payments with tax deducted at source (TDS), you’ve probably noticed how it impacts your cash flow. A flat TDS rate often doesn’t reflect your actual tax liability—and that can leave you waiting months for a refund. That’s where a Lower or Nil TDS Deduction Certificate under Section 197 of the Income Tax Act can make a real difference.… Read More »Need to Pay Less TDS? Here’s How a Lower Deduction Certificate Can Help

Old vs New Income Tax Regime for FY 2024-25: What Should You Choose?

If you’re planning your taxes for the financial year 2024-25, you’ve likely faced this question: Should I go with the old income tax regime or the new one? Choosing the right tax regime can save you a significant amount, but the decision isn’t always straightforward. Let’s break it down in a simple, relatable way so you can make the best choice for your financial situation. First, What’s the Main Difference?… Read More »Old vs New Income Tax Regime for FY 2024-25: What Should You Choose?

GST Department Notice on Receipts Through UPI to Small Business/Vendors

Over the past few weeks, many small shopkeepers, street vendors, and local service providers have been caught off guard by notices from the GST department. The reason? Payments received through UPI. With UPI becoming the most preferred mode of payment for millions of Indians, it’s no surprise that small businesses now accept most of their customer payments through apps like Google Pay, PhonePe, and Paytm. But now, the GST department… Read More »GST Department Notice on Receipts Through UPI to Small Business/Vendors

CBDT Clarifies Interest Waiver Guidelines Under Circular No. 5/2025: What You Need to Know

If you’re a taxpayer or a professional dealing with income tax compliance, here’s an important update that can significantly impact how you handle interest liabilities. The CBDT has recently released Circular No. 8/2025 to provide much-needed clarity on how and when taxpayers can apply for an interest waiver under Circular No. 5/2025. This update relates to interest charges that typically arise from delays in deducting or collecting tax, specifically u/s… Read More »CBDT Clarifies Interest Waiver Guidelines Under Circular No. 5/2025: What You Need to Know

Allahabad HC: ITC Cannot Be Denied to Buyers for Supplier’s Tax Default

In a landmark decision that strengthens the rights of honest taxpayers, the Allahabad High Court has ruled that a purchaser cannot be denied Input Tax Credit (ITC) under the GST regime merely because the supplier has failed to deposit the tax with the government. The ruling came in the case of R.T. Infotech v. Additional Commissioner Grade 2, providing much-needed relief and clarity for compliant businesses facing issues due to… Read More »Allahabad HC: ITC Cannot Be Denied to Buyers for Supplier’s Tax Default

Delhi High Court Rules Section 148 Notice Issued Beyond Extended Limitation as Invalid

In a landmark judgment on 05 june 2025, the Delhi High Court in W.P. (C) 4583 of 2023 between ADM Agro Industries Latur and Vizag (P.) Ltd. and Assistant Commissioner of Income Tax ruled for the assessee by quashing a reassessment notice issued u/s 148 of the IT Act, 1961. The main cause in dispute was the interpretation of limitation periods applicable to the reopening of an assessment u/s 147… Read More »Delhi High Court Rules Section 148 Notice Issued Beyond Extended Limitation as Invalid

ITR-1 and ITR-4 for AY 2025–26: Eligibility, Updates, and Filing Guide

With the Income Tax Return (ITR) filing season underway, selecting the correct ITR form is crucial for hassle-free compliance. For individuals and small businesses with relatively simple income structures, ITR-1 (SAHAJ) and ITR-4 (SUGAM) are the most commonly used forms. Let’s explore who can file using these forms, recent updates, and how to ensure your return is filed correctly for Assessment Year 2025–26. ITR-1 (SAHAJ): Who Should Use It? ITR-1… Read More »ITR-1 and ITR-4 for AY 2025–26: Eligibility, Updates, and Filing Guide