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INCOME TAX

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?

Don’t Get Fooled – Know the Real Deal Behind Tax Refund Claims

Lately, a growing number of salaried individuals have been approached by so-called tax magicians—agents who promise to maximize your income tax refund with minimal effort. Their pitch sounds tempting. They’ll handle your filing, promise a big refund, and all you have to do is sit back and share your details. But behind that smooth offer often lies a trap that could cost you far more than you ever expected to… Read More »Don’t Get Fooled – Know the Real Deal Behind Tax Refund Claims

CBDT Gives Relief to Taxpayers Waiting on Delayed ITR Processing

Filing your Income Tax Return can already feel overwhelming, and if you’ve ever had to file a delayed return under a condonation request, the wait for any kind of response from the Income Tax Department can be even more frustrating. Many taxpayers have found themselves in this exact situation — they submitted their returns electronically after receiving condonation approval, but the returns were never processed. Thankfully, there’s finally some good… Read More »CBDT Gives Relief to Taxpayers Waiting on Delayed ITR Processing

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

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

5 Scenarios Mandating Full ITR Scrutiny for FY 2025-26: What Every Taxpayer Should Know

As India moves into a new financial year, the Crucial Update has been issued by the Central Board of Direct Taxes that every taxpayer needs to be aware of. For Financial Year 2025-26 (Assessment Year 2026-27), the CBDT has flagged five peculiar scenarios in which there would be mandatory and exhaustive scrutiny of Income Tax Returns (ITRs). This post explains each one in a very simplified manner to help the… Read More »5 Scenarios Mandating Full ITR Scrutiny for FY 2025-26: What Every Taxpayer Should Know

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

Advance Tax in India: Dates, Calculation, Exemptions & Penalties (FY 2025–26)

Advance tax is an essential part of the Indian tax system, ensuring that income tax is collected in a timely and phased manner throughout the year. Often referred to as the “pay-as-you-earn” method, it means taxpayers—both individuals and businesses—need to pay their income tax in instalments during the financial year instead of waiting until year-end. In this blog, we’ll cover who needs to pay advance tax, due dates, how to… Read More »Advance Tax in India: Dates, Calculation, Exemptions & Penalties (FY 2025–26)

Correction Statements For TDS/TCS Cannot Be Filled After 6 Years

Filing TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) returns accurately is essential for ensuring smooth credit flow and tax compliance. But even the most meticulous filers can make mistakes — an incorrect PAN, mismatched challan details, or wrong deduction amount. Thankfully, the Income Tax Department allows the filing of correction statements to fix such errors. What many taxpayers may not realize is that correction statements for… Read More »Correction Statements For TDS/TCS Cannot Be Filled After 6 Years

CBDT Issues FAQs on Compounding of Offences Under the Income Tax Act

In a significant move to enhance transparency and streamline compliance, the Central Board of Direct Taxes (CBDT) has issued a detailed set of Frequently Asked Questions (FAQs) on the compounding of offences under the Income Tax Act, 1961. The document is intended to address common queries from taxpayers and legal professionals regarding the procedure, eligibility, and conditions for compounding tax-related offences. This development is part of the government’s broader agenda… Read More »CBDT Issues FAQs on Compounding of Offences Under the Income Tax Act