ITR-2 and 3 utilities were also released late in mid-July, but the deadline was later extended
'Taxpayers must calculate exemption based on residence, not workplace, to avoid notices' says experts.
The offline Excel utilities for ITR-2 and ITR-3 are now live; know the major changes, who can use them, and tips for smooth filing this year.
'Filing a wrong ITR doesn't just stall refunds, it can trigger penalties and scrutiny if not fixed,' warns a tax expert
It’s income tax filing season, and let’s be honest, it can get pretty confusing trying to figure out which ITR form applies to you. Add to that a bunch of new updates from the Income Tax Department
They must report Indian assets if income crosses Rs 1 cr as threshold for capital gains has increased, say experts
'Switching jobs mid-year can complicate tax filing, but with a little attention to detail, you can avoid common mistakes. As experts say, 'A few extra steps today can save you headaches tomorrow.
Tax experts say revising your ITR is allowed, but frequent or significant changes may raise red flags with the department's AI-driven systems
The ITR deadline is September 15 and if you’ve opted for the new tax regime, you might be wondering: Can I still save on taxes without 80C, HRA, or LTA? In this episode of PF Guide, we break down:
Validation ensures refunds are credited to correct accounts and tax returns are filed properly
'Major backend changes and stricter disclosures have pushed the rollout,' say experts, creating anxiety for those with complex incomes and tighter deadlines.
Refunds are often delayed due to invalid or outdated bank information; this guide tells how to validate your bank account
'Even your freebies are taxable'. Influencers must report all earnings from reels, brand deals, and affiliate links, say experts.
'Every crypto move is taxable,' warn experts, as AI-powered tax tools tighten the net on undeclared gains, swaps, gifts, and even crypto spent on shopping.
Maintaining records and reporting each income source are key to avoiding tax hassles, say exports
You can move to another regime while filing Income Tax return, but maybe asked to pay extra tax if you change your choice says tax expert. Be ready for.
Those who sold land or building must observe the recent changes to indexation benefits for calculating capital gains tax
Stricter disclosure norms and additional reporting fields added to documents
From figuring out residency to claiming DTAA benefits, here's how NRIs can avoid common tax mistakes and make the most of concessions on Indian income
Salaried individuals, small businesses and investors with minor gains can fill up these forms, say experts