Filing your income tax return can be confusing—especially when selecting the correct ITR form. If you pick the wrong form, like choosing ITR-1 instead of ITR-3, your return could be marked as defective. The tax department may ask you to fix the mistake. If you don’t correct it in time, your return could even be … Read more
After filing your Income Tax Return (ITR), it’s mandatory to verify it. If you don’t verify your ITR, it will be considered incomplete, and your efforts may go to waste. This verification must be done within 30 days of filing. This rule has been effective since 1 August 2022. Earlier, taxpayers had up to 120 … Read more
The process of filing Income Tax Return (ITR) has started for the assessment year 2025-26. Taxpayers can now file their returns online using the ITR-1 and ITR-4 forms through the Income Tax e-filing portal. However, salaried individuals must wait until they receive Form-16 from their employer before filing their return. If you’re planning to file … Read more
On April 17, 2025, reports emerged that the Indian government is considering a proposal to impose an 18% GST on UPI transactions above Rs 2,000. This move could affect digital payments across the country, though it has not been officially confirmed by the Finance Ministry or the GST Council. The news has sparked discussions among … Read more
The GST Network (GSTN) has announced that starting from April 2025, GST taxpayers will not be allowed to make any changes to the table that shows inter-state supplies to unregistered persons and small taxpayers (those under the composition scheme) in the GSTR-3B form. From that tax period onwards, Table 3.2 in GSTR-3B will be auto-filled … Read more
With the beginning of the new financial year (FY2025-26) on April 1, the budget announcements made by Finance Minister Nirmala Sitharaman on February 1, 2025, have taken effect. Among the various provisions, one key change is the increase in the TDS exemption on interest income for senior citizens. This new benefit is designed to help … Read more
Finance Minister Nirmala Sitharaman introduced the New Income Tax Bill in Parliament today, redefining tax residency rules. These changes will significantly impact Non-Resident Indians (NRIs), especially those earning Rs 15 lakh or more in India but not paying taxes. Stricter Rules for NRI Status Under the new law, individuals earning more than Rs 15 lakh … Read more
On February 7, 2025, the Union Cabinet approved the new Income Tax Bill, which will replace the existing Income Tax Act that has been in place for over six decades. The new bill aims to simplify the tax process by removing outdated amendments and sections. Additionally, the language used in the bill will be more … Read more
The 2025 Budget has introduced important changes to the tax rules for Unit-Linked Insurance Policies (ULIPs) where the total premium paid in a year exceeds Rs 2.5 lakh. In simple terms, ULIP plans that don’t qualify for tax exemption under Section 10 (10D) of the Income Tax Act will now be treated like equity-based mutual … Read more
The GST Council, in its 55th meeting held on Saturday, decided to delay reducing the tax rate on premiums for life and health insurance policies. Officials stated that more technical aspects need to be resolved before a decision can be made. The task has been assigned to a Group of Ministers (GoM) for further discussions. … Read more
The GST Council announced on December 21 that an 18% GST will now be applied to the sale of all old vehicles, including electric ones. Earlier, this rate was only applicable to petrol vehicles with engines of 1200 cc or more and length 4000 mm or more, diesel vehicles with engines of 500 cc or … Read more