wealth

India’s tax system is set for a major revamp as the GST Council introduces a simplified slab structure effective September 22. The new regime will primarily operate with four slabs – 0%, 5%, 18%, and 40% – reducing complexities and making many essential goods more affordable. While sin and luxury goods will continue to face…

The government has extended the deadline for filing income tax returns (ITR) for Financial Year (FY) 2024-25 (Assessment Year 2025-26) to September 15, 2025. Taxpayers now have additional time to evaluate whether the old tax regime or the new tax regime works better for them. Both regimes have their own advantages: Here’s a comparison of…

The Income Tax Department has released the Excel-based utilities for various Income Tax Return (ITR) forms, including ITR-1, ITR-2, and ITR-3 for the Assessment Year (AY) 2025-26. Among these, the ITR-2 form—used by individuals and HUFs with income from salary, capital gains, foreign assets, and other non-business sources—has undergone significant updates this year. Below are…

India’s taxation landscape is poised for a historic transformation as the parliamentary committee examining the Income Tax Bill 2025 prepares to present its comprehensive report to the Lok Sabha this Monday. This groundbreaking legislation represents the most significant tax reform initiative in over six decades, designed to replace the complex Income Tax Act of 1961….

When it comes to filing your Income Tax Return (ITR), many taxpayers wonder—should gifts be included? Are they taxable? The answer depends on who gave the gift, its value, and the occasion. Let’s break down the gift taxation rules under Indian law so you can file your ITR accurately and avoid surprises. Are Gifts Always…

The Central Board of Direct Taxes (CBDT) has extended the Income Tax Return (ITR) filing due date for non-audit taxpayers from 31st July 2025 to 15th September 2025. This extension comes in light of recent changes in the ITR forms and the time required to update the filing utility. The revised deadline is aimed at…

The PAN (Permanent Account Number) card is one of the most essential identity and financial documents in India. Whether it’s opening a bank account, filing income tax returns, or carrying out major financial transactions, a PAN card is often a must-have. But have you ever wondered—does a PAN card have an expiry date? If you’ve…

Filing your Income Tax Return (ITR) correctly is more than a yearly obligation — it’s a step toward financial responsibility, helping you avoid penalties, tax notices, and delays in refunds. As the assessment year 2025–26 begins, it’s time to gather your key financial documents: salary slips, Form 16, bank interest certificates, and investment proofs. But…

The Unified Payments Interface (UPI) has revolutionized digital payments in India, making it quick and seamless to send or receive money. However, this convenience also brings security risks if proper precautions aren’t taken. Here are 10 practical tips to help you protect your UPI transactions. 1. Stick to Official UPI Applications Choose only well-established and…

Filing your Income Tax Return (ITR) in India is not just a legal requirement—it’s also a crucial step toward maintaining your financial health. With the 2025 assessment year underway, it’s important to be aware of the current deadlines and rules to avoid penalties and ensure a smooth filing process. 🗓️ What’s the Last Date to…