wealth
🔍 Is Your Savings Account Being Watched?
7 Bank Transactions That Can Trigger Income-Tax Attention Your savings account may feel like a safe and simple place to keep money — but certain transactions can quietly draw the attention of tax authorities. As financial systems become more data-driven, banks automatically report specific activities to help the government track unaccounted income. Here are seven…
CBDT Extends Income Tax Return and Audit Report Deadlines for AY 2025–26
The Central Board of Direct Taxes (CBDT) has officially extended key compliance deadlines under the Income-tax Act, 1961, providing relief to taxpayers and professionals struggling to meet the original timelines. As per the latest CBDT notification, the due date for furnishing the Return of Income under Section 139(1) for the Assessment Year (AY) 2025–26 has…
Income Tax Audit Deadline Extended to October 31, 2025: Relief for Taxpayers
The Central Board of Direct Taxes (CBDT) has extended the due date for filing tax audit reports for the financial year 2024–25. The deadline, which was earlier September 30, 2025, has now been extended to October 31, 2025. This announcement has brought relief to thousands of businesses and professionals who were unable to complete audit…
GST 2.0 From September 22: Full List of Items Getting Cheaper and Costlier
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…
ITR Filing: Comparing Deductions Under Old vs New Tax Regime for FY 2024-25
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…
Six Key Changes in ITR-2 Excel Utility for AY 2025-26: What Taxpayers Should Know
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…
Parliamentary Panel Proposes 285 Amendments to Streamlined Income Tax Bill 2025
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….
Do You Need to Report Gifts in Your Income Tax Return? Here’s What the Law Says
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…
ITR Filing Due Date Extended for FY 2024-25 (AY 2025-26)
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…
Does Your PAN Card Expire? Here’s What You Need to Know
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…