If your Annual Information Statement shows numbers that do not match your bank statements or salary slips, do not panic and do not file blindly. An AIS mismatch in ITR data is one of the most common reasons salaried filers, freelancers, and investors get a notice under Section 143(1) — and almost all of these […]
If you missed reporting some income, filed the wrong form, or skipped filing altogether for a past year, the updated return ITR-U is often the only door still open. It is also one of the most misunderstood tools in the Income Tax Act. Many taxpayers file it expecting a refund or assume it can fix
You filed your income tax return, hit submit, and then realised you forgot to declare interest from a fixed deposit. Or you claimed a deduction under the wrong section. Or the bank account you mentioned for the refund was closed last year. This is one of the most common situations Indian taxpayers face after filing
If you took a home loan expecting the interest to give you a tax break, the answer now depends entirely on which regime you pick. Many salaried borrowers still believe the home loan interest deduction is automatic — pay the EMI, claim the interest, save tax. That stopped being true the moment the new tax
If this is your first salary year and you are sitting with a Form 16 wondering what to do next, do not panic. First time ITR filing feels intimidating mostly because of the jargon, not the process itself. The actual filing, for a typical salaried employee with one employer and a savings account, takes about
If you sold, swapped, or even spent crypto during FY 2025-26 and you are a salaried filer who normally files a simple return, the rules have changed for you whether you noticed or not. Crypto tax in India is now a separate, dedicated regime — not a footnote inside capital gains, not optional, and not
If you sold shares or redeemed mutual fund units in FY 2025-26, the tax rules you remember from a few years ago are not the rules that now apply to you. Capital gains tax on shares was reset on 23 July 2024 — rates went up, holding periods were standardised, and indexation was withdrawn for
Many founders and small traders register under GST and tick the default “regular scheme” without realising there is a second option that could halve their compliance load. Others rush into the composition scheme because a friend said it has lower tax, then lose corporate clients who needed an input tax credit. The composition vs regular
If you are a salaried employee paying rent, House Rent Allowance is probably the largest tax-free component on your payslip — and also the most misunderstood. Many salaried readers assume the entire HRA in their salary structure is tax-free. It is not. The exempt portion is the lowest of three calculated amounts under Section 10(13A)
If you hold a US brokerage account, an ESOP grant from a Singapore parent, a flat in Dubai, or even a dormant UK savings account from your student days — and you are now a tax resident in India — Schedule FA is not optional. This is one of the most aggressively enforced disclosure requirements
