If you have made a high value transaction this year — sold property, made a big cash deposit, invested heavily in mutual funds, or spent heavily on a credit card — the Income Tax Department may already have that data. Not from anything you filed, but from what your bank, registrar, or broker filed about […]
Your savings account earns interest every year. That interest is taxable — but the Income Tax Act 1961 gives you a deduction against it, depending on how old you are. Section 80TTA vs 80TTB both reduce your taxable interest income, but they cover different people, different deposit types, and different limits. Many taxpayers claim the
“Income up to ₹12 lakh is tax-free now.” You have seen that line shared a hundred times, and it is mostly true — but the part everyone leaves out is what makes it true and where it quietly stops applying. The rebate under section 87A is the single provision doing all that work, and it
Many business owners treat GST return filing as a once-a-year chore handled by “the accountant.” That assumption is exactly what produces late fees, blocked input tax credit, and the dreaded mismatch notice. The reality is that GST is a continuous monthly or quarterly cycle of returns, each one feeding the next, and a single skipped
If you have never looked past the “net pay” figure on your payslip, you are leaving tax decisions to your payroll team by default. Two people earning the same cost-to-company can pay very different amounts of tax, purely because of how their salary is split. This is the heart of salary breakup and tax planning:
A common belief among retirees is that once you stop working, you no longer need to file an income tax return — or that having tax deducted at source settles everything. Both ideas are usually wrong. The senior citizen ITR rules give older taxpayers some genuine relief, including higher exemption limits and a few special
If you changed jobs and withdrew your provident fund instead of transferring it, you may have a tax bill you did not expect. Many salaried employees believe EPF money is always tax-free because it came from their own salary. That is true only after a point. Before that point, an EPF withdrawal can be fully
Most salaried taxpayers report their salary carefully and then forget the one thing that quietly trips up thousands of returns every year — interest income. The interest your savings account earns, the maturity on a fixed deposit, the small amount on a recurring deposit: all of it is taxable, and all of it is now
Many homeowners assume that reporting rental income in ITR means writing down the rent they received and moving on. That is the single most common mistake in this part of the return. Rental income is never one number — it is a small calculation with at least three moving parts, and getting any of them
If you are a salaried employee waiting for the last week of July to start your return, you are setting yourself up for a rushed, error-prone filing. The return for income earned in FY 2025-26 is due by 31 July 2026, and most filing mistakes happen because people scramble for documents at the last minute
