Income Tax Advice
(INCOME?TAX) S.O. 2906(E).In exercise of the powers conferred by clause (xxi) of sub?section (2) of section 80C of the Income?tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments to the Bank Term Deposit Scheme, 2006, namely:? (a) This scheme is called as the Bank Term Deposit scheme 2014. (b) In … Read more
If you have not filed Income return for last few years ( ie Previous year 2012-2013, 2011-2012, 2010-2011, and 2009-2010) then chances are that you might have received income tax notice from income tax department. Income Tax Department is collating information from various sources and is sending notice to non-filers of Income Tax return. If you have received … Read more
Last Updated: June 2026 — FY 2025-26 (AY 2026-27) Under Section 194IA, the buyer of an immovable property (other than agricultural land) must deduct TDS at the time of payment if the property value is Rs. 50 lakh or more. TDS on Property Sale – Section 194IA (FY 2025-26) Detail Rate / Rule TDS Rate … Read more
Income Tax Return filing last date is 31st july 2014 for non- Audit cases. There is lot of confusion among tax payers, which is the correct income tax form. Whether I should use ITR 1 or ITR 2. Who can use ITR 1 ITR–1 Form is to be used by an Individual having income from … Read more
The Central Board of Direct Taxes (CBDT) has specified a value for the cost inflation index (CII) for 2014-15. A cost inflation index helps reduce the inflationary gains, thereby reducing the long-term capital gains tax payout for a taxpayer. Last year, the index was ‘939’, and this year it is ‘1024’. This would mean that … Read more
Last updated: August 2026 — FY 2025-26 (AY 2026-27) ITR-4 (Sugam) is the simplified return form for small businesses and professionals who declare income on a presumptive basis under Sections 44AD, 44ADA or 44AE. It replaced the old ITR-4S form in 2017. This guide explains exactly who can file ITR-4 for FY 2025-26, who is … Read more
Last Updated: June 2026 — FY 2025-26 (AY 2026-27) | Last Date: 31 July 2026 Filing your Income Tax Return (ITR) online is straightforward if you follow the right steps and avoid common mistakes. Step-by-Step: How to File ITR Online Collect Form 16, Form 26AS, AIS, bank statements, and investment proofs Login to incometax.gov.in with … Read more
Last Updated: June 2026 — FY 2025-26 (AY 2026-27) ITR-2 is used by individuals and HUFs who have income beyond salary and cannot use ITR-1. Who Should Use ITR-2 for FY 2025-26? Income exceeding Rs. 50 lakh Capital gains from shares, mutual funds, or property More than one house property NRIs with India-sourced income RNOR … Read more
ITR-1 (Sahaj) is India’s simplest income tax return form – and for FY 2025-26 (AY 2026-27) it just became useful to even more taxpayers. This guide covers who can file ITR-1, what changed this year, the documents you need, and a step-by-step walkthrough of filing it online before the 31 July 2026 deadline. Watch: ITR-1 … Read more
Last Updated: June 2026 — FY 2025-26 (AY 2026-27) Section 87A of the Income Tax Act provides a tax rebate that reduces your income tax liability to zero if your total income is within the specified limit. This is one of the most beneficial provisions for middle-income taxpayers in India. Section 87A Rebate for FY … Read more