Income tax
Understanding income tax is crucial for managing your finances. Discover how income tax works, learn about tax brackets, deductions, and credits. Stay informed about changes in tax laws and filing requirements. Navigate the world of taxation with confidence and ensure you make the most of your financial opportunities.
Created on: 07/01/2025
Income Tax in India: Are You Prepared for July 2025?
This blog post provides a comprehensive overview of the significant income tax changes coming into effect in India from July 1, 2025. It details the more attractive new tax regime with revised slabs and increased deductions, the extended ITR filing deadline, the mandate for Aadhaar in PAN applications, and the real-time PAN-bank linking system. Furthermore, it touches upon the updated ITR forms and the broader proposals of the Income Tax Bill 2025, offering taxpayers crucial insights for compliance and effective tax planning.
Created on: 06/30/2025
Easy Guide: Selling Your House? How to Save Tax with Section 54!
This blog provides a simple guide to Income Tax Section 54, explaining how individuals and HUFs can save tax on long-term capital gains from selling a residential house by reinvesting in a new one. It covers the core conditions, timelines, and the use of the Capital Gains Account Scheme. The main focus is on the crucial update allowing exemption for investing in two houses (if capital gain is up to ₹2 Crore), emphasizing that this benefit can be used only once in a lifetime. The post highlights common pitfalls and advises on documentation and expert consultation.
Created on: 06/30/2025
Easy Guide: Selling Your House? How to Save Tax with Section 54!
This blog provides a simple guide to Income Tax Section 54, explaining how individuals and HUFs can save tax on long-term capital gains from selling a residential house by reinvesting in a new one. It covers the core conditions, timelines, and the use of the Capital Gains Account Scheme. The main focus is on the crucial update allowing exemption for investing in two houses (if capital gain is up to ₹2 Crore), emphasizing that this benefit can be used only once in a lifetime. The post highlights common pitfalls and advises on documentation and expert consultation.
Created on: 06/30/2025
Easy Guide: Selling Your House? How to Save Tax with Section 54!
This blog provides a simple guide to Income Tax Section 54, explaining how individuals and HUFs can save tax on long-term capital gains from selling a residential house by reinvesting in a new one. It covers the core conditions, timelines, and the use of the Capital Gains Account Scheme. The main focus is on the crucial update allowing exemption for investing in two houses (if capital gain is up to ₹2 Crore), emphasizing that this benefit can be used only once in a lifetime. The post highlights common pitfalls and advises on documentation and expert consultation.
Created on: 06/27/2025
ITR Scrutiny Notice u/s 143(2) for AY 2024-25: Don't Panic! Your Step-by-Step Guide to Responding
The Income Tax Department has begun dispatching scrutiny notices under Section 143(2) for AY 2024-25. This blog provides a detailed guide on understanding these notices, common reasons for their issuance, a step-by-step response strategy, and essential tips to prevent future scrutiny, ensuring taxpayers can navigate the process effectively.
Created on: 06/26/2025
ITR Processing Update: CBDT's Relief for Delayed Filings (Circular 07/2025)
This summarized blog post explains the latest CBDT circular (dated June 25, 2025) that extends the processing deadline for specific Income Tax Returns (ITRs). It covers who benefits from this relief (ITRs filed electronically on or before March 31, 2024, with condoned delay), the new processing deadline of March 31, 2026, and important exceptions, offering clarity to taxpayers.
Created on: 06/25/2025
Your ITR Filing Checklist for AY 2025-26: Essential Documents You Can't Miss!
This blog post provides a crucial checklist of essential documents required for filing Income Tax Returns for Assessment Year 2025-26 (Financial Year 2024-25). It details the importance and usage of key documents such as Form 16, Form 16A/B/C, Form 26AS, AIS/TIS, Capital Gains statements, and proofs for tax-saving investments/expenses (for the Old Tax Regime). The post emphasizes the benefit of early preparation for a smooth and error-free filing experience and includes a pro-tip for cross-verification. It concludes by offering MyITRonline's expert assistance for accurate and hassle-free tax filingYour ITR Filing Checklist for AY 2025-26: Essential Documents You Can't Miss!
Created on: 06/25/2025
Updated Tax Returns (ITRU): Made a Mistake? Now You Have 4 Years!
This blog post explains the Updated Tax Return (ITRU), a crucial provision under Section 139(8A) of the Income Tax Act that allows taxpayers to correct errors or declare omitted income in previously filed ITRs. It highlights the significant extension of the filing deadline from two to four years from the end of the relevant assessment year, providing more flexibility. The article details the penalties and interest associated with filing an ITRU, outlines who is eligible to file (those declaring additional income) and who isn't (those seeking refunds or reduced liability), and provides a step-by-step guide on the filing process. The aim is to empower taxpayers to proactively ensure compliance and avoid harsher penalties, with a strong call to action for expert assistance from MyITRonline.
Created on: 06/23/2025
India's Tax Report: Why a Small Drop is Actually Good News
This blog analyzes India's direct tax collections for FY 2025-26 (as of June 19, 2025). While net collections show a slight dip, the detailed breakdown reveals robust gross collection growth and a significant increase in tax refunds, reflecting enhanced taxpayer services. Positive advance tax figures further signal underlying economic strength and optimistic future expectations, painting a picture of resilience rather than slowdown
Created on: 06/23/2025
Official: Forum of Regulators Gets Tax Break from CBDT (Notification S.O. 2740(E)
The Central Board of Direct Taxes (CBDT) has exempted the Forum of Regulators (FOR), which oversees India's electricity sector, from income tax on specific income streams under Section 10(46) of the Income-tax Act. This retrospective exemption covers government grants, membership fees, and bank interest, providing financial relief and enabling FOR to more effectively align power regulations, promote best practices, and protect consumer interests
Created on: 06/21/2025
What is TDS and How Does it Affect Your Income Tax? Your Complete Guide
TDS: Explained! From your salary slip to bank statements, understand what Tax Deducted at Source really means for your income tax in India. Learn its purpose, common types, and how to track your credits via Form 26AS. Ready to decode TDS and ensure accurate ITR filing? Myitronline is here to help you every step of the way.
Created on: 06/20/2025
Unlocking HRA Exemption: Yes, You Can Claim HRA While Staying With Your Parents in India!
Did you know you can claim HRA exemption even when you live with your parents? It's a common misconception that costs many taxpayers valuable savings. Our detailed blog post breaks down exactly how to do it legally: from ensuring genuine rent payments and formal agreements to understanding your parents' tax implications. Learn the crucial conditions and required documents to unlock this significant tax benefit. Simplify your HRA claim with expert guidance from myitronline.