This guide explains the crucial aspects of Futures & Options (F&O) taxation in India. It clarifies that F&O income is categorized as 'Non-Speculative Business Income', detailing how to calculate turnover based on 'absolute profit' plus premiums. The guide outlines various deductible expenses to reduce taxable income and explains when a tax audit is mandatory, especially for losses or specific turnover thresholds. Finally, it covers how to manage F&O losses through set-off and carry-forward, and provides essential information on ITR filing (ITR-3), applicable tax rates, and advance tax payments, ensuring traders stay compliant and manage their finances effectively.

This guide explains the crucial aspects of Futures & Options (F&O) taxation in India. It clarifies that F&O income is categorized as 'Non-Speculative Business Income', detailing how to calculate turnover based on 'absolute profit' plus premiums. The guide outlines various deductible expenses to reduce taxable income and explains when a tax audit is mandatory, especially for losses or specific turnover thresholds. Finally, it covers how to manage F&O losses through set-off and carry-forward, and provides essential information on ITR filing (ITR-3), applicable tax rates, and advance tax payments, ensuring traders stay compliant and manage their finances effectively.

This blog details the recent changes by the CBDT in relaxing certain "black money" rules, aiming to provide significant relief to Indian taxpayers. It explains the rationale behind these changes, focusing on the rationalization of penalties, re-evaluation of "undisclosed" status, new opportunities for compliance, and a reduction in harassment and litigation. The article highlights who benefits from these relaxations, positions them within a broader shift towards trust-based taxation, and advises taxpayers on necessary steps to take.

This blog post explains CBDT Circular No. 9/2025, which clarifies that the higher 20% TDS rate under Section 206AB will not apply to property transactions covered by Section 194-IA. This brings significant relief to buyers and sellers by ensuring a consistent 1% TDS deduction on property sales over ₹50 Lakhs, simplifying compliance and streamlining real estate dealings.

The Goods and Services Tax Network (GSTN) has significantly revamped its refund system, introducing a unified application form (RFD-01), enhanced document uploads, real-time tracking, and integration with PFMS for faster disbursements. This blog details these crucial updates, explaining how they streamline the refund process for taxpayers, promote transparency, and minimize delays, ensuring timely receipt of their legitimate refunds.

The Central Board of Direct Taxes (CBDT) is implementing significant changes to income tax forms and rules, effective April 2025, following the new Income Tax Act of 2025. The initiative focuses on simplifying tax filing through smart, pre-filled forms, drastically reducing the number of forms from 200 to under 100, and ensuring robust protection for digital data collected during tax procedures. While new ITR forms are slated for 2027, immediate efforts are on TDS, TCS, advance tax, and exemption forms. These reforms aim to enhance transparency, ease compliance, and create a smarter, safer tax environment for Indian taxpayers.

The Central Board of Direct Taxes (CBDT) has announced a significant overhaul of the Income Tax Act, effective from assessment year 2025-26. This blog details the crucial changes, including simplified individual tax slabs, revised capital gains taxation, a stronger focus on digital transactions, corporate tax reforms, revamped deductions and exemptions, enhanced anti-evasion measures, and the introduction of a Taxpayer Charter. Understanding these updates is vital for both individuals and corporations to ensure compliance and optimize financial planning under the new regime.

The CBDT has issued Instruction No. 01/2025 on 18 August 2025, aligning its policy with the Finance (No. 2) Act, 2024. This update ensures that prosecution under Sections 49 and 50 of the Black Money Act will not be initiated for undisclosed non-immovable foreign assets valued up to ₹20 lakh. The move offers relief to genuine taxpayers, prevents harsh action for minor errors, and focuses enforcement on serious non-compliance cases.

This blog post breaks down the recent significant amendment made by the CBDT to Rule 21AIA of the Income Tax Rules. It details the removal of sub-rule (4), which previously imposed additional compliance burdens on "specified funds" like retail schemes and ETFs in the IFSC. The post explains how this change aligns tax laws with IFSCA regulations, effectively eliminating dual regulation. The primary impact is simplified compliance, reduced regulatory overlap, and a more attractive investment environment in India's IFSC, ultimately fostering growth in financial hubs like GIFT City.

The Income Tax Department has released the ITR-7 Form for AY 2025-26, applicable to persons and institutions required to file returns under sections 139(4A), 139(4B), 139(4C), and 139(4D). This blog covers the newly released Excel-based utility, JSON schema, and validation guidelines to simplify your tax filing process.

Despite the ITR filing deadline for AY 2025-26 being extended to September 15, over 3.29 crore returns have already been filed by mid-August, with 1.13 crore processed. This highlights growing tax compliance and the Income Tax Department's processing efficiency.

The Central Board of Direct Taxes (CBDT) has amended Form No. 7 to include both "Assessment Year" and "Block Period," effective September 1, 2025. This blog details the changes, explains the concept of a "Block Period" in tax assessments, and discusses the implications for taxpayers, particularly in cases of search and seizure operations.