Income Tax — Guides, Rulings & Planning

Filing the wrong ITR form triggers a defective return notice. With 31 July approaching, this guide tells you which form applies to your income profile — and why NRIs almost never qualify for ITR-1.

Employers routinely miscalculate Section 192 TDS — wrong regime, missed perquisites, ignored job changes. The final tax liability is always yours. Here is how to cross-check Form 16 against AIS before you file.

Missing the CGAS deposit by 31 July costs you the Section 54 exemption entirely — even if you buy a house well within the 2-year window. Here is the full guide to the house sale capital gains exemption.

Unlisted shares are taxed completely differently from listed equity — no STT benefit, no Section 111A or 112A. Section 112 governs at 12.5% after Budget 2024, and the holding period and cost of acquisition rules catch most sellers off guard.

Section 44AD lets small businesses declare a fixed percentage of turnover as profit with no books or audit. But opt in for one year and you are locked in for five. Here is how it works and who should avoid it.

Section 234B and 234C add interest to your tax bill for underpaying advance tax — but most taxpayers confuse them or assume TDS covers everything. Four myths debunked, with a step-by-step calculation.

For AY 2026-27, the Section 87A rebate makes the first ₹12 lakh tax-free for most resident individuals — but the capital gains trap has cost thousands of taxpayers real money. Here is what you need to know before you file.

The tax deferral for startup ESOPs sounds straightforward until you try to explain when the tax actually becomes due. Most advisors say "48 months." That is incomplete in a way that can cost employees real money.

Section 80-IAC of the Income Tax Act, 1961 provides a 100% profit deduction for eligible startups for any three consecutive assessment years out of the first ten years from the year of incorporation. Getting to this deduction requires an Inter-Ministerial Board certificate — and most startups do not know what that process involves.

Every Indian resident who remits money abroad to invest in US stocks, overseas mutual funds, or international bonds is having 20% deducted at the bank counter. Most of them believe they have "paid tax." They have not — they have paid TCS, and it can be claimed back.

Every ITR filing season, the same error appears across tech employees' returns: the RSU income is reported correctly under salary, Form 16 matches, and the ITR is filed. What is missed is that the shares received on vesting are a foreign asset requiring Schedule FA disclosure.

Miss 31 July and you can still file until 31 December 2026 — but with a ₹5,000 fee, interest charges, and permanent forfeiture of capital loss carry-forwards. Here is exactly what changes.

PAN is mandatory for income tax filing, high-value transactions, and opening bank accounts. This guide covers how to apply for a PAN card, when it is compulsory, penalties for not quoting PAN, and how to link Aadhaar — all with specific section citations.

Finance Act 2024 overhauled capital gains tax in India. LTCG on equity is now 12.5% without indexation, STCG is 20%. This comprehensive guide explains every rate, exemption, and grandfathering rule with specific section citations.

If you are a freelancer or consultant earning up to ₹75 lakh, Section 44ADA lets you declare 50% of receipts as profit — no books, no audit. Here is exactly who qualifies and how it works.

You are entitled to a refund the moment excess TDS is deducted. Filing your ITR triggers the process automatically. Here is how refunds work, when interest applies, and what to do if yours is stuck.

Filing your ITR after 31 July 2026 triggers three separate charges under the Income Tax Act. Here is exactly what each one costs and when it starts.

Indian companies with international transactions exceeding ₹1 Cr must file Form 3CEB (a CA-certified transfer pricing report) under Section 92E before 31 October 2026. This guide covers the five prescribed methods, documentation standards, and the penalty structure for non-compliance.

Yes — you can file your ITR even if your employer has not issued Form 16. Your actual tax data is already captured in your AIS and Form 26AS. Here is exactly how to do it.

The new tax regime is the default from FY 2023-24. But defaulting is not the same as optimal. Here is a precise comparison of slabs, deductions, and break-even points to help you decide correctly for AY 2026-27.

Complete guide to advance tax under Section 208: who is liable, how to calculate all four instalments, due dates for FY 2025-26, and Section 234B/234C interest consequences.

Detailed guide to calculating HRA exemption under Section 10(13A) with metro/non-metro examples, landlord PAN rules, rent-to-parents strategy, and documents required.

A CA's guide to income tax notices under Sections 139(9), 143(1), 143(2), 148, and 245. Includes response timelines, document checklist, and what happens if you ignore a notice.

Complete TDS deduction rate chart for FY 2025-26 covering Sections 192, 194C, 194J, 194H, 194I, 194Q. Includes thresholds, payment deadlines, and return filing dates.

Your ITR shows ₹10 lakh income. The government's AIS shows ₹14 lakh. A Section 143(1)(a) notice follows automatically. Here is why AIS errors happen and how to prevent them before you file.

Detailed breakdown of all investments qualifying for Section 80C deduction up to ₹1.5 lakh, with lock-in periods, taxability of returns, and optimal investment strategy.

A data-driven comparison of the new and old tax regimes for FY 2025-26. Worked examples for different income slabs and when to choose each.

A step-by-step guide to filing your ITR for AY 2026-27 on the Income Tax e-filing portal, including document checklist, deadlines, and common mistakes to avoid.

Section 115BBH taxes crypto gains at 30% with zero loss set-off — not against other crypto profits, not against any income. Here is why this framework is uniquely punishing and what Indian traders must know.

From 2012 to 2024, Section 56(2)(viib) treated startup fundraising as taxable income. Over 1,500 companies received notices. Here is exactly how it worked and what it cost the Indian ecosystem.

The British left in 1947. One of their taxes is still deducting from your salary every month. Here is why Professional Tax exists, why it makes no sense, and why nobody has killed it.

Advance tax must be paid in four instalments during the financial year. Missing instalments attracts interest under Sections 234B and 234C. Here is how to compute and pay advance tax.

Non-resident Indians have different residential status rules, TDS rates, and filing obligations. This guide covers DTAA benefits, NRO vs NRE taxation, and how to file ITR-2 as an NRI.

A home loan gives you tax deductions on both interest (Section 24b) and principal (Section 80C). Here is how to maximise your tax savings on home loan repayment for AY 2025-26.

Choosing the wrong ITR form is a common mistake that leads to a defective return notice under Section 139(9). Here is the definitive guide to selecting the correct form for your income profile.

Section 80C allows a deduction of up to ₹1.5 lakh per year from taxable income. This guide covers all eligible investments and payments — ELSS, PPF, LIC, home loan principal, and more.

Filing your ITR is not complete until you e-verify it. Under Rule 12(3) of the Income Tax Rules, e-verification must be done within 30 days of filing. An unverified return is treated as not filed.

Budget 2024 revised capital gains tax rates significantly. Long-term capital gains on equity are now taxed at 12.5% (up from 10%) and short-term at 20%. Here is the complete guide.

The Annual Information Statement (AIS) is more comprehensive than Form 26AS. Mismatches between your records and AIS can trigger notices. Here is how to reconcile them before filing.

The new tax regime is the default for AY 2025-26 with revised slabs and a higher rebate limit. Here is a structured comparison to help you decide which regime saves you more tax.

Form 16 is your TDS certificate from your employer. This guide explains Part A, Part B, what to verify, and how to use it for accurate ITR filing.

The due date for filing your Income Tax Return for AY 2025-26 (FY 2024-25) is 31 July 2025 for non-audit individuals. Here is a complete guide to deadlines, extensions, and penalties.