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Tax

Form 16 serves as a crucial document for employed individuals, offering comprehensive information on salary earnings and the deduction of taxes at the source (TDS).
Updated : May 17, 2025

Filing ITR made easy: Digital Form 16 auto-extracts income, TDS, deductions

The Income Tax Department introduces Digital Form 16, facilitating easier and more accurate income tax return filing with integrated salary and tax data, generated from the reliable TRACES portal.

Since STT is not applicable to foreign securities, gains from these instruments are excluded from the Rs 1.25 lakh LTCG exemption available under Section 112A.
Updated : May 16, 2025

Investing abroad? How foreign stocks, mutual funds, ETFs will be taxed in FY2025-26? 

Foreign assets attract tax under Section 112 at 12.5% for long-term gains without the benefit of indexation. Short-term gains are taxed according to the investor’s applicable slab rate.

Form 16 is specifically designed for individuals receiving a salary. Freelancers and self-employed taxpayers are advised to acquire income certificates instead.
Updated : May 16, 2025

Tax filing season begins: Filing ITR without Form 16 is easier than you think; here's what you need

If you don't have Form 16 or your Form 16 is delayed, you can utilise your salary slips for reviewing your earnings, Form 26AS for confirming TDS details, and the Annual Information Statement (AIS) for a comprehensive financial overview. 

LTCL can be offset by LTCG, while short-term capital losses can be used to offset both short-term and long-term capital gains.
Updated : May 15, 2025

Pay zero tax on stock, MF gains? Here's how investors can use capital losses to wipe out liability

With equity markets turning choppy in FY 2025–26, many investors are sitting on a mix of gains and losses. But here's the upside—those losses can actually erase your tax bill if used strategically. By applying capital gains set-off rules smartly, stock and mutual fund investors can reduce their tax liability to zero.

Capital gains taxation comes into play when a capital asset is sold for a profit.
Updated : May 15, 2025

First-time taxpayer? One mistake in your capital gains report could trigger a tax notice

Filing income tax returns for the first time can be daunting, particularly when dealing with capital gains. It is crucial to accurately report capital gains from activities such as selling shares, redeeming mutual funds, or disposing of property in order to comply with tax regulations and prevent potential audit inquiries in the future.

Part of your bill also funds investments in smart grids, smart meters, and technology upgrades designed to curb theft, improve billing efficiency, and reduce technical losses.
Updated : May 15, 2025

Why your ₹4,999 power bill fuels more than just your home: Analyst explains India’s power math

The breakdown shows how subsidies, cross-subsidies, and DISCOM losses quietly load extra costs onto paying customers while others get heavily discounted or free electricity.

To register for GST on the portal, one would need: Aadhaar card, PAN, business registration certificate, and others.
Updated : May 14, 2025

GST Registration is not optional: What changes in 2025 for businesses & online sellers

The process of registering for GST can be easily accomplished on the GST portal by submitting essential documents, such as the applicant's Aadhar card, PAN, business registration certificate, ID and address proof of the promoter, as well as address proof of the business location.

Before submitting your return, make sure to cross-check the pre-filled details with your own records. Even small mistakes can lead to tax notices, delays in refunds, or additional liabilities.
Updated : May 13, 2025

Salaried taxpayers could have saved Rs 49,094 in taxes; here's what to avoid, note during tax filing

Taxpayers tend to make common mistakes, like selecting the wrong tax regime or missing out on corporate NPS benefits. DIY tax filing often results in compliance gaps, such as failing to deduct TDS or pay advance tax.

The ITR-1 form will allow for reporting of Long Term Capital Gains (LTCG) up to Rs 1.25 lakh under Section 112A from listed equity shares or equity mutual funds.
Updated : May 13, 2025

ITR Forms for AY 2025-26 released: Simplified filing of capital gains, buyback loss reporting

The CBDT has notified all seven Income Tax Return (ITR) forms for AY 2025-26, incorporating new capital gains rules. This update aligns with the Union Budget 2024 rules on capital gains tax, impacting tax reporting requirements.

The filing process for ITR-7 will be activated soon, with submissions required to be made electronically via the Income Tax Department’s e-filing portal.
Updated : May 12, 2025

ITR Form 7 for AY2025-26 notified: Buyback loss relief, capital gains split bring clarity for exempt entities

CBDT issues revised ITR-7 for AY 2025-26, detailing new capital gains reporting and buyback loss adjustments as per the Finance Act, 2024.

Short-term capital losses (STCL) can be set off against both short-term and long-term capital gains. Long-term capital losses (LTCL), however, can only be set off against LTCG.
Updated : May 10, 2025

Tax calculation: Here's a capital gains tax hack on how to use losses smartly to lower your FY26 tax outgo

The Income-tax Act of 1961 outlines set guidelines for offsetting capital gains and losses. This enables taxpayers to deduct losses from gains effectively, ultimately reducing their tax burden.

The department has notified 7 forms - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 so far. It is important for every taxpayer to submit their ITR on or before the specified deadline.
Updated : May 10, 2025

Filing your taxes for FY25? Here's how to pick the right ITR form based on your income type

Taxpayers can now file their returns for FY 2024–25 using the latest ITR forms notified by the Income Tax Department. Forms ITR-1 to ITR-5 are already available, with updated eligibility rules and reporting requirements in place. Choosing the right form is crucial, as it depends on income type, taxpayer category, and capital gains treatment.

You choose between the Old Tax Regime (exemptions, deductions like HRA or 80C) or the New Tax Regime (lower rates but fewer deductions) annually when filing ITR.
Updated : May 10, 2025

ITR filing 2025: Choosing old tax regime? Form 10-IEA is mandatory -- check details

When filing income tax returns for FY 2024-25 (AY 2025-26), salaried individuals, professionals, and pensioners must choose between the New and Old Tax Regimes. While the New Regime is now the default and requires no extra steps, those preferring the Old Regime must submit Form 10-IEA

The revised ITR-4 form now caters to small taxpayers by excluding individuals with income over Rs 50 lakh, foreign assets, unlisted equity shares, or directorship in a company.
Updated : May 8, 2025

ITR-4 (Sugam) decoded: Who can file, what’s new for AY 2025–26 -- check details

A major update for AY 2025–26 is that taxpayers with long-term capital gains of up to Rs 1.25 lakh can now also use ITR-4. This brings some flexibility if you had modest equity or property gains during the year.

The revised ITR-6 form will replace its predecessor and will demand more comprehensive details from companies.
Updated : May 8, 2025

CBDT announces new ITR-6 forms for AY 2025-26; what domestic, foreign companies should note

The Central Board of Direct Taxes (CBDT) has recently released significant updates to the ITR-6 form for the Assessment Year (AY) 2025-26. These updates aim to simplify tax reporting for companies and align with recent legislative changes.

To prepare for worst-case scenarios, many buy citizenship by investment in countries like Portugal, Malta, Montenegro, or the Caribbean.
Updated : May 8, 2025

'Immunity tickets' and Dubai rentals: Investment banker reveals how the rich shield their money

The game starts in the UAE, says Ahuja, where many ultra HNIs set up business entities to channel all international operations. While Singapore is a strong runner-up, its 17% corporate tax doesn’t quite beat the UAE’s flat 9% rate.

The Income Tax Act of 1961 provides a well-defined system for utilizing capital losses to potentially lower tax liabilities.
Updated : May 7, 2025

Volatile markets? Here's how to make your losses work and save taxes for you

The capital gains tax is imposed on the earnings generated from investments like stocks, mutual funds, or real estate. The Income Tax Act of 1961 provides a systematic and detailed process for utilizing capital losses to minimize tax liabilities, resulting in potential savings on taxes for individuals.

The ITR-3 form is designed for individuals and Hindu Undivided Families (HUFs) involved in businesses or professions that necessitate extensive accounting documentation.
Updated : May 7, 2025

I-T department revises ITR-3 form for AY 2025-26; check key details

The Income Tax Department has updated the ITR-3 Form for AY 2025-26, introducing a 1% TDS rate for e-commerce operators and additional fields for foreign asset reporting.

Section 194-IB was introduced to bring high-value rental transactions under the tax net.
Updated : May 6, 2025

I am paying monthly rent more than Rs 50,000. Should I deduct TDS monthly or once yearly?

Under Section 194-IB, individuals or HUFs (not liable for tax audit) are required to deduct 2% TDS only “once” - at the time of paying the rent for March or when vacating the property, whichever is earlier.

ITR-1 (Sahaj) and ITR-4 (Sugam) are designed for small and medium taxpayers, allowing for simplified reporting of income.
Updated : May 6, 2025

ITR filing 2025: ITR forms 1, 2, 3, 4 and 5 notified for FY 2024-25; key differences explained for taxpayers 

The I-T department has notified new ITR forms for FY 2024-25, detailing eligibility and exclusions for each form. These tax filing forms cater to different taxpayer categories, with updates including a new section for tax-exempt long-term capital gains.

Salaried individuals must utilize ITR 2, instead of ITR 1, in case they have more than one house property, any assets located outside India, or if their total income surpasses Rs 50 lakh.
Updated : May 6, 2025

ITR filing 2025: ITR-2 notified for tax filing in FY2024-25; check who all should opt for it

Individuals with salary or pension income, or those earning income from more than one house property, can file their income tax return using ITR-2. Notably, any income from capital gains or losses from property or other investments, whether long-term or short-term, must be reported in this form.

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