The article explains why select savings instruments continue to enjoy Exempt-Exempt-Exempt status and how they deliver complete tax efficiency under the old tax regime.
SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all family gifts are tax-free under Section 56(2)(x).
Excessive tax deductions trigger audits when claims are disproportionate to income, lack documentation, or mismatch AIS data. Taxpayers face scrutiny if claims are inflated.
Missing the ITR due date u/s 139(1) mandates the use of the new tax regime, as the option to choose the old regime or file Form 10−IEA is lost.
Avoid income tax notices by understanding frequent errors: not reporting all income, incorrect ITR forms, TDS mismatches, unreported foreign assets, false deductions, high-value transaction oversight, and mandatory non-filing.
CBDT extends ITR filing for AY 2025-26 to Sept 15, 2025. Learn about interest on income tax refunds under Section 244A and its tax implications.
India and the US are negotiating a bilateral trade agreement and paused proposed tariffs as they aim to double trade despite new US global tariff policies.
Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax year terminology and TDS/TCS rules.
Budget 2025 extends tax incentives for IFSC units, exempts IFSC insurance premiums, and simplifies fund management rules, aiming to boost financial services in GIFT City.
Explore corporate tax reforms expected in Union Budget 2025-26, including CSR deductions, TDS rationalization, MSME payment rules, and start-up incentives.
