Reasons for Income Tax Scrutiny Triggers / Tax Notices in 2025 Every year, 1000 of taxpayers in India receive Tax Notices due to mismatches, omissions, or non-compliance in their tax filings. With the Tax Dept now deploying advanced AI-driven monitoring systems, scrutiny in 2025 is expected to be more stringent than ever. To avoid penalties, …
Taxation Comparison: Gold Coin vs Gold Jewellery Tax Aspect Gold Coin Gold Jewellery ITR Reporting Treated as a capital asset. Must be reported under “Capital Gains” if sold. Same as gold coin – report in ITR under “Capital Gains” when sold. Capital Gains Tax (CGT) – Short-Term (STCG): If held ≤ 3 years → Taxed …
Top 5 Changes in Form 3CD (AY 2025-26) Top 5 Changes in Income Tax Audit Form 3CD for AY 2025-26 (FY 2024-25) based on the CBDT notification and expert commentary are mentioned here under: what is change in MSME Payments – Clauses 22 & 26 : Clause 22 now requires disclosure of timely vs. delayed …
Filing ITR & Claiming TDS Refund for a Deceased Parent Obtain Proof That You Are the Legal Heir Apply through the local tehsildar / municipal corporation office for a legal heir certificate. Submit an application form, death certificate, PAN of deceased, your PAN, address proof, bank account details, and documents proving your relationship. Once verified, the tehsildar …
Central Board of Direct Taxes have indeed raised the exemption threshold for undisclosed foreign assets Following this legislative change, the Central Board of Direct Taxes has amended its internal instruction (dated August 18, 2025) to align prosecution thresholds with the revised penalty limits. Now, prosecution u/s 49 and 50 will not be initiated where penalties …
Old vs New Tax Regime: Evaluate each year before choosing. With ITR filing season around the corner, here’s the biggest question for every salaried individual. Should I opt for the Old Regime or the New Regime? After Budget 2023 & 2024, the New Regime has become the default, offering Lower slab rates Higher standard deduction …
All about the tax treatment on Dowry vs. Marriage Gift vs. Stridhan Dowry Prohibition Act, 1961 makes giving, taking, or demanding dowry a criminal offence. Punishable with imprisonment up to 5 years and a fine. Dowry here means property or valuable security given or agreed to be given directly or indirectly in connection with marriage. …
Capital Gains Taxation – Key Concepts Applicability: Capital Gains Tax applies on the transfer of a capital asset. Types of Capital Assets: Long-Term Capital Asset (LTCA) & Short-Term Capital Asset (STCA) Holding Period to Determine LTCG or STCG Category Type of Capital Asset Before 23/07/2024 On/After 23/07/2024 A i) Listed securities, units of UTI, equity …
Tax Regime Specific to Mutual Fund Investors in India applicable for the FY 2024-25 Equity-Oriented Mutual Funds (EOFs) (Excluding Equity Oriented Fund of Funds) Condition: STT must be paid on purchase and sale. Investor Type STCG (≤ 12 months) LTCG (>12 months) Dividend Taxation TDS on Cap Gains TDS on Dividend Resident Individual / HUF …
Guidelines for Compulsory Selection of Returns for Complete Scrutiny – FY 2025-26 The Central Board of Direct Taxes (CBDT) has released its Central Action Plan (CAP) for FY 2025–26, setting the tone for India’s income tax administration. With a strong focus on litigation management, early refunds, quality scrutiny, and enhanced taxpayer services, this year’s plan …