Tax News
SC ruling on reporting cash deals above ₹2 lakh empowers taxman, may deter litigation in civil suits
Experts said the Supreme Court’s ruling requiring reporting of significant cash transactions could discourage genuine litigants from seeking justice, as it increases scrutiny from the Income Tax Department and may lead to penalties for cash-based dealings.
3 min read05:29 PM ISTOld tax regime vs New tax regime: Which one to pick as the new financial year kicks in. Check details
As the financial year 2025-26 begins, taxpayers must choose between the two income tax regimes when they file their income tax returns (ITR)—the deadline is July 31.
2 min read07:52 AM ISTNew tax regime: Can presumptive taxation make business incomes up to ₹2 crore tax-free?
Small businesses and professionals with turnovers up to ₹2 crore and ₹24 lakh see an opportunity to pay zero tax through the presumptive taxation option under the new regime.
6 min read16 Apr 2025Confused between old and new tax regimes: Here are key factors to help you choose before filing your ITR
Old vs new tax regime: Confused between the old and new tax regimes for FY 2024-25? Understand key differences like tax slabs, deductions and exemptions to make the best choice. Use income tax calculator to compare both regimes and decide which saves you more before filing your ITR this year.
2 min read15 Apr 2025For some NRIs, capital gains from Indian mutual funds are tax-free
If you’re a tax resident of a foreign country that doesn’t tax capital gains and has a residual clause under ‘capital gains’ in its double taxation avoidance agreement with India, you’re in luck.
6 min read15 Apr 2025Are non-residents taxed on Indian company share buybacks?
As per the latest Income Tax Act modifications, the entire sum paid by an Indian company upon the share buyback would be treated as a dividend in the hands of its shareholders.
2 min read14 Apr 2025Faceless tax assessments are a game changer. But there is scope for improvement.
The 2025 scrutiny notices and assessment orders indicate growing instances of gross time mismanagement.
3 min read14 Apr 2025ITR filing: Can you buy two residential house properties to claim exemption on LTGC from sale of one house?
Investors can claim long-term capital gains exemption by purchasing two residential properties if the gains do not exceed Rs. 2 crores. Inheritance of assets is tax-free for recipients.
8 min read13 Apr 2025Income Tax Returns: Over 9.19 crore ITRs filed till March 31, shows latest data
Number of e-verified returns upto March 31 during 2024-25 were 8.64 crore. Amount of refund issued upto March 31, 2025 during FY 2024-25 was ₹4,35,008 crore.
1 min read11 Apr 2025Income Tax: Last date to declare tax arrears under Vivad se Vishwas Scheme is April 30. Check details here
Earlier the last date to apply for this scheme was December 31 last year which has been extended multiple times
2 min read10 Apr 2025Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared