Case Reference:Pathan Wajeed Khan Manzoor vs ITOITA No. 2158/PUN/2025 (ITAT Pune, AY 2016–17) A recent ruling by the Income Tax Appellate Tribunal (ITAT), Pune, highlights how large cash deposits can attract significant tax scrutiny, even when a taxpayer reports relatively modest income. In this case, a scrap dealer who declared an income of approximately ₹3 […]
As the income tax return filing season begins, one of the most important decisions taxpayers need to make is selecting the correct ITR form. Filing the wrong return form can result in defective return notices, delayed refunds, and additional compliance requirements. For small business owners, freelancers, professionals, and taxpayers opting for the presumptive taxation scheme,
Many families buy a house in the wife’s name, but the husband may be paying some or all of the home loan EMIs. In such situations, a common following question arises: Question:If a residential property is purchased solely in the wife’s name and the home loan EMI is being paid by the husband, can both
House in Wife’s Name: Can You Claim a Home Loan Interest Deduction? Read More »
One of the most common questions among salaried employees is: “How much income tax will I pay if my CTC is ₹9 lakh?” Many people assume that a ₹9 lakh salary package automatically results in a substantial tax liability. However, under the New Tax Regime applicable for FY 2025-26 (AY 2026-27), the actual tax payable
The Provident Fund (PF) is one of the most significant retirement savings instruments available to salaried employees in India. While withdrawing PF funds may appear to be a convenient solution during financial emergencies or job transitions, such withdrawals can have long-term implications on your retirement planning and financial security. Before submitting a PF withdrawal claim,
5 Golden Rules to Remember Before Withdrawing Your Provident Fund (PF) Read More »
Filing an Income Tax Return (ITR) is an important responsibility for every eligible taxpayer. It not only ensures compliance with tax regulations but also helps individuals claim tax refunds, maintain financial records, and support various financial applications such as loans and visas. Many taxpayers assume that filing an ITR is a complex process. However, with
How to File an Income Tax Return (ITR) Online: A Step-by-Step Guide Read More »
Filing Income Tax Returns (ITR) may seem like a routine task, but even small mistakes can result in higher tax payments, delayed refunds, penalties, or notices from the Income Tax Department. With the tax system becoming more data-driven and automated, taxpayers are expected to report income and tax details accurately. Here are 10 common ITR
10 ITR Filing Mistakes That Could Leave Taxpayers Paying More Read More »
Tax compliance is one of the most important yet complex responsibilities for any business. For small business owners, understanding the difference between quarterly and annual returns is crucial—not just for meeting legal obligations, but also for maintaining smooth operations, avoiding penalties, and ensuring long-term sustainability. This blog will break down the key differences between quarterly
Quarterly vs Annual Returns: What Small Businesses Must Know Read More »
What is GST? The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services, aimed at streamlining the taxation framework in a country. Introduced to replace a multitude of existing indirect taxes, GST integrates various taxes into a single tax regime, thereby simplifying compliance and reducing overall
Understanding GST: A Comprehensive Guide for Taxpayers Read More »
What Are Taxes and Why Do We Pay Them? Taxes are a way for the government to collect money from its citizens so that it can provide essential services to everyone. Think of taxes like a communal pot where everyone contributes a little, and in return, we all benefit from what is taken out of
Understanding 2025 Tax Rules: Simplified for Everyone Read More »
