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Filing an Income Tax Return in 2025 demands precision. New e-filing formats, AI-based data checks, and stricter compliance rules mean that even a small oversight—wrong form selection, missed income, or unverified filing—can stall your refund or trigger scrutiny. With timely preparation and awareness, taxpayers can file accurately and avoid penalties. Table of Contents Choosing the Wrong ITR Form Not Reconciling Income with AIS and Form 26AS Failing to Report All Income Sourc

The Assessment Year 2025–26 brings one of the most comprehensive updates to India’s Income Tax Return (ITR) forms in recent years. These revisions aim to improve transparency, simplify reporting, and make compliance smoother for individual taxpayers and small businesses. The forms now feature refined layouts, new disclosure fields, and expanded eligibility criteria for ITR-1 and ITR-4 . Updates from Budget 2024 and subsequent CBDT notifications have shaped these changes, ens

Form 10-IEA is a key filing document under the Income Tax Act that enables taxpayers to choose or change between the old and new tax regimes. It provides an official mechanism for declaring regime preference, ensuring the choice is valid for the financial year. Introduced to bring transparency and flexibility, this form is especially crucial for individuals and businesses with professional or business income who wish to opt out of the default new regime or re-enter it later.

Bonds are one of the safest ways to grow money slowly and steadily. When you buy a bond, you are basically lending money to the government or a company for a fixed time. In return, you get interest regularly and your money back when the bond matures. Most people think bond income is always tax-free. That is not true. The tax on bonds in India depends on what kind of bond you have, how long you keep it, and how you earn from it. Some bonds are fully taxable, while some are par

Getting an Income Tax Notice  can make any taxpayer anxious, but not every notice means you have done something wrong. The Income Tax Department issues these notices for several reasons: sometimes to correct a simple mismatch in your Income Tax Return (ITR), and other times to verify high-value transactions or confirm the deductions you have claimed. In most cases, it’s about data verification, clarification, or missing information, not penalties. The department uses automate

Switching between the  old and new tax regimes  online under the Income Tax Act, 1961 is designed to give flexibility and control to taxpayers. The process differs depending on whether income is from salary, pension, or business/profession. Salaried individuals can change regimes each year during ITR filing, while business or professional taxpayers must file Form 10-IEA before the ITR deadline. These changes reflect the government’s intent to simplify compliance and make regi

Section 115BAC  of the Income Tax Act, 1961, introduces India’s simplified “New Tax Regime,” offering lower tax rates but limited deductions compared to the traditional system. Applicable to individuals, HUFs, and NRIs, this regime aims to streamline tax computation and make compliance easier. With revised slab rates, enhanced standard deductions, and rebate limits, the government has further strengthened its appeal in Budget 2025. These reforms mark a strategic move toward a

The  National Pension System  (NPS) provides a powerful opportunity to reduce taxable income while building long-term retirement wealth. Under Section 80CCD(1B) of the Income Tax Act, individuals can claim an additional deduction of up to ₹50,000 for contributions to their NPS Tier I account. This benefit comes on top of the ₹1.5 lakh deduction available under Section 80C and Section 80CCD(1), effectively allowing taxpayers to claim a total deduction of ₹2 lakh in a financial

The financial year 2024-25 brings a refined version of India’s new income tax regime, aligning simplicity with fairness. The revised tax slabs have widened the income thresholds, providing better relief to middle-income earners. With the rebate under Section 87A making income up to ₹7 lakh tax-free and a standard deduction of ₹50,000 for salaried individuals, the new regime aims to reduce compliance burdens. Health and education cess of 4% and a capped surcharge of 25% ensure

Choosing between the old and new tax regime  for FY 2025–26 depends on income level, deduction eligibility, and overall financial planning. The government’s refinements in Budget 2025, such as enhanced exemption limits and increased standard deduction under the new regime, have significantly altered how taxpayers evaluate both systems. The old regime continues to reward disciplined saving and investment habits, while the new regime simplifies compliance and offers relief thro