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Medical expenses for aging parents often form a major part of household spending. Under Section 80D of the Income Tax Act, taxpayers can claim deductions for medical insurance premiums and certain medical expenses incurred for their parents. This benefit is particularly valuable when parents are senior citizens without health insurance. By claiming this deduction correctly, taxpayers can reduce their taxable income and manage healthcare costs more efficiently. Table of Conte

Capital gains tax on mutual funds is determined by how long the investment is held and the type of fund—equity or debt. The Income Tax Act, 1961, categorizes these gains into short-term and long-term, each attracting distinct tax rates. Budget 2025 has introduced clarity on holding periods, tax slabs, and exemption limits, making compliance easier for investors. With automation-led tax filing platforms like TaxBuddy , reporting capital gains has become simpler and more accur

Filing ITR-2 online for AY 2025-26 requires careful preparation, accurate reporting of income sources, and proper bank account validation. Individuals and HUFs with capital gains, multiple properties, foreign assets, or directorships must follow the correct process to ensure smooth filing and timely refunds. This guide provides a detailed, step-by-step overview, covering all schedules, bank account sections, e-verification methods, and common issues, while highlighting how se

Even after filing your Income Tax Return (ITR) on time and accurately, receiving a notice from the Income Tax Department is possible....

A Section 148 Notice is issued by the Income Tax Department when there is reason to believe that a taxpayer’s income has not been fully...

Income Tax notices are a common concern for Indian taxpayers, often triggered by errors, mismatches, or omissions during return filing....

Effective investment planning is central to maximising wealth while staying compliant with India’s Income Tax Act 1961. Understanding tax...

It is possible to save tax in India without relying solely on Section 80C . Multiple deductions, exemptions, and strategic financial...

Tax planning is a crucial step for individuals and professionals looking to optimize their income tax liability. Utilizing available...

An essential application for withdrawing the balance of the Employee Provident Funds (EPF) is EPF Form 19. An employee submits it to...