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Introduction Buying a piece of land can feel like a huge achievement, but it can quickly turn into a tax headache if the tax department starts paying attention. Just because you get a tax notice after buying land does not mean you have done something wrong. Any land purchase over Rs. 30 lakh has to be reported to the Income Tax Department by the Registrar’s office, thanks to Section 285BA ( Statement of Financial Transactions ). Once this information is included in your Annua

Filing income tax returns is mandatory for every partnership firm, even when the business records a loss during the financial year. Indian tax laws treat partnership firms as separate taxable entities, requiring them to file ITR-5 each year, irrespective of profit, loss, or turnover. The return helps report business performance, claim deductions, comply with audit rules, and preserve the right to carry forward losses. Timely filing becomes especially important when losses occ

Form 10BA acts as a declaration for individuals claiming rent deductions under Section 80GG when House Rent Allowance is not available. It confirms rent payments, verifies that no residential property is owned at the place of work or residence, and ensures eligibility for the deduction. Section 80GG is specifically designed for salaried and self-employed individuals who pay rent but do not receive HRA, making Form 10BA a mandatory compliance step. Since this deduction applie

Filing an Income Tax Return that includes dividend income and capital gains requires selecting the correct ITR form and reporting each income category accurately. Dividend income from domestic companies is fully taxable, and capital gains from shares, mutual funds, and property must be declared under their respective schedules. Proper classification of short-term and long-term gains is essential to ensure correct tax calculation and avoid notice-driven corrections. With upda

Tax calculation for senior citizens in 2025 depends on age-based exemption limits, special deductions, and relaxed compliance rules designed to reduce tax liability and paperwork. Individuals aged 60 to 79 qualify as senior citizens, while those aged 80 or above fall under the super senior category. Their tax benefits include higher basic exemption limits, deductions on interest income, relaxed advance tax requirements, and health insurance benefits under Section 80D . Pensio

Smart tax planning before March 31, 2025, requires timely action across investments, deductions, advance tax payments, and compliance updates. Revised tax slabs, a higher basic exemption limit of ₹4 lakh, updated TDS/TCS rules, extended ITR-U timelines, and mandatory PAN/Aadhaar-based KYC norms all influence how much tax remains payable at year-end. Strategic moves—such as completing eligible Section 80C and NPS contributions, verifying TDS, preparing for updated return fili

The New Tax Regime for FY 2024-25 allows only a limited set of deductions, focusing on simplified taxation under Section 115BAC . Standard deduction of ₹75,000, employer’s NPS contribution, deductions for Agniveer Corpus contributions, family pension relief, home loan interest on let-out property, and savings account interest for eligible taxpayers remain available. Popular tax breaks such as Section 80C investments, Section 80D medical insurance, and HRA exemptions are not

Refund adjustments under Section 245 often catch taxpayers off-guard, especially when expecting a refund for the current year but receiving an intimation instead. Section 245 empowers the Income Tax Department to set off an upcoming refund against unpaid tax dues from previous years. This adjustment is not automatic; it involves an official notice, a response window, and a mandatory review of objections before any action. Understanding what triggers these adjustments, how th

Reporting interest from multiple fixed deposit accounts requires a clear, consolidated approach so the Income Tax Return reflects accurate income and tax deductions. Every rupee of interest from all banks—whether credited quarterly, annually, or on maturity—must be combined and shown under the correct income head. Mismatches between bank data, AIS, and Form 26AS often trigger tax notices, making proper reporting essential. Correct disclosure ensures smooth processing, prevent

Refund adjustment notices under Section 245A are issued when the Income Tax Department intends to set off a taxpayer’s refund against outstanding tax dues from earlier years. These notices ensure that pending liabilities are cleared before a refund is released, making the adjustment process both efficient and legally compliant. Understanding why such a notice is issued, how adjustments are calculated, the role of accurate bank details, and the right way to respond can prevent