One stop for everything related to taxes,
Our Blogs

House Rent Allowance (HRA) is a significant salary component for employees staying in rented homes. To claim tax exemption on HRA under Section 10(13A) of the Income Tax Act, employees must furnish valid supporting documents. These include rent receipts, rental agreements, the landlord’s PAN (if applicable), and other details that prove the authenticity of the rent claim. Failing to submit the right documents can result in the rejection of your exemption and increase your tax

The Income Tax e-Filing Portal is the official online platform of the Income Tax Department that allows taxpayers to complete a wide range of tax-related activities in one place. Whether you need to file an Income Tax Return (ITR), verify a return, make a tax payment, access forms, or respond to a notice, the portal provides digital access to these services. Understanding how to use this portal is essential for meeting tax filing deadlines, avoiding penalties, and ensuring co

Capital losses appearing in AIS but missing from the filed ITR often trigger mismatch notices because the tax department treats unreported entries as potential discrepancies in capital gains disclosure. When AIS reflects sale transactions from equities, mutual funds, or other capital assets, but the ITR does not incorporate the same details, the system flags the inconsistency. This situation is common when taxpayers misreport loss-making trades or assume losses need not be de

Capital gains reporting has become increasingly complex due to tax structures evolving continuously. While the Short-term Capital Gains or STCG tax rate on equities has increased to 20%, the LTCG or Long-term Capital Gains tax follows a uniform rate of 12.5% with different holding periods applying to equity and debt. The removal of indexation benefits, different rates for different asset classes, and the need to track purchase dates requires extensive record-keeping. For fin

The Income Tax Act's Section 44BB outlines the tax regulations for non-residents who work in the business of extracting or producing mineral oils. With respect to this section, "mineral oil" refers to natural gas and petroleum, whereas "plant" refers to the ships, planes, cars, drilling units, scientific apparatus, and equipment used to further the specified commercial goals. Their income is calculated using a presumptive basis. In this guide, we will provide a comprehensive

Income tax allowance plays an important role in reducing the taxable salary of salaried employees in India. Many employees focus only on their monthly in-hand salary and overlook the various exemptions, deductions, reimbursements, and perquisites available under the Income Tax Act. A properly structured salary package can significantly lower tax liability and improve overall tax efficiency. For FY 2025-26 and AY 2026-27, taxpayers can choose between the old tax regime and the

Receiving an income tax refund is often the final step in the tax filing process. Taxpayers may receive a refund when they have paid more tax than required through TDS, advance tax, or self-assessment tax. Many taxpayers wait weeks or even months due to income tax refund delays. During this period, they may not know whether the refund has been issued or is still under review. In some cases, it may have been delayed due to a verification, bank account, or return-related issue

The Hindu Undivided Family (HUF) concept, which is deeply rooted in Indian culture, is more than just upholding family values. It is also about smart tax planning and tax savings. In this article, we will look at the various tax benefits available with the HUFs to reduce their tax liability, increase their savings, and promote financial stability. From defining a HUF to identifying the eligible tax deductions and exemptions available, we aim to provide a clear and easy unders

Certain charitable and religious organisations use Form 10 to apply for income exemptions under specific provisions of the Income Tax Act of 1961. Any organisation requesting these exemptions must understand Form 10. For this reason, it is crucial for such organisations to dig deep into the essentials of Form 10 so that they can maximise their benefits. In this article, we will explain Form 10 of the Income Tax Act in detail. Table of content What is Form 10 of the Income Tax

A PAN card is a necessary document for a number of financial operations, including issuing a debit or credit card, opening a bank account, filing income tax returns, and receiving income tax refunds. However, for a number of reasons, the Indian government recently deactivated a huge amount of PAN cards. This article offers a thorough explanation of how to determine whether your PAN card is active or inactive. Table of Contents Prerequisites Required to check PAN card status S