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Tag: Income tax

Cash Loans From Friends? You May Face Huge Income Tax Fines

Cash Loans From Friends? You May Face Huge Income Tax Fines

When borrowing money from your friends, it generally seems harmless, especially if there is an emergency. However, borrowing the same amount in cash could lead to an expensive income tax penalty.   Real Life Warning Tale Mohan borrowed ₹1 lakh in cash from a friend during a cash crunch. He is currently facing an equal […]

Top 10 ITR Mistakes That Can Cost You in 2025

Top 10 ITR Mistakes That Can Cost You in 2025

ITR Filing Mistakes 2025: The government has extended the 2025 income tax return filing deadline from the usual July 31 to September 15. To avoid last-minute mistakes and to get time to fix any incorrect details, file your ITR before the deadline. Under the old tax system, you had to file your ITR if your […]

Advance Tax Alert! Today’s the Deadline for First Instalment

Advance Tax Alert! Today’s the Deadline for First Instalment

Taxpayers must pay the first instalment of advance tax for the financial year 2025–26 by today, June 15. The Income Tax Department issued a reminder via a post on X, stating that this payment is mandatory for individuals whose accounts require auditing under Section 44AB. The department urged taxpayers to “make a smart plan” and […]

India’s Old vs New Tax System: What You Need to Know

India’s Old vs New Tax System: What You Need to Know

India’s Old vs New Tax System: In India, taxpayers have two main options for paying income tax that is the old tax system and the new tax system. Both have their advantages, and understanding the differences can help you save money. India’s Old vs New Tax System: Under the new tax system, the income tax […]

Income Tax: Is it possible to switch tax regime while filing ITR?

Income Tax: Is it possible to switch tax regime while filing ITR?

With the launch of the new income tax regime under section 115BAC, Indian taxpayers now have the option to switch between two: 1. Old tax regime: Provides deductions and exemptions, but with higher tax rates. 2. New tax regime: It provides lower tax rates, but no deductions and exemptions except for a few. A question […]

New UPI Rules: Changes Coming Into Effect on April 1, 2025

New UPI Rules: Changes Coming Into Effect on April 1, 2025

New UPI Rules: A significant change is coming to UPI transactions in India. Starting from today that is from April 1, 2025, new rules will be implemented to make UPI transactions more secure. The National Payments Corporation of India (NPCI) has introduced these changes to enhance the security of transactions done through UPI platforms like […]

April 2025: Key Financial Changes for Taxpayers and Investors

April 2025: Key Financial Changes for Taxpayers and Investors

The new financial year not only brings the beginning of new dreams and plans. But also brings some major changes that can affect your savings, investment, and tax. There are key financial changes for taxpayers and investors from April 2026. This time the government and SEBI have taken many important decisions. These decisions are very […]

Samsung Faces Record Fine In India Over Tax Evasion Allegations

Samsung Faces Record Fine In India Over Tax Evasion Allegations

The Indian government has imposed a back tax and penalty of $601 million (about Rs 5,154 crore) on Samsung and its officials. This action has been taken due to alleged manipulation to save duty on the import of telecom equipment. This case is considered to be one of the biggest tax demands imposed on any […]

Income Tax on Virat Kohli’s IPL Salary Explained

Income Tax on Virat Kohli’s IPL Salary Explained

The name ‘Virat Kohli,’ A famous Indian cricketer is not just a name but an emotion for crores of his fans. His transformation from his early stage to now is inspiring, and his pay transformation is drastic. He is one of the highest-paid Indian athletes. He is also one of the most popular Indian athletes. […]

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