Income Tax is a tax charged by the government on the income earned by individuals, businesses, and other entities. In India, it’s calculated based on income slabs set by the government. Taxpayers file returns annually, and the tax collected helps fund public services and development.
The Income Tax Department has flagged 25,000 taxpayers for possible non-disclosure of foreign assets and income for AY 2025–26. Based on CRS and FATCA data, mismatches were found in Schedule FA and FSI. Taxpayers must file a revised return by 31 December 2025 to avoid heavy penalties under the Black Money Act.
A Hindu Undivided Family (HUF) is a unique way to manage income and reduce tax legally under Indian law. It’s treated as a separate taxable entity and offers several benefits such as income splitting, independent deductions, and capital gains exemptions. Learn how to form an HUF, its members, tax slabs, and ways to save tax for FY 2025-26.
Many taxpayers wonder if a Hindu Undivided Family (HUF) can claim the income tax rebate under Section 87A. While individuals enjoy this rebate up to ₹7 lakh income, HUFs are not eligible for it. However, HUFs can still claim deductions under Sections 80C, 80D, and others, and plan their income efficiently. Learn how to optimize your HUF’s tax liability with expert insights from Indian Tax Planning.
The process by which the Income Tax Department (ITD) examines the Income Tax Return (ITR) filed by a taxpayer to confirm its correctness, verify the declared income, deductions, and tax payments, and ultimately determine the final tax liability or refund due for a given financial year.
Understanding Income Tax Assessment in India
Filing an income tax return is just the first step in staying compliant. Income Tax Assessment is the process through which the department verifies the accuracy of reported income, deductions, and taxes paid. Depending on the case, assessments can be summary, scrutiny, or best judgment, each serving to ensure transparency and correctness. Understanding this process helps taxpayers respond efficiently to notices, claim legitimate deductions, and avoid penalties.
Learn how to claim income tax deductions under Section 80G for donations and why Form 10BE is now mandatory. Step-by-step guidance for ITR filing, eligibility, and compliance.
re you an LIC agent wondering how to file your Income Tax Return for FY 2024–25? This guide covers the taxability of LIC commission income, TDS under Section 194D, benefits of presumptive taxation under Section 44AD, applicable ITR form, and the updated due date — September 15, 2025. Written by CA Ankush Aggarwal, this blog is your one-stop resource for stress-free tax compliance.
Leave encashment can be a hidden tax trap or a tax-saving opportunity. This guide explains the rules under Section 10(10AA), how to calculate your tax-exempt portion, and what changes in FY 2025–26 mean for you—with a step-by-step example.
Discover smart tax planning strategies for salaried employees in FY 2025–26. This guide covers old vs. new tax regime, updated Section 87A rebate of ₹60,000, deductions under 80C, 80D, HRA, NPS, and more—helping you save more and file stress-free.
Are you a salaried employee trading in Futures & Options and confused about tax audit requirements for FY 2024-25? Learn whether a tax audit is mandatory if you incurred a loss and your turnover is below ₹1 crore. Understand the impact of presumptive taxation, Section 44AB, and how to respond to a defective return notice under Section 139(9). This guide simplifies your compliance obligations for carrying forward losses legally.
Section 80JJAA offers tax deductions to employers hiring new employees, promoting job creation. This guide covers eligibility, calculation, examples, and its comparison with ABRY.
Discover effective tax planning strategies tailored for private limited companies in India. Learn how to optimize deductions, reduce liabilities, and stay compliant.
Quickly estimate your income tax liability with our realistic Income Tax Calculator. Simply enter your income details, deductions, and exemptions to get an accurate, instant calculation—empowering you to plan smarter and stay compliant.
When it comes to managing personal finances, understanding income tax is crucial. For the Financial Year 2024-25 (Assessment Year 2025-26), the Indian government has continued with..
Filing your Income Tax Return (ITR) is a crucial financial responsibility for every taxpayer. However, even a minor mistake can lead to penalties, delayed refunds, or unnecessary scrutiny from the Income Tax Department.
At Indian Tax Planning , we provide expert tax planning solutions for residents, NRIs, and global businesses.
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