In a chit fund, only the benefit is taxed, not your own money coming back. The monthly dividend you receive (your share of the winning bidder's discou...
Presumptive tax under Section 44AD — who qualifies and what counts as turnoverA small business with turnover up to ₹3 crore (if cash receipts ≤ 5%, else ₹2 crore) can declare 8% of turnover as income (6% for digital receipts) un...
My Form 16 shows a higher salary than my AIS and 26AS — which is right?It's normal for Form 16 (Part B) to show a higher gross salary than AIS/26AS — those statements report the figure on which TDS was deducted/reported,...
ITR filing deadline & late penalties — dates, fees and interestMiss the ITR deadline and you face a late fee up to ₹5,000 (Section 234F), 1%/month interest on unpaid tax (234A/B/C), and you lose the right to carry...
How is influencer, YouTuber and content-creator income taxed in India?Money you earn as a creator or influencer — YouTube AdSense, brand sponsorships, affiliate links, paid promotions, even free products — is taxable as...
How to file ITR with two Form 16s (changed jobs / two employers)Got two Form 16s (you changed jobs)? Add both salaries together, but apply the standard deduction, 80C and basic exemption only once — not twice. You...
What is a tax rebate (Section 87A) — and how does it work?A rebate (Section 87A) is a direct reduction of the tax itself — not a deduction from income. For a resident individual it makes tax nil up to ₹12 lak...
How is cryptocurrency taxed in India — rate, TDS and which ITR?Gains on crypto and other Virtual Digital Assets (VDAs) are taxed at a flat 30% (plus surcharge and cess) under Section 115BBH, whatever the holding p...
Revised returns and how a TDS refund worksYes — you can revise your ITR any number of times before 31 December of the assessment year (Section 139(5)). And filing your return is exactly how ex...
Schedule FA — how to report US stocks, ETFs & RSUs (foreign assets) in your ITREvery resident holding foreign shares, ETFs or RSUs must file Schedule FA — regardless of income, and even for a buy-and-hold position. The traps: it...
Tax audit under Section 63 (old Section 44AB) — turnover limits and when it appliesA tax audit under Section 63 of the Income-tax Act, 2025 (the old Section 44AB) is required when your business turnover exceeds ₹1 crore (raised to ₹1...
Scrutiny notice under Section 270 (old Section 143(2)) — what it means and how to respondA scrutiny notice under Section 270 — the provision that replaced the old Section 143(2) — means your income-tax return has been selected for detailed...
How can an NRI withdraw their EPF / PF from India — the complete processYes — an NRI can withdraw their EPF from India. Whether it's taxed still depends on the 5-year continuous-service rule. NRIs cannot use Form 15G (it's...
PF & pension (EPS) after 10 years of service — how withdrawal worksOnce you cross 10 years of pensionable service, you cannot take the EPS (pension) as a lump sum — you become entitled to a monthly pension from age 58...
Deduction on savings & deposit interest — Section 80TTA and 80TTBSection 80TTA gives a deduction of up to ₹10,000 on savings-bank/post-office interest for those under 60. Section 80TTB gives senior citizens ₹50,000...
Short-term vs long-term capital gains — rates and how they're taxedCapital gain is short-term (STCG) or long-term (LTCG) depending on how long you held the asset. Equity STCG is 20%, equity LTCG 12.5% over ₹1.25 lakh;...
Your tax notice explained — 4% cess, 234B/234C interest, and 143(1) mismatchesYour intimation adds 4% health & education cess on tax, and interest under 234A/234B/234C if tax or advance tax was short. If the 143(1) intimatio...
Foreign shares & US RSUs — how they're taxed in IndiaIf you're a resident, your foreign shares and RSUs are taxable in India. RSUs are taxed as a salary perquisite at vesting and as capital gains at sale...
Cash limits & tax — receiving cash (269ST), TDS on cash withdrawal (194N)Receiving ₹2 lakh or more in cash from one person in a day/transaction attracts a 100% penalty under Section 269ST — on the receiver. Large cash withd...
My employer deducted TDS but didn't deposit it — what can I do?If your employer deducted TDS from your salary but didn't deposit it, the law is on your side — Section 205 bars the department from recovering that t...
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