ITR filing FY 2024-25: Even if you don’t have taxable income, you may still be required to file a return under certain conditions. (AI image) By Kuldip KumarThe Government recently notified the income tax return (ITR) forms for the financial year 2024–25. While there aren’t many changes, most of them are aimed to facilitate the…
ITR filing: For individuals and those not requiring account audits, the submission deadline remains July 31. New ITR forms for FY 2024-25: The Income Tax Department has issued a new ITR-1 and ITR-4 for tax filing purposes for the assessment year 2025-26, simplifying the process for individuals with long term capital gains up to Rs…
The Central Board of Direct Taxes (CBDT) has officially notified the income tax return (ITR) forms 1 and 4 for the financial year 2024–25. These forms shall be used for reporting incomes earned between 1 April 2024 and 31 March 2025, that is for the assessment year 2025–26.The government is expected to release the other…
Two types– Long term capital gains (LTCG), Short term capital gains (STCG)But first what is indexation?Indexation in capital gains tax adjusts the purchase price of an asset for inflation, reducing taxable gains and lowering the tax burden. Set-off provisions for capital losses Loss on a long-term capital asset can only be set off against gains…