ITR 2 ONLINE
ITR filing deadline needs to be extended as portal glitch, Navratri, Dussehra festive season and new ICAI format for non-corporates, says RTCA
ITR filing due date: Tax consultants in Rajasthan are requesting an extension for the Income Tax Return filing deadline. They cite glitches on the e-filing portal as a major issue. The new format from ICAI for non-corporates is also causing delays. The festive season adds to the challenges. Associations want the deadline extended to November 15.
Father sells house worth Rs 67 lakh and shows only Rs 1,690 income in ITR, wins case in ITAT Ahmedabad; Know how
Dilip, an Indian taxpayer, won a case at the ITAT Ahmedabad regarding a Section 54 LTCG tax exemption. Despite initially facing scrutiny for claiming Rs 15.99 lakh as indexed cost of improvement with cash payments and selling his house below stamp duty value, the ITAT directed the tax officer to verify and allow his claim. Read more.
Now even BJP CA cell asks for ITR deadline extension due to technical glitches, data mismatch on the ITR portal
The Bharatiya Janata Party (BJP) CA Cell in Pune has urged Finance Minister Nirmala Sitharaman to extend Income Tax Return (ITR) and tax audit deadlines, citing challenges like delayed utility releases, technical glitches on the income tax portal, and reduced working days due to festivals and heavy rains. Several other associations like BCAS, have also requested extensions due to similar difficulties.
She sold her house for Rs 2.7 crore to buy seven new flats and paid no income tax, wins case in ITAT Delhi; Know how
Saroj sold her Punjabi Bagh house for Rs 2.7 crore. She then bought seven apartments in Greater Noida. She reported Rs 5 lakh income in ITR and claimed Rs 2.2 crore LTCG tax exemption. The tax department partially denied the exemption. Then Saroj appealed to ITAT Delhi. ITAT Delhi ruled in her favor.
UPI limit increased to Rs 10 lakh within 24 hours for these transactions
NPCI has increased the per-transaction and 24-hour aggregate UPI limits for specific categories, effective September 15, 2025. Capital markets, insurance, and government e-Market Place transactions now have a Rs 5 lakh per-transaction limit and a Rs 10 lakh daily limit. Credit card payments and collections will also see increased limits, enhancing convenience for high-value transactions with verified merchants.
Husband has to pay income tax for wife’s Rs 17-crore land sale deal due to this reason; ITAT Bangalore ruling explained
In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore held that a wife is exempt from income tax on the ₹17.26 crore sale of land gifted by her husband. The ITAT cited Section 64(1)(iv) of the Income Tax Act, stating that income from assets gifted between spouses is taxable in the hands of the transferor, not the recipient.
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Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations
The Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lakh may avoid penalties and prosecution. This applies to assets excluding immovable property. The Central Board of Direct Taxes amended its instructions. The new rule aims to provide relief for unintentional omissions. It focuses enforcement on significant cases of non-disclosure.
Swiggy HDFC Bank credit card customers to get instant discount on domestic, international flight, bus bookings made via Paytm Travel
Swiggy HDFC Bank Credit Card customers can now enjoy a 6% instant discount on domestic and international flight and bus bookings via Paytm Travel. Swiggy says that this new benefit, exclusively on Paytm Travel, complements existing cashback rewards on Swiggy and other online spends. Swiggy HDFC Bank credit cardholders can also avail of a complimentary Swiggy One membership and potential annual savings of Rs 42,000.
No income tax for lady who sold land for Rs 4.5 crore; Know how a 1955 circular and established case laws saved the day for her
Seema S sold property in Patna. She incorrectly claimed Section 54 for LTCG tax exemption. The tax officer rejected her claim. Seema appealed to ITAT Patna. Her lawyer argued about the assessing officer taking advantage of her ignorance. ITAT ruled in Seema's favor. The case was sent back to AO to allow claim for Section 54F. Read more.
ITR filing due date for FY 2024-25 is September 15, 2025, but is it also deadline to pay self-assessment tax without penalty?
The government extended the income tax return filing deadline for FY 2024-25 to September 15, 2025, offering relief to many taxpayers. Experts suggest that with the ITR filing due date for FY 2024-25 (AY 2025-26) extended to September 15, 2025, the revised date will be considered as the 'due date' for the purposes of Section 234A.
Taxpayer to pay only Rs 33,000 income tax after selling a house for Rs 70 lakh; ITAT Mumbai ruling explained
A taxpayer successfully challenged the income tax department's LTCG calculation, winning in ITAT Mumbai. The tribunal ruled that indexation benefits should be calculated from the agreement date, not possession date, due to substantial payment made earlier. This decision significantly impacts LTCG tax for property sellers. Read below to know the details.
My wife bought a flat with money that I transferred to her, how should we show it in our ITR?
I’ve purchased a flat in my wife’s name, and all payments to the developer are being made from her bank account. The money was transferred from my account to hers, and I’ve already paid tax on it. While filing her income tax return, how can I show this transfer as a gift?
ITR filing FY2024-25: How to register online on e-filing portal to file income tax return; a step-by-step guide
First-time taxpayers, get ready to file your Income Tax Return. The deadline is September 15, 2025. Register on the Income Tax Department's e-filing portal now. A valid PAN, mobile number, and email ID are needed. The portal offers many tax-related services. Follow the simple steps to create your account. Set a strong password for security.
Earned money from Dream 11, Rummy, other real money gaming apps? File ITR now to report this income or risk tax notice and likely prosecution
Income from online real money games like Dream 11 and Rummy is taxable, necessitating ITR filing. Even small winnings are subject to a 30% tax rate, and TDS is deducted by gaming platforms. Failure to report such income can lead to tax notices and potential prosecution, emphasizing the importance of compliance.
Chartered Accountants caution joint bank account holders about this critical issue with tax rules that can lead to tax notices
Chartered Accountants highlight a critical issue with tax rules. Rule 114E(2) causes duplicate reporting for joint account holders. This leads to unnecessary tax notices, especially for non-filers. Experts suggest reviewing AIS/TIS and reporting income correctly. Taxpayers should maintain records of investments. The current system needs a fix to avoid penalizing joint holders, particularly senior citizens.
ITR filing AY 2025-26: How to add and validate your bank account details to receive income tax refund
To finalise online ITR filing, verifying your income tax return is essential. Taxpayers can add and pre-validate their bank account details on the income tax portal to receive a tax refund. Multiple accounts can be validated and nominated for refunds. It's important to keep contact details updated to avoid issues with revalidation.
16 transactions which tax dept gets to know via SFT returns; Report them now to avoid possible jail term for misreporting income
Banks and financial institutions file the Specified Financial Statement (SFT) with the income tax department, detailing taxpayers' financial transactions. This PAN-based information is used to monitor financial activities and detect potential tax evasion. Discrepancies between reported income and financial transactions can trigger scrutiny, penalties, and even prosecution for tax evasion, emphasizing the importance of accurate ITR filings. Read more.
Wife gets tax notice for husband’s Rs 6.75 crore Mumbai house purchase; Bombay High Court gives relief to wife
The Bombay High Court gave relief to a wife from a tax notice related to a Rs 6.75-crore property, as her husband solely funded the purchase, adding her name for convenience. The court emphasised that tax authorities must verify the actual source of funds, protecting nominal joint owners from unwarranted scrutiny. Read more.
India’s middle class: From colonial clerks to digital citizens
India's middle class has mirrored the nation's transformations, evolving from its colonial roots through post-independence state dominance to market liberalisation. Government policies in recent years have explicitly focused on easing financial pressures and improving urban infrastructure for this group.
ITR filing deadline needs to be extended due to discrepancies in Form 26AS, AIS, system error while ITR uploading, and other issues, says GCCI
The Gujarat Chamber of Commerce & Industry (GCCI) has requested an extension to the income tax return (ITR) filing deadline, citing delays in the release of ITR utilities and persistent technical issues on the Income Tax portal. GCCI also highlights discrepancies in financial statements and seeks an extension for the income tax audit deadline, currently set for September 30, 2025.
No service for instant e-PAN to be available on these two days: ITR E-filing portal
The Income Tax Department has announced that the instant e-PAN service on the e-filing ITR portal will be unavailable from August 17th to August 19th, 2025, due to scheduled maintenance. This service allows individual taxpayers with Aadhaar to obtain a digitally signed PAN electronically and free of cost. During the downtime, users are advised to plan their activities accordingly.
Income tax bill 2025 changes: Commuted pension, house property income, nil TDS, and other changes, you should know
The revised Income Tax Bill 2025, approved by the Lok Sabha, addresses drafting errors from the previous version, set to take effect on April 1, 2026. Key corrections include nil TDS certificates, standard deductions for house property income, and tax deductions for commuted pension for non-employees. These modifications aim to restore clarity, align with existing provisions, and prevent unnecessary litigation.
No income tax rebate under Section 87A even if income is less than Rs 7 Lakh under new tax regime in this situation, point out CAs
Chartered Accountants have raised concerns about the denial of Section 87A tax rebates to eligible taxpayers with special rate incomes like STCG under new tax regime. While a Budget 2025 amendment restricts this rebate on special incomes from FY 2025-26, the ITR utility is already denying it for FY 2024-25, causing confusion and additional tax burdens. Read more.
Filed ITR will become invalid unless verified within 30 days from this date
ITR filing: Taxpayers must e-verify their returns within 30 days of filing to avoid penalties, utilizing various online methods or submitting ITR-V to the Bengaluru processing center.
Online ITR filing charges across six tax filing websites compared for AY 2025-26
Taxpayers must file income tax returns by September 15, 2025. Several options exist, from self-filing on the e-filing ITR portal to seeking assistance from Chartered Accountants or third-party websites. These platforms offer varied plans, including assisted filing and expert consultations. Costs differ across websites like TaxManager, ClearTax, and Tax2Win, depending on income level and required services. Read below to know the charges.
How to file ITR-2 for AY 2025-26 with salary, capital gains, foreign income and others; Here's a step-by-step guide
Taxpayers with income from salary, capital gains, or unlisted equity shares can file ITR-2. For AY 2025-26, the ITR-2 excel utility has six updates, including reporting capital losses on share buybacks. The article provides a step-by-step guide on filing ITR-2 online and using the excel utility, covering capital gains reporting and other essential details.
How to file ITR-1 online: A step-by-step guide for salaried taxpayers also having income from house property, LTCG and other source under new tax regime
Salaried taxpayers with income from house property, LTCG, and other sources can file ITR-1 online following a step-by-step guide. The Income Tax Department extended the ITR filing deadline to September 15, 2025, for FY 2024-25. Taxpayers can now report LTCG up to Rs 1.25 lakh using ITR-1, simplifying the filing process under the new tax regime.
ITR filing 2025: Who can file ITR-2, who cannot file it for FY 2024-25 (AY 2025-26)?
For the assessment year 2025-2026, taxpayers using ITR-2 must understand eligibility and new reporting requirements, including capital gains calculations and asset disclosures. Individuals and HUFs with income exceeding Rs 50 lakh, or those with specific income sources like capital gains or foreign assets, may need to file ITR-2.
Error in ITR-2 online utility: CA highlights technical bug which may lead to taxpayers with capital gains income, carry forward loss getting scrutiny notices later
A Chartered Accountant has identified a technical error in the ITR-2 online utility, causing inconsistencies between loss adjustment and carry forward schedules. This glitch may lead to incorrect carry-forward of losses, potentially resulting in scrutiny notices and complications for taxpayers with capital gains income. The Income Tax Department is currently investigating the issue.
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