Every year, the Income Tax Department brings in new rules, forms, and compliance requirements, but one common misunderstanding remains among taxpayers: treating the ITR filing deadline as the tax payment deadline. For FY 2024–25 (AY 2025–26), this confusion is especially important to clear up. The government has extended the due date for filing the Income …
The Income Tax Return (ITR) filing season for Financial Year 2024-25 (Assessment Year 2025-26) is underway. Filing your return not only ensures legal compliance but also allows you to claim refunds, carry forward losses, and serve as proof of income for financial transactions. Whether you are a salaried individual, a business owner, an NRI, or …
The Indian tax framework is designed not only to monitor income but also to track the assets and wealth of high-income taxpayers. Schedule AL (Assets and Liabilities), introduced by the Income Tax Department, plays a crucial role in ensuring transparency about the wealth accumulated by individuals and Hindu Undivided Families (HUFs). It requires high-income taxpayers …
