ITR-5 Income Tax Filing AY 2025-26: Eligibility & Process * Executive Summary / Key Highlights – ITR-5 Income Tax Filing AY 2025-26 ITR-5 Excel Form Live: The Income Tax Department has activated the ITR-5 Excel utility for AY 2025-26. Applicable Entities: Firms, LLPs, AOPs, BOIs, artificial juridical persons, local authorities, and certain trusts. Exclusions: Entities eligible to file ITR-7 (charitable/religious trusts) should not use ITR-5. Regulatory Basis: Governed under Section 139 of the Income Tax […]

ITR Filing Stock Market Tax Rules Why Your Taxable Gain Can Be Higher Than Real Profit Executive Summary / Key Highlights A Reddit post went viral after a trader discovered his taxable gain was ₹1.03 lakh, while his actual net profit was only ₹21,600. The difference arose due to income tax rules separating intraday trading losses from capital gains. Intraday losses can only be set off against intraday gains — they cannot offset short-term or […]

  Income Tax Phishing Scam Alert: How to Spot Fake Refund Emails & Stay Safe 1. Executive Summary / Key Highlights Official Warning Issued: The Income Tax Department has flagged a phishing scam using the fake email ID donotreply@incometaxindiafilling.gov.in. Scam Modus Operandi: Victims receive emails claiming an error in tax calculation and offering a refund via malicious links. Primary Target: Taxpayers, MSMEs, startups, tax professionals, and regulated entities during ITR filing season. Risks Involved: Financial […]

How to Check ITR Refund Status Online – Step-by-Step Guide 2. Executive Summary / Key Highlights The Income Tax Department now offers simplified online methods to check your ITR refund status. Refund status can be tracked via both the Income Tax e-Filing portal and the NSDL portal. Early tracking helps detect issues in filing, verification, or bank details, avoiding penalties or delays. Required details: User ID, Password, PAN linked to Aadhaar. Refund status may show […]

Revised Income Tax Bill 2025 – Key Changes & Compliance Guide 1. Executive Summary / Key Highlights Revised Income Tax Bill 2025 The Cabinet has approved the Revised Income Tax Bill, 2025, which will replace the Income Tax Act, 1961. The revised bill will be tabled in Parliament on August 11, 2025. This updated bill incorporates most of the 285 recommendations of the Select Committee chaired by BJP MP Baijayant Panda. Focus areas: Simplification, clarity […]