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Tag: Income Tax India
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August 2025 Tax Update: ₹12 Lakh Slab Benefit, New Rules on Deductions, and Compliance Changes Explained
Latest Tax Updates in India – 2025: A Detailed Guide for Individuals and Businesses India’s tax landscape has undergone some of its most significant changes in years. With the Union Budget 2025 introducing bold reforms and the new Income Tax Bill 2025 aiming to simplify the law from April 2026, taxpayers — whether salaried individuals,…
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ITR-2 Filing Guide for FY 2025-26: Step-by-Step Process, 26AS/AIS Reconciliation, and Old vs New Regime Tax Examples
1) What is ITR-2 and who should file it ITR-2 is meant for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession but have any of the following: If your only income is salary/pension, one house property, and total income ≤ ₹50 lakh, you may be eligible for ITR-1…
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ITR Filing AY 2025-26: Step-by-Step Guide with Tax Regime Comparison
Let’s understand Income Tax Return (ITR) Filing for Assessment Year (AY) 2025-26 (FY 2024-25) in detail with examples for salaried individuals at different income levels: ₹5L, ₹10L, ₹12L, ₹16L, and ₹20L. ✅ Basic Concepts: 🔸 AY 2025-26 = Financial Year 2024-25 Income earned from 1st April 2024 to 31st March 2025 is filed as ITR…