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ITR-4 (Income Tax Return Form 4) is a form used by individual taxpayers in India who opt for the presumptive taxation scheme under Section 44AD, 44ADA, and 44AE of the Income Tax Act, 1961. It’s primarily for small businesses, professionals, and freelancers who have relatively straightforward income sources and want to file taxes under simplified […]

ITR-3 refers to Income Tax Return Form 3 in India. It is one of the forms prescribed by the Income Tax Department of India for individuals and Hindu Undivided Families (HUFs) who have income from business or profession. Here’s a detailed breakdown: Who should file ITR-3? ITR-3 is applicable to individuals and HUFs who have

ITR 2 refers to Income Tax Return Form 2, which is one of the forms prescribed by the Income Tax Department of India for individuals and Hindu Undivided Families (HUFs) to file their income tax returns. 🔍 Who Should File ITR 2? ITR 2 should be filed by individuals and HUFs who are not eligible

Who Can File ITR-1? ITR-1 is meant for resident individuals (not HUF or company) who have: Income from Salary or Pension Income from One House Property Income from Other Sources (like interest income, etc.) Agricultural income up to ₹5,000 ✅ Total income must be up to ₹50 lakh. Who Cannot File ITR-1? You cannot use

🧾 What is GST Filing? GST filing refers to the submission of details related to sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax) to the government. Businesses registered under GST are required to file various types of returns either monthly, quarterly, or annually, depending on their turnover and

Stipend Taxability in India: A Complete Guide A stipend is a fixed regular payment, often made to students, interns, or trainees, to support them during a training program, internship, or academic research. In India, the taxability of stipends depends on the nature and purpose of the payment. This article breaks down the key aspects of

📅 ITR Filing Deadlines 1. Individuals, HUFs, AOPs, BOIs (Non-Audit Cases) Due Date: 31st July 2025 Applies to salaried individuals and others not requiring an audit. 2. Businesses Requiring Audit Due Date: 31st October 2025 Applicable to businesses whose accounts need to be audited under the Income Tax Act. 3. Businesses Requiring Transfer Pricing Reports

Short-Term Capital Gains (STCG) – Complete Guide [2024-25] What is a Short-Term Capital Gain? Short-term capital gains (STCG) arise when you sell a capital asset within a short holding period and make a profit. The duration that classifies a capital gain as “short-term” varies based on the type of asset: Listed Equity Shares & Equity

Section 115BAC of the Income Tax Act, 1961, introduces the new tax regime in India. It offers concessional tax rates for individuals and Hindu Undivided Families (HUFs), with the condition of foregoing most exemptions and deductions available under the old regime. The aim is to simplify tax compliance while offering flexibility to taxpayers. 🔍 Who

What is NPS Investment: Summary The National Pension Scheme (NPS) is a government-sponsored voluntary retirement savings scheme aimed at securing the financial future of individuals post-retirement. It allows investors to contribute regularly to a pension account during their working life. Upon retirement, a part of the corpus can be withdrawn as a lump sum, and