FORM 10IEA: THE KEY TO SWITCHING YOUR TAX REGIME FOR BUSINESS
FORM 10IEA: THE KEY TO SWITCHING YOUR TAX REGIME FOR BUSINESS Admin September 6, 2025 As a business owner or professional, choosing the right tax regime is one of the most critical financial decisions you make each year. You opted for the new tax regime last year for its lower rates, but what if your […]
Received a Salary Arrear? Here’s How It Affects Your Taxes
Finding out you’re getting a past-due salary payment—an arrear—feels like a bonus. It’s money you rightfully earned. However, from the Income Tax Department’s perspective, it’s income, and it needs to be taxed correctly. The catch? It could push you into a higher tax bracket for the year you receive it, leading to a hefty tax […]
ITR 7 Form for FY 2024-25: A Complete Guide
Specific Entities Filing an income tax return is an annual duty for most, but for certain specific entities, the process involves a unique form: ITR 7. If you represent a trust, a political party, a research institution, or a similar body, this is the form you need to understand. Navigating ITR 7 can seem complex due […]
Gifts from Relatives: Tax Rules & ITR Disclosure (2025 Guide)
Receiving gifts from relatives can be a joyful experience, but it’s important to understand the tax implications and disclosure requirements when filing your Income Tax Return (ITR). In this 2025 guide, we’ll cover: Taxability of gifts under Income Tax Act Who qualifies as a “relative” for tax exemption? ITR disclosure rules for gifts Recent changes in 2025 1. Are Gifts […]
ITR-6 Form: Complete Guide for 2025 (Filing Process, Eligibility, and Key Changes)
Filing Income Tax Returns (ITR) is mandatory for companies and businesses in India. The ITR-6 form is specifically designed for companies other than those claiming exemption under Section 11 (Income from property held for charitable/religious purposes). If you’re a business owner, a company representative, or a tax professional, this 2025 ITR-6 guide will help you understand the filing process, […]
Income Tax Deductions: Old Regime vs New Regime (FY 2024-25 – AY 2025-26)
The Indian income tax system offers two regimes: the Old Tax Regime (with deductions) and the New Tax Regime (with lower rates but fewer deductions). Here’s a detailed comparison of allowed deductions in FY 2024-25 under both systems. 1. Key Differences Between Old & New Tax Regimes […]
ITR-5 Form: A Complete Guide for Businesses & Entities
Filing income tax returns is mandatory for all eligible entities in India. For partnership firms, LLPs, AOPs, and other specified entities, the ITR-5 form is the correct choice. This guide covers everything you need to know about ITR-5, including eligibility, key features, required documents, and a step-by-step filing process. 1. What is ITR-5? The ITR-5 (Income Tax Return Form 5) is […]
ITR-3 Form for Income Tax FY 2024-25: Complete Guide
The Income Tax Return (ITR)-3 form is applicable for individuals and Hindu Undivided Families (HUFs) who have income from business or profession or are partners in a firm but do not have income from a proprietary business or profession. Who Should File ITR-3? You must file ITR-3 if you fall under any of the following categories: ✅ Self-employed professionals (Doctors, Lawyers, CAs, Freelancers, etc.) […]
ITR-4 Form for Income Tax FY 2024-25: A Complete Guide
The Income Tax Return (ITR) Form-4, also known as Sugam, is a simplified tax return form designed for small businesses and professionals with presumptive income under Sections 44AD, 44ADA, and 44AE of the Income Tax Act. If you are a freelancer, small trader, or eligible professional, this guide will help you understand ITR-4 for FY 2024-25 (AY 2025-26). Who Should […]
Who is Eligible to File ITR-2? A Complete Guide for FY 2024-25
Filing the correct Income Tax Return (ITR) is crucial for compliance. ITR-2 is one of the most commonly used forms, but not everyone can file it. This guide explains who is eligible for ITR-2 and who should avoid it. 1. What is ITR-2? ITR-2 is an Income Tax Return form for individuals and HUFs (Hindu Undivided Families) who have: Income from sources […]