Tax & ITR
Income tax, regimes, ITR filing, advance tax, TDS and the budget. 36 posts, newest first.
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Is this tax tweet true? Option A
A friend WhatsApped me this tweet today and asked: “Is this true?” It reminded me of the questions we used to get in school: A. Only Sentence A is correct
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Why delivery partners need to worry about TDS and ITR
Most Delivery partners earn below the taxable limit... ...yet they still need to worry about TDS and filing an ITR. That surprised me. So I dug deeper.
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“No honest taxpayer should be harassed.” Start with the ITR forms
"No honest taxpayer should be harassed." Sounds great. Can we start by simplifying ITR forms! I spent a good part of my Sunday filing ITRs for myself and my wife.
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Why financial literacy matters: the tax rules people miss
This is why FinancialLiteracy is important! Every year, millions of Indians discover tax rules they never knew existed. And unfortunately, the Income Tax Department accepts ignorance as an…
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Will tax filing ever get simpler?
Every tax filing season, I ask myself: Will the process be simpler this time? Sadly, the answer remains the same every year!
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“Invest in your wife's name, no tax!” Not quite
"Invest in your wife's name. You won't have to pay any tax!" Recently, while reviewing the finances of an acquaintance, I noticed something interesting. Almost every investment - FDs,…
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Ghar ki murgi daal barabar: tax breaks for foreign investors
"Ghar ki Murgi Daal Barabar." A saying that perfectly captures how we sometimes value things coming from outside more than what is already available at home. Our FinanceMinister has already…
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Salaried? Advance tax may still apply to you
"AdvanceTax first installment payment deadline is 15th June." A friend received this email from the IT department and asked me: "I am a salaried employee. Why should I worry about advance…
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Most salaried people don't choose a tax regime, they assume one
A lot of salaried people don't actually choose a TaxRegime. They assume one based on what they hear! Recently, a professional reached out, asking why the Income Tax portal shows tax due…
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Paying ₹50,000+ rent? You may need to deduct TDS
While commuting today, I casually asked my carpool partner about the Rent he pays! He replied ₹50,000+ for a 2BHK in Bengaluru! I asked: “Are you deducting TDS?”
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When media houses start behaving like finfluencers
What happens when Media houses start behaving like finfluencers? Came across this headline on Moneycontrol: “Save nearly ₹1 Cr in taxes on a ₹5 Cr retirement corpus…”
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Laid off? How severance is taxed
Layoffs are heartbreaking. Beyond the emotional impact, there’s an immediate financial question: Does the government provide any tax relief in such situations? Most severance structures…
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A legal way to save ₹15,625: tax harvesting
It’s rare for the government to give anything “free” to taxpayers. But there is one legal way to save up to ₹15,625 in taxes, if used correctly. 👉 Tax Loss/Gain Harvesting
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Changed jobs mid-year? Declare the previous salary
Changed jobs during the financial year? This could impact your taxes. Many employees switch jobs midway through the year. But there’s one small step many people miss.
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Should salaried employees worry about advance tax?
Should Salaried Employees worry about the AdvanceTax? Recently, a friend asked me this question. His logic was simple: “I’m a salaried employee. My employer already deducts TDS. Why should…
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Budget 2026: the old tax regime isn't gone yet
The Government loves to confuse the CommonMan! Most people believed that with the majority of taxpayers shifting to the NewTaxRegime, Budget2026 would quietly mark the end of the…
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Budget 2026 and the STT hike: can taxes kill trading?
Budget2026 & the STT Shock: Can Higher Taxes Kill Trading? During the Budget 2026 speech, the Finance Minister announced an increase in STT, and the markets didn’t take it lightly. Major…
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Budget 2026's highlight: the old regime survives another year
For income taxpayers, the only real highlight of this year’s Budget is simple: The Old Tax Regime survives for one more year!!! Budget2026! PersonalFinance MoneyMinusNoise IncomeTax
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The new wage code won't get you gratuity after two years
Recently, a colleague excitedly told me, “Thanks to the New Wage Code, I’ll finally get my Gratuity payout!” He had just resigned after completing a little over two years in the company.…
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A Diwali gift: my wife's income tax refund
This Diwali brought an extra dose of happiness to our home; my wife’s long-awaited IncomeTax refund finally got processed! For months, she’s been after me, insisting I must’ve messed up her…
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A 600% jump in ITR-3 filings, thanks to intraday trading
According to data shared by ClearTax, the number of people filing ITR3 has surged dramatically, up by 600%! Why this sudden jump? - A large wave of individuals, including college students…
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Two tax lemons from the Finance Minister: add value
🍋 When life gives you lemons, don’t just add sugar, add value! In the last 6 months, our FinanceMinister has given us two big lemons (in a good way 😉): ✅ IncomeTax relief: Under the new…
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Filing ITR is not for the faint-hearted
Filing ITR is not for the faint-hearted. But after two weekends of trial, error, and frustration, I finally filed IncomeTax Returns for myself and my better half. And it honestly feels like…
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Why is filing taxes in India harder than filing a patent?
Why is TaxFiling in India harder than filing a patent? I spent my entire Sunday struggling with the Income Tax portal, and I’m still not done! Despite being educated, tech-savvy, and fairly…
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The old tax regime just got a reality check
OldTaxRegime Just Got a Reality Check! With the latest changes in the ITR forms for FY25, the Old Tax Regime isn’t as “easy to manipulate” anymore, and that's by design. The IncomeTax…
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“Did we get a hike?” No, the new tax slabs kicked in
“Bro, did we get a salary hike?” “Why do you think so?” “The salary SMS looks... fatter than usual!”
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A ₹5 crore Lamborghini gift, and the gift tax
A friend was reading about JanhviKapoor receiving a ₹5 Cr Lamborghini as a gift. He turned to me and asked: "When are you gifting me one?" 😄 I smiled and said, “Sure! Do you have ₹2 Cr…
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Should you invest in PPF if you're in the new tax regime?
A friend recently asked, "Should I invest ₹1.5 lakhs in PPF before April 5th, even though I’ve moved to the new tax regime?" While the PPF limit hasn’t increased in years and interest rates…
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15 March: advance tax deadline, even if you're salaried
March 15th – Last Date for AdvanceTax Payment! "My employer already deducts tax - should I still worry about Advance Tax?" Many think that since TDS (Tax Deducted at Source) is deducted…
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Tax harvesting for mutual fund investors: is it magic?
TaxHarvesting for MutualFund Investors! As the financial year-end approaches, many finfluencers will flood your feed, pitching Tax Harvesting as a "smart" way to save money. But is it as…
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Everyone wants a slice of the ₹1 lakh crore tax bonanza
Everyone Wants a Slice of the Rs 1 Lakh Crore Bonanza announced by the FM during Budget 2025! In boardrooms across the country, be it small or big, startup or old age company, everyone is…
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Budget 2025 shifts the tax burden to under 1% of people
While Budget2025 offers much-needed relief for the MiddleClass, it quietly shifts the direct taxation burden to less than 1% of the population. As per AY 2023-24 data, only 1 crore…
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Tax bonanza: consumerism or investments?
Tax Bonanza - Consumerism vs Investments! The Budget2025 has been hailed as a tax bonanza for the MiddleClass, with the Finance Minister announcing concessions worth Rs 1 lakh crore. Her…
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What the coming budget might mean for taxpayers
With less than a week left for the next financialbudget (1st Feb), here are some potential changes and trends that might shape the upcoming financial year for taxpayers: - No More…
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Is GST helping, or complicating things?
Is GST Helping or Just Complicating Things? Popcorn, Parotas, and Priorities! GST was introduced with the promise of simplifying tax compliance and streamlining India’s economy. Yet, over…
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2.2 lakh Indians now earn over ₹1 crore
According to the latest stats from the Income Tax department, over 220,000 people in India now report a taxable income above ₹1 crore—and what's even more surprising? Almost half of them…