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Income tax & ITR filing, answered

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Income tax & ITR filing Chandigarh

Got an SMS from the Income-tax Department about high-value transactions: ₹12 lakh credit-card spend and mutual-fund purchases. Is this a notice?

In short

It is an e-Campaign message under the department's non-intrusive verification programme, not a notice under the Act, and responding takes ten minutes.

ERPCA ERPCA Expert Desk · 24 Sep 2026 Read →
Income tax & ITR filing Mumbai

I trade crypto on an Indian exchange and on Binance. How is it taxed, who deducts the 1% TDS, and can I set off losses?

In short

Each profitable trade is taxed at a flat 30% plus cess under section 115BBH, and the losses cannot be set off against the gains, even within crypto.

ERPCA ERPCA Expert Desk · 9 Sep 2026 Read →
Income tax & ITR filing Lucknow

Retired, 67, pension of ₹6 lakh and FD interest of ₹5 lakh. Which regime, do I pay advance tax, and can I stop the bank deducting TDS?

In short

Under the new regime you owe nothing, and you can stop the TDS with a Form 15H.

ERPCA ERPCA Expert Desk · 27 Aug 2026 Read →
Income tax & ITR filing New Delhi

I missed the 31 July deadline for filing my return. What are my options now and what does it cost?

In short

You can still file a belated return under section 139(4) up to 31 December 2026, and the damage at your income level is modest.

ERPCA ERPCA Expert Desk · 7 Aug 2026 Read →
Income tax & ITR filing Pune

Selling a flat bought in 2012 for ₹38 lakh at ₹1.1 crore. How much capital gains tax, and how can I save it?

In short

This is a long-term gain (held more than 24 months) and, because you bought before 23 July 2024, you get to choose the lower of two computations.

ERPCA ERPCA Expert Desk · 2 Aug 2026 Read →
Income tax & ITR filing Mumbai

Old or new tax regime for FY 2026-27? Salary ₹14 lakh, HRA, 80C ₹1.5 lakh and ₹2 lakh home-loan interest.

In short

Run the numbers both ways; with your figures the new regime still wins, but it is closer than most people expect.

ERPCA ERPCA Expert Desk · 21 Jul 2026 Read →

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