Tax Updates by CA Shubham Gole

Tax Updates by CA Shubham Gole Short, easy to understand & latest Tax Updates for everyone !

AI is working for both sides !
25/07/2025

AI is working for both sides !

It will be most likely new tax regime.
14/07/2025

It will be most likely new tax regime.

10/07/2025

Old tax regime is no longer relevant for 95% of the taxpayers. It will be soon phased out by the government.

That means no tax benefits for home loans, Life insurance policies, etc. So don't buy policies or take home loans for tax benefits, do it for investment purpose but not for tax purpose.

Wait for the right ITR Form ! Don't file in hurry❌
08/07/2025

Wait for the right ITR Form ! Don't file in hurry❌

05/07/2025

For Govt. Employees - Don't forget to claim NPS deduction. It's the only deduction available under new tax regime.
(Only employer's contribution)

05/07/2025

Income Tax Refunds will be delayed this year.

Official reason: Enhanced scrutiny before releasing refunds

Actual Reason: Govt portals & systems are not prepared.

04/07/2025

ITR Filing for FY 2024-25 has started. However, department has not made all the variants of ITR forms available.

Those with only salary income can file their ITRs.
Those with small business can file their ITRs.

Those with transactions(sale) in shares/mutual funds can't file their ITRs.
Those with businesses covered in tax audit can't file their ITRs.

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