Income tax & ITR filing, answered
Real situations from business owners and professionals, answered in writing and reviewed before they are published. Read the answer, then ask about your own case.
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 Expert Desk · 24 Sep 2026
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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 Expert Desk · 9 Sep 2026
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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 Expert Desk · 27 Aug 2026
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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 Expert Desk · 7 Aug 2026
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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 Expert Desk · 2 Aug 2026
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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 Expert Desk · 21 Jul 2026
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