May 23, 2026 CA Arjun Dhorajiya If you file GST returns or advise businesses on compliance, understanding blocked Input Tax Credit (ITC) is non-negotiable. Section 17(5) of the CGST Act 2017 lists specific goods and services on which ITC cannot be claimed – even if GST was paid on them. For FY 2026-27, these restrictions […]
Blocked ITC Under GST: Section 17(5) Master Chart (FY 2026-27) Read More »
May 18, 2026 admin If you deduct TDS but miss a deposit deadline or skip filing your return on time – the Income Tax Department has clear penalties waiting for you. This article covers every major TDS penalty under the Income Tax Act, from interest on late deposits to the risk of rigorous imprisonment under
TDS Penalties and Prosecution in India: What You Need to Know in 2026 Read More »
May 15, 2026 Choosing between the old and new tax regime is one of the most important financial decisions salaried individuals face in India. For FY 2026-27, the government has made the new tax regime even more attractive by raising the tax-free income limit to Rs. 12.75 lakhs for salaried employees, while the old regime
Old vs New Tax Regime FY 2026-27: Which One Should You Choose? Read More »
May 2, 2026 admin Filing your Income Tax Return (ITR) on time is one of the most important financial obligations for every Indian taxpayer. Miss the deadline, and the Income Tax Department can charge you a late filing fee, interest on unpaid taxes, and other penalties – all of which can quietly add up. This
ITR Penalties FY 2025-26 – Late Filing Fees, Interest & How to Avoid Them Read More »
May 1, 2026 admin If you are wondering when to file your income tax return for FY 2025-26, you are in the right place. The due dates for ITR filing (Assessment Year 2026-27) vary depending on your taxpayer category – salaried individuals, business owners, and companies all have different deadlines. Missing these dates can attract
ITR Filing Due Dates for FY 2025-26 Read More »
April 30, 2026 admin Three people can each earn ₹30 lakh in a year and walk away with completely different tax bills. A salaried employee might pay ₹4.75 lakh in tax, an equity investor pays around ₹3.73 lakh, and a landlord pays just ₹2.34 lakh – on the exact same income. This article breaks down
Same Income, Different Tax Bills: Why Salaried Employees Pay More Tax Read More »
April 30, 2026 admin If your business deducts or collects tax at source, even a single compliance slip can trigger penalties, interest, and costly expense disallowances. India’s TDS and TCS framework has become significantly stricter in 2025-26 – with the Income Tax Act, 2025 introducing tighter timelines, new section numbers, and harsher penalties for defaults.
TDS & TCS Compliance Errors: 5 Critical Mistakes Businesses Must Fix in 2025-26 Read More »
April 28, 2026 admin From April 1, 2026, the rules for claiming House Rent Allowance (HRA) have changed significantly for salaried employees across India. The old Form 12BB has been replaced by the new Form 124 under the Income Tax Rules 2026. Employees paying annual rent above ₹1 lakh must now disclose their relationship with
New HRA Rules 2026: What Every Salaried Employee Must Know About Form 124 Read More »
April 27, 2026 admin GST compliance errors are one of the biggest reasons businesses receive tax notices, pay unnecessary interest, and face penalties during audits. From GSTR-1 and GSTR-3B mismatches to incorrect Input Tax Credit (ITC) claims, even small reporting mistakes can have serious financial consequences. This article covers the 8 most common GST compliance
8 Common GST Compliance Errors and How to Fix Them Read More »
April 25, 2026 admin The Reverse Charge Mechanism (RCM) under GST flips the usual tax payment rule – instead of the supplier paying GST, the recipient becomes responsible. This guide explains how RCM works, which transactions it applies to, and what changed in 2025-26, including key updates on renting, sponsorship services, and GTA. Whether you
Reverse Charge Mechanism (RCM) Under GST Read More »
