Income tax

If you run a small business in India and dread tax season, Section 44AD of the Income Tax Act was designed with you in mind. This presumptive taxation scheme lets eligible businesses declare income as a fixed percentage of their turnover – no detailed bookkeeping, no tax audit, and no quarterly advance tax calculations. In […]

The Income Tax Department of India has renumbered almost all major income tax forms with effect from 1 April 2026. While the content and purpose of these forms largely remain unchanged, the form numbers have been revised under a new structured numbering system. This article provides a complete old-to-new form number mapping, explains what each

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

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

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

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

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

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.

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

April 24, 2026 admin From April 1, 2026, India’s Tax Collected at Source (TCS) rules under the Liberalised Remittance Scheme (LRS) have changed significantly. The government has introduced a flat 2% TCS rate on overseas tour packages, foreign remittances for education, and medical expenses – replacing the older, complicated slab system. This article explains exactly