This blog explains the mandatory income tax audit requirements under Section 44AB for Indian businesses and professionals, detailing the various turnover and gross receipt thresholds. It highlights the significant penalties imposed by Section 271B for non-compliance, alongside conditions where penalties can be avoided due to 'reasonable cause.' The post also emphasizes the broader benefits of an audit beyond just avoiding penalties, such as enhanced credibility and financial accuracy.

The Income Tax Department has announced a monumental extension for ITR-U (Updated Income Tax Return) filing, allowing taxpayers to rectify errors or omissions for up to four previous years instead of the prior two. This blog delves into what ITR-U is, the new extended deadlines, who is eligible to file, situations where it cannot be filed, the associated additional tax liability, and the myriad benefits this flexibility offers for enhanced tax compliance and reduced legal complications.

This blog explores the crucial role of Tax Identification Numbers (TINs) in global tax systems. It explains what a TIN is, its significance, where and how it is used, how to apply for one, and the ways to verify its authenticity. Designed for individuals and businesses alike, it highlights why accurate TIN usage is vital for efficient tax compliance and administration.

The Income Tax Department has notified updated ITR forms (ITR-1, ITR-2, ITR-3, ITR-4) for FY 2024-25 (AY 2025-26) incorporating several crucial changes. This blog details 9 important adjustments, including relaxed eligibility for ITR-1/ITR-4, mandatory TDS section reporting, removal of Aadhaar Enrolment ID acceptance, detailed disclosures for tax regime options, bifurcated capital gains reporting, new treatment for buyback proceeds, raised asset reporting threshold, additional requirement for disability deductions, and streamlined capital gains sections, all aimed at ensuring accurate and compliant tax filing.

This post explains the GSTN advisory from May 2025 regarding Table 3.2 of GSTR-3B. It covers the table's purpose (reporting inter-state supplies to unregistered persons, composition taxpayers, and UIN holders), the previous plan for auto-population and making the table non-editable, the recent deferral of this change due to taxpayer feedback, and highlights the continued importance of accurate GSTR-1 filing despite Table 3.2 currently remaining editable. It serves as a guide for GST filers on this specific clarification.

This blog post informs PAN card holders about the Income Tax Department's warning regarding a 10,000 penalty for specific violations, particularly focusing on the issue of holding multiple PAN cards. It explains the reasons for such violations, the relevant Section 272B of the Income Tax Act, other non-compliances attracting the same penalty, and provides essential guidance on how to prevent these issues and ensure PAN compliance.

Filing your Income Tax Return (ITR) for AY 2025-26? Avoid the 28+ most common mistakes that can lead to notices, penalties, or delayed refunds. This comprehensive guide covers identity, income reporting, deduction, procedural, and verification errors, plus new regime selection tips. Stay updated, file accurately, and ensure a smooth tax season!

This blog post provides an essential guide for senior citizens regarding their tax filing for Assessment Year 2025-26 (FY 2024-25). It explains the choice between Old and New tax regimes, highlights key tax benefits like higher exemption limits and specific deductions (80TTB, 80D), details the ITR filing exemption under Section 194P for those aged 75+, clarifies applicable ITR forms, and touches upon important upcoming changes for AY 2026-27, empowering seniors with crucial tax information.

This blog post provides a detailed analysis of the recent GST Advisory concerning the Appeal Withdrawal Waiver Scheme. It explains the scheme's purpose, highlights the significance of the advisory, outlines the expected key points including eligibility and procedure, details the implications of withdrawal, and offers actionable steps for taxpayers considering this option to resolve pending GST disputes.

The CBDT has notified the ITR forms (1-7) for AY 2025-26, incorporating changes from the Finance Act, 2024. This blog provides a comprehensive overview of the key modifications in each form, focusing on changes in capital gains reporting, eligibility criteria, deduction disclosures, and other compliance requirements to help taxpayers prepare for the upcoming filing season.

This blog post provides an in-depth guide on navigating GST refunds for recipients of deemed exports, drawing insights from recent GSTN advisories. It covers the definition of deemed exports, the importance of GSTN guidance, the step-by-step refund filing process, essential documentation, common challenges, and how to stay updated.

This blog post provides a detailed analysis of the newly introduced invoice-wise reporting feature in Form GSTR-7 under GST. It explains the changes, benefits for both deductors and deductees, the current implementation status, and how businesses can prepare for this significant update in TDS reporting.