India's income tax system has undergone a major shift for FY 2025–26, with the New Tax Regime now set as the default. This blog breaks down the differences between the New and Old Regimes, compares tax slabs, and helps taxpayers decide which option suits them best. Whether you're a young professional or a seasoned investor, understanding these changes is key to smarter tax planning.

In a landmark ruling, ITAT Ahmedabad has held that penalty under Section 271C of the Income Tax Act is not applicable for delayed remittance of TDS, provided the tax was deducted and paid with interest. This decision, based on Supreme Court precedent, offers relief to taxpayers facing procedural delays.

Section 115BAC introduces a simplified tax structure with reduced slab rates, but at the cost of foregoing key exemptions and deductions. Effective from AY 2024–25 as the default regime, this blog explains the revised tax slabs, outlines the benefits that are no longer available, and guides taxpayers on choosing between the new and old regimes based on their financial profile and investment habits.

Due to persistent technical issues with the Income Tax portal and delayed release of filing utilities, MP P.C. Gaddigoudar has formally requested the Finance Ministry to extend the due dates for filing returns and audit reports under Section 139(1) and 3CA/3CB-3CD for AY 2025–26. This blog highlights the proposed changes and why they matter to professionals and small businesses.

Section 154 of the Income Tax Act allows taxpayers to correct obvious errors in their tax assessments. This blog outlines common mistakes like TDS mismatches, incorrect tax calculations, and personal detail errors, and explains how to file a rectification request online. A must-read for salaried individuals, freelancers, and business owners.

The Income Tax Department has issued relief for taxpayers who claimed Section 87A rebate on short-term capital gains (STCG). If demands are paid by December 31, 2025, interest will be waived. Learn what went wrong, what’s been clarified, and what you should do next.

This blog post provides a comprehensive guide for individuals who have missed the September 16, 2025, deadline for filing their Income Tax Return (ITR) for FY 2024-25. It reassures readers that filing is still possible through a "belated return" by December 31, 2025, but outlines the associated penalties, including late filing fees (₹1,000 or ₹5,000) and interest on unpaid tax. The article also details other consequences of late filing, such as the inability to carry forward certain losses, delayed refunds, and potential loss of specific deductions. It touches on rare exceptions and what happens if even the belated deadline is missed. Finally, it offers practical advice to act promptly, gather documents, compute accurately, and seek professional help, promoting MyITROnline as a solution for simplified tax filing.

Discover how Sections 54 and 54F of the Indian Income Tax Act provide crucial tax exemptions on Long-Term Capital Gains from property sales. This comprehensive guide covers the latest rules for 2025, including the new ₹10 Crore cap and the two-house option under Section 54, offering practical examples and a step-by-step plan for effective tax planning.

This blog post addresses the increasing tax notices faced by Indian content creators, influencers, and consultants due to a common mismatch: clients deducting TDS under Section 194J while they file income tax returns under Section 44AD. It breaks down the key tax provisions (194J, 44AD, 44ADA), explaining what each means for freelancers and businesses. The article clarifies that a 194J deduction doesn't automatically mandate filing under 44ADA; the crucial factor is whether the profession is listed under Section 44AA. It details potential impacts on tax burden, cash flow, and the need for increased documentation, while also offering actionable steps for creators and consultants to ensure compliance, including clarifying work nature, maintaining records, client communication, cash flow monitoring, and seeking professional tax advice.

This blog post provides a comprehensive yet easy-to-understand guide to saving Long-Term Capital Gains (LTCG) tax arising from property sales in India. It delves into three crucial sections of the Income Tax Act – Section 54, Section 54EC, and Section 54F – detailing their eligibility criteria, investment options, time limits for reinvestment, and lock-in periods. The post also includes a comparative table and a practical example to illustrate how these exemptions work, empowering taxpayers to make informed decisions and potentially reduce their tax liabilities.

This guide explains the crucial aspects of Futures & Options (F&O) taxation in India. It clarifies that F&O income is categorized as 'Non-Speculative Business Income', detailing how to calculate turnover based on 'absolute profit' plus premiums. The guide outlines various deductible expenses to reduce taxable income and explains when a tax audit is mandatory, especially for losses or specific turnover thresholds. Finally, it covers how to manage F&O losses through set-off and carry-forward, and provides essential information on ITR filing (ITR-3), applicable tax rates, and advance tax payments, ensuring traders stay compliant and manage their finances effectively.

This guide explains the crucial aspects of Futures & Options (F&O) taxation in India. It clarifies that F&O income is categorized as 'Non-Speculative Business Income', detailing how to calculate turnover based on 'absolute profit' plus premiums. The guide outlines various deductible expenses to reduce taxable income and explains when a tax audit is mandatory, especially for losses or specific turnover thresholds. Finally, it covers how to manage F&O losses through set-off and carry-forward, and provides essential information on ITR filing (ITR-3), applicable tax rates, and advance tax payments, ensuring traders stay compliant and manage their finances effectively.