The Indian tax system offers two regimes—old and new—each with distinct slab rates, deductions, and exemptions. This blog compares both regimes, using examples to help you decide which one suits you best for FY 2025-26. Learn how to minimize your tax liability based on your income and investments.

Section 44AD of the revenue Tax Act provides a presumptive taxation structure for small enterprises in India, enabling them to report revenue based on a specified proportion of sales. This blog discusses eligibility, benefits, income computation, and how it makes tax compliance easier by eliminating the need for comprehensive recordkeeping and tax audits.

This blog describes the notion of a Lower Tax Deduction Certificate (LTDC) in India, its benefits, and how to apply for it. Learn how to lower TDS on your income by filling out Form 13 under Section 197 of the Income Tax Act. Learn about qualifying requirements, needed documentation, and how an LTDC may enhance your cash flow and lower your tax burden.

Form 49C has received important revisions by the CBDT, and for non-residents whose income is derived from India, electronic filing is now compulsory. This blog delves into the main alterations, their effects on foreign taxpayers, and provides a step-by-step manual for online submission of Form 49C.

As the financial year 2025-26 begins, taxpayers face a crucial decision: Old Tax Regime or New Tax Regime? This blog simplifies the choice with real-life examples of Mr. Arun Sharma and Mr. Rahul Mehta, breaking down their income, deductions, and tax liabilities under both regimes. Discover which regime is better for you, whether you have significant deductions or prefer simplicity. Learn how to save more on taxes and make an informed decision for FY 2025-26.

The Indian government provides two tax regimes – the Old Regime and the New Regime – each with its own benefits and drawbacks. The Old Regime offers multiple deductions and exemptions, while the New Regime provides lower tax rates with minimal exemptions. This blog explores the key differences, tax calculations, and real-life illustrations to help taxpayers make an informed choice. Find out which tax regime suits your financial situation best!

An outline of the most recent income tax slabs for FY 2023–2024; FY 2024–2025; and FY 2025–2026 under the new tax system is given in this blog. Taxpayers need to carefully consider their alternatives in light of the updated tax rates and higher exemption ceilings. Myitronline makes tax preparation easier while guaranteeing accuracy and the most possible savings.

In order to rectify prior errors, record extra income, or file missed reports, taxpayers can now file an Updated Income Tax Return (ITR-U) for the preceding four years. This tutorial provides detailed instructions on how to submit an ITR-U, as well as information on who is eligible, deadlines, and penalties.

The Income Tax Department (ITD) has started sending SMS alerts to taxpayers who have claimed Section 80GGC deductions for donations made to political parties and electoral trusts. The notice applies to Assessment Years 2022-23, 2023-24, and 2024-25 and urges taxpayers to verify their claims on the Compliance Portal. If the claim is incorrect, taxpayers must file an Updated Return (ITR-U) under Section 139(8A) before 31st March 2025 to avoid penalties under Section 270A (up to 200% fine) and interest under Section 234F (₹5,000 late fee). This blog explains Section 80GGC deductions, compliance requirements, and the steps to correct errors in tax filings.

The Income Tax Department's (ITD) capricious limitations on Section 87A refund applications have been invalidated by the Bombay High Court. The court decided that it was unreasonable for qualified taxpayers to be denied refunds due to technical constraints. Many people who were previously refused tax relief because of technical limitations now benefit from this ruling. To guarantee that rebate claims are handled efficiently, ITD must now modernize its systems. In order to get any refunds to which they are entitled, taxpayers should verify their status.

The new TDS rate chart for AY 2025–2026, which details the relevant rates for residents and non-residents, has been made public by the CBDT. Important clauses, noteworthy modifications, compliance dates, and advice on implementing the most recent TDS rates into your financial procedures are all highlighted in this article. To guarantee timely tax filing and prevent fines, be informed.

The Government of India has extended the deadline for the Vivad se Vishwas Scheme 2024 till January 31, 2025, giving taxpayers extra time to resolve their tax problems peacefully. This method, designed to reduce litigation and improve compliance, allows taxpayers to resolve concerns without incurring fines or interest. The expansion is intended to increase participation and contribute to India's objective of streamlining its tax system.