This blog post addresses a common but serious error made by professionals and freelancers who incorrectly file their income tax returns under Section 44AD (for businesses) instead of the appropriate Section 44ADA (for professionals). It explains the fundamental differences between the two sections, how the Income Tax Department's AI systems detect this discrepancy through TDS mismatches and unusually low-profit declarations, and the severe consequences that follow, including mandatory audits and multiple financial penalties. The article concludes by offering a clear, step-by-step guide on what to do if you receive a notice for this mistake, emphasizing the importance of consulting a professional and taking prompt corrective action.

This blog post details India's landmark decision to replace the sixty-year-old Income-tax Act, 1961, with the new, simplified Income-tax Act, 2025, which will be effective from April 1, 2026. It breaks down the key changes in simple terms, explaining the reduction in legal complexity, the introduction of a unified "Tax Year," clearer definitions for digital assets, and the move towards faceless, technology-driven tax processes. The post highlights how these changes aim to create a more transparent, efficient, and taxpayer-friendly direct tax system for individuals and businesses across the country.

The Income Tax Department has released the ITR-7 Form for AY 2025-26, applicable to persons and institutions required to file returns under sections 139(4A), 139(4B), 139(4C), and 139(4D). This blog covers the newly released Excel-based utility, JSON schema, and validation guidelines to simplify your tax filing process.

A comprehensive guide for businesses on the depreciation rates and rules applicable for the Financial Year 2025-26 under the Indian Income Tax Act. The blog details the core principles, including the 'Block of Assets' concept and the WDV method. It provides a clear breakdown of depreciation rates for various asset classes like buildings, machinery, and intangible assets. Furthermore, it covers crucial special provisions such as additional depreciation for manufacturing units, rules for the sale of assets, and recent updates like the non-depreciable status of goodwill, empowering businesses with the knowledge for effective tax planning and compliance.

The long wait for delayed income tax refunds is finally coming to an end! The Income Tax Department has taken steps to clear pending refunds by resolving portal glitches, verifying returns faster, and processing lakhs of refunds worth crores of ₹ daily. Learn why refunds were delayed, what’s being done now, and follow a simple checklist to make sure your refund reaches your bank account without further delay.

A simplified guide for individuals who sold property in FY 2024-25, explaining the tax rates on short-term and long-term capital gains and detailing how to save tax by reinvesting under Sections 54, 54EC, and 54F of the Income Tax Act.

Despite the ITR filing deadline for AY 2025-26 being extended to September 15, over 3.29 crore returns have already been filed by mid-August, with 1.13 crore processed. This highlights growing tax compliance and the Income Tax Department's processing efficiency.

The Central Board of Direct Taxes (CBDT) has introduced new rules, 3C and 3D, effective August 18, 2025, which raise the income thresholds to 4 lakh (salary) and ₹8 lakh (gross total income) for taxing specific perquisites. This move provides significant tax relief on non-cash benefits for middle-income salaried employees.

The Central Board of Direct Taxes (CBDT) has amended Form No. 7 to include both "Assessment Year" and "Block Period," effective September 1, 2025. This blog details the changes, explains the concept of a "Block Period" in tax assessments, and discusses the implications for taxpayers, particularly in cases of search and seizure operations.

This blog provides a detailed overview of four significant amendments to the Income Tax Act effective from Financial Year 2025-26. It covers the establishment of the new tax regime as the default option for taxpayers, the mandatory timely payments to MSMEs under the new Section 43B(h), the extension of tax benefits for startups, and the revised rules and thresholds for Tax Collected at Source (TCS) on foreign remittances and luxury goods.

This blog provides a comprehensive guide to the taxation of Virtual Digital Assets (VDAs) and cryptocurrencies in India for the Financial Year 2025-26. It details the prevailing rules, including the flat 30% tax on all profits, the stringent policy of no loss set-off or carry forward, and the mandatory 1% TDS on transactions. The article also covers the tax implications for gifts, airdrops, and staking, along with the mandatory ITR filing requirements, to help Indian investors and traders navigate the tax landscape and ensure full compliance.

This comprehensive guide addresses the common concern of a missing Form 16. It empowers salaried individuals to confidently file their Income Tax Return by detailing essential alternative documents (pay slips, Form 26AS, AIS) and providing a clear, step-by-step process for successful and compliant ITR filing, ensuring no one misses the deadline due to a lost document.