This blog post details the various consequences of not filing Income Tax Returns in India, including immediate financial penalties, loss of benefits like carrying forward losses or claiming refunds, and harsher repercussions such as best judgment assessment, heavy fines, and even prosecution.

This blog explains the key differences between ITR-3 and ITR-4, specifically for freelancers and consultants, outlining eligibility criteria and scenarios to help them choose the correct income tax return form.

This blog post alerts Indian taxpayers about the important need to report foreign Employee Stock Option Plans (ESOPs) in their Income Tax Returns. It describes what foreign ESOPs are and explains why disclosing them is required under laws like the "Black Money Act." Failing to comply can lead to a large penalty of 10,00,000 and possible jail time. The post also offers straightforward instructions on how and where to report these assets in ITR-2 or ITR-3, urging taxpayers to act quickly and recommending myITROnline for expert help.

This comprehensive guide breaks down India's New Income Tax Regime under Section 115BAC, now the default for individuals and HUFs. It details the revised income tax slab rates for Financial Years 2024-25 and 2025-26, highlighting the increased basic exemption limits and the enhanced rebate under Section 87A. The article clearly outlines the limited deductions and exemptions still allowed (e.g., standard deduction, employer's NPS contribution) versus the numerous ones no longer applicable. It concludes by helping taxpayers determine whether the new regime or the old regime is more beneficial for their specific financial situation and explains the process for switching between the two.

This blog post provides a comprehensive overview of Section 201(1A) of the Income Tax Act, 1961, focusing on the interest levied for delayed TDS deduction or payment. It explains the two distinct scenarios for interest calculation (1% for failure to deduct, 1.5% for failure to pay after deduction), clarifies the "month or part of a month" rule, and illustrates calculations with clear examples. Furthermore, it details the severe implications for defaulting deductors, including "assessee in default" status, disallowance of expenditure under Section 40(a)(ia), various penalties (271C, 271H), and potential prosecution. The post concludes with practical best practices to help deductors ensure timely compliance and avoid these costly repercussions.

This blog post announces the release of new utility versions on the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal for Justification Reports (Version 3.4), Form 16A (Version 2.1L), and Form 27D (Version 1.4). It explains the purpose of each document, detailing how the updated Excel utility for Justification Reports enhances error analysis and how the new Form 16A and 27D utilities simplify certificate generation. The post emphasizes that these updates signify the Income Tax Department's commitment to improving compliance, reducing errors, and streamlining TDS/TCS processes for deductors and collectors.

This blog post offers a clear comparison of four important TDS sections related to property and rental income in India: 194I, 194-IA, 194-IB, and 194-IC. It explains each section's nature of payment, payer, payee, threshold limits, TDS rates (including recent changes for 194-IB and 194I for FY 2025-26), time of deduction, required forms, and TAN requirements. The post also discusses the connections between these sections, compliance issues, and best practices for individuals, businesses, and developers to manage the TDS landscape effectively and avoid penalties.

This blog post provides a comprehensive guide for individuals and HUFs paying monthly rent above 50,000, highlighting their often-overlooked TDS obligations under Section 194-IB of the Income Tax Act. It details who is applicable, the current TDS rate (2% from Oct 2024, 5% earlier), deduction and deposit timelines (annual deduction, 30 days for deposit), and the use of Form 26QC and Form 16C. Crucially, the post emphasizes the severe consequences of non-compliance, including various interest charges, late filing fees (up to 200/day), substantial penalties (10,000-1,00,000), and even potential prosecution. It also offers actionable steps for compliance and guidance for those who have missed previous deductions, urging tenants to prioritize this crucial tax duty to avoid significant financial and legal repercussions.

This blog simplifies the concept of Tax Audit under Section 44AB of the Income-tax Act, 1961 for regular taxpayers. It explains why tax audits are essential, clearly outlines the turnover/receipt limits for businesses (₹1 Crore/₹10 Crore) and professionals (₹75 Lakhs) for FY 2024-25, and details special cases involving presumptive taxation. The article highlights the crucial role of a Chartered Accountant, the forms used (3CA, 3CB, 3CD), and the general deadline of September 30, 2025. Finally, it elaborates on the significant penalties for non-compliance and offers practical advice for taxpayers to ensure a smooth audit process.

The Central Board of Direct Taxes (CBDT) has announced the Cost Inflation Index (CII) for FY 2025-26 as 376. This blog post explains what CII is, how the new index will be applied from AY 2026-27, who it impacts, and provides an example of how it reduces taxable long-term capital gains, particularly for real estate acquired before July 23, 2024. It highlights the importance of understanding this update for accurate tax filing.

This blog post summarizes CBDT Circular No. 8/2025, which clarifies that interest waivers for delayed TDS/TCS payments due to technical issues can apply to past charges, provided applications meet the one-year deadline

This comprehensive guide explains Form 10B, an essential audit report for charitable/religious trusts, educational institutions, and hospitals under the Income Tax Act (2025). It details who needs to file it (especially those with over ₹5 crore income, foreign contributions, or income applied outside India), its key contents, the step-by-step online filing process, and the crucial September 30, 2025 due date for AY 2025-26. The synopsis also highlights the severe consequences of non-compliance, emphasizing the report's vital role in maintaining tax-exempt status and ensuring financial transparency.