This blog post explores the exciting possibility of taxpayers receiving up to 33% higher interest on their tax refunds if the ITR filing deadline for Assessment Year 2025-26 (FY 2024-25) is extended to September 15th. It explains the mechanics of tax refund interest under Section 244A, illustrating how an extended calculation period leads to greater returns. The article identifies key groups of taxpayers who stand to benefit most and provides crucial reminders about official confirmations, accurate filing, and timely tax payments to ensure a smooth and financially rewarding tax season.

This comprehensive blog post outlines the significant changes introduced by the Income Tax Department for Assessment Year 2025-26 (FY 2024-25) concerning ITR-1 (Sahaj) and ITR-4 (Sugam) under the Old Tax Regime. It details the newly mandated annexures for claiming various deductions, including HRA, Section 80C, 80D, 80DD, 80DDB, 80E, 80EE, and 80EEB. Readers will find crucial information on the new required fields for each section, key points to remember for seamless e-filing, common validation errors to avoid, and important deadlines. The post emphasizes the importance of accurate data submission and retaining supporting documents to ensure tax compliance.

This blog details the simplified tax relief measures, exemptions, and deductions for senior and super senior citizens in India, as outlined by the Income Tax Department. It covers key aspects of the Old and New Tax Regimes, specific deductions for pension and interest income, medical expenses, and relaxed ITR filing norms for Assessment Years 2025-26 and 2026-27, empowering retirees for better financial management.

The GSTN has rolled out crucial Phase-III changes to GSTR-1/1A Table 12, effective from April/May 2025. Key updates include the bifurcation of Table 12 into separate B2B and B2C sections, mandatory HSN/SAC code selection via dropdowns, and the introduction of value validations (initially in warning mode). This summary details these modifications, their impact on taxpayers based on AATO, and essential preparation steps to ensure smooth compliance.

The Central Board of Direct Taxes (CBDT) has announced an extension for the filing of Income Tax Returns (ITRs) for Assessment Year (AY) 2025-26. Originally due by July 31, 2025, the deadline has now been extended to September 15, 2025. This decision comes in light of structural and content revisions in the notified ITRs, necessitating additional time for system development and integration, and considering the time required for system readiness. The extension aims to provide taxpayers with a smooth and convenient filing experience, ensuring compliance and accurate reporting

This blog post provides a comprehensive guide for taxpayers who have missed claiming eligible deductions under Section 80C of the Income Tax Act, 1961, in their original Income Tax Return (ITR). It explains the importance of Section 80C, the concept of a Revised ITR, and offers a detailed step-by-step process for filing a revised return online. The article also emphasizes the significance of adhering to deadlines to avoid penalties and provides essential tips for a smooth filing experience, ensuring taxpayers can reclaim their rightful tax benefits

This comprehensive guide delves into Section 44ADA of the Income Tax Act, 1961, offering a simplified "presumptive taxation" scheme for eligible self-employed professionals. Discover who qualifies, how to calculate your taxable income at a minimum of 50% of gross receipts, and the significant benefits like exemption from detailed bookkeeping and tax audits. Learn about crucial compliance aspects, including advance tax and the increased ₹75 Lakhs gross receipts limit, to make informed decisions for smarter tax planning and effortless compliance.

This in-depth guide simplifies TDS (Tax Deducted at Source) for Financial Year 2025-26 (Assessment Year 2026-27). Discover how this crucial tax collection mechanism works, explore the latest changes from Union Budget 2025 including increased threshold limits, the introduction of Section 194T for partners' remuneration, and the removal of higher TDS for non-filers. We provide a detailed TDS rate chart and explain the implications of non-compliance, empowering both deductors and deductees for efficient tax planning and compliance

Grasping the concept of standard deduction is essential for every salaried person in India. Following the recent updates in the Union Budget 2024, the framework for standard deduction has changed, particularly within the new tax framework. This comprehensive guide clarifies what standard deduction entails, the updated limits for both regimes, eligibility criteria, advantages, and practical illustrations.

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.

This post offers an in-depth overview of key Income Tax Act sections (44AA, 44AB, 44AD, 44ADA) applicable for AY 2025-26 (FY 2024-25). It details the requirements for maintaining accounting records and mandatory tax audits based on income/turnover thresholds. It also explains the presumptive taxation schemes for eligible small businesses (44AD) and professionals (44ADA), including updated limits and the implications of opting for or out of these schemes. The guide aims to clarify compliance duties for taxpayers

The Central Board of Direct Taxes (CBDT) has introduced significant updates to the Income Tax Return Verification Form (ITR-V) and the ITR-Acknowledgement form for Assessment Year 2025-26, effective retroactively from April 1, 2025. These changes, announced under Notification No. 45/2025, are part of the Income-tax (Seventeenth Amendment) Rules, 2025, and are designed to streamline e-filing and verification, enhance security, and promote paperless tax administration. Key features include detailed verification options, improved security, comprehensive return summaries, and a strong emphasis on electronic verification, ensuring a faster, more convenient, and compliant tax filing process for millions of taxpayers.