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.

This blog explains the concept of income tax surcharge and marginal relief in India for AY 2025-26 (FY 2024-25). It details the current surcharge rates under both old and new tax regimes and illustrates how marginal relief prevents excessive tax liability near surcharge thresholds. Additionally, it covers key Budget 2025 proposals affecting FY 2025-26 (AY 2026-27), including revised tax slabs, increased rebate under Sec 87A, and a new type of marginal relief linked to the rebate threshold.

The blog post announces the early notification of ITR-1 (Sahaj) and ITR-4 (Sugam) forms by the CBDT for the Assessment Year 2025-26 (corresponding to Financial Year 2024-25). It details the eligibility criteria for using these forms, explains the significance of the early notification for taxpayers (more preparation time, potentially earlier filing utility release), clarifies the difference between form notification and utility release, reminds readers about the AY/FY distinction, and advises taxpayers to start gathering necessary documents while waiting for the official filing utilities to be launched on the Income Tax portal.

This blog post details the recently announced final deadline of April 30, 2025, for filing declarations under the Direct Tax Vivad se Vishwas Scheme, 2024 (VSV 2.0). It explains the scheme's purpose, eligibility criteria (including the expansion for certain cases), key benefits like waiver of interest/penalty, the procedural steps involving Forms 1-4, and urges eligible taxpayers to act before the deadline to resolve pending direct tax disputes.

This blog post examines the clarified disallowances under Section 37(1) of the Income Tax Act following the Finance Act 2022 amendment to Explanation 1. It details how expenses related to illegal activities, penalties, compounding fees, prohibited benefits/perks (like certain freebies), and violations of foreign laws are now more explicitly non-deductible, emphasizing the need for businesses to ensure compliance and maintain thorough documentation.