This blog post clarifies that individuals and pensioners filing ITR-1 or ITR-2 (without business or professional income) do not need to file Form 10-IEA to switch between the old and new tax regimes on an annual basis. It explains that the choice can be made directly within the ITR form itself each year, even when opting out of the default new regime (effective AY 2024-25) or switching back to it later. The post contrasts this flexibility with the stricter requirement for those with business income (filing ITR-3/ITR-4) who must use Form 10-IEA to opt out and face limitations on switching back.

The Central Board of Direct Taxes (CBDT) has notified ITR Form 2 for Assessment Year 2025-26 through Notification No. 43/2025 dated May 5, 2025. This early release benefits individuals and HUFs without business/professional income but potentially having capital gains, foreign assets, multiple house properties, or income over ₹50 lakh (₹50 lakh), allowing more time for preparation. The blog explains who should file ITR-2, highlights the significance of early notification for taxpayers and professionals, discusses potential areas of change (like capital gains reporting), and outlines actionable next steps for taxpayers to begin their FY 2024-25 tax filing preparations.

The Central Board of Direct Taxes (CBDT) has kickstarted the income tax filing season earlier than usual by releasing the ITR-1 (Sahaj) and ITR-4 (Sugam) forms for Assessment Year 2025-26. This blog explores the eligibility, permissible income sources, and filing restrictions for both forms. It also highlights a major update—taxpayers can now report Long-Term Capital Gains (LTCG) under Section 112A in ITR-1 and ITR-4 under specific conditions. Additionally, it explains the difference between form notification and utility release, emphasizes the importance of early preparation, and provides a comprehensive document checklist for smooth filing. The blog concludes by urging taxpayers to be proactive and file early to avoid last-minute hassles.

A detailed guide detailing the reasons salaried individuals get income tax notices in India (FY 2024-25), the different kinds of notices, strategies for responding step-by-step, and measures to take in order to prevent receiving notices.

This guide explains the newly introduced ITR-B form for taxpayers involved in search/requisition operations under sections 132/132A/153A/153C. It covers filing requirements, deadlines, consequences of non-compliance, and essential details to include.

Comprehensive guide to the latest Aadhaar-PAN linking regulations for PANs obtained through Aadhaar Enrolment ID. Includes compliance obligations, three methods for linking, repercussions of non-compliance, and frequently asked questions for taxpayers.

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 audit process for FY 2023-24 can be challenging, but with the right preparation, businesses and individuals can manage it effectively. This blog explores who is required to undergo an audit, how to prepare by gathering essential documents like Form 16 and Form 26AS, and the steps involved in the audit process. Engaging a Chartered Accountant (CA) is key to ensuring compliance with tax regulations. The audit process also provides opportunities for improving financial record-keeping, tax planning, and dispute resolution. This guide offers insights into navigating the audit process confidently.