For Assessment Year 2025-26, the familiar ITR-1 (Sahaj) and ITR-4 (Sugam) forms, traditionally seen as straightforward, are undergoing significant changes that add layers of complexity. This blog explores the impact of the new tax regime as default, increased disclosure requirements, and the need for meticulous data reconciliation, explaining why even simple returns now demand careful attention. Discover how MYITRONLINE can help you navigate these evolving tax landscapes.

Big news for individual taxpayers and small businesses! The Income Tax Department has released the Excel Utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for Assessment Year 2025-26. This means you can now begin filing your income tax returns offline. This blog covers who can use these forms, the benefits of early filing, and how MYITRONLINE can provide seamless assistance.

This blog post outlines the critical E-Way Bill compliance rules for 2025, detailing mandatory thresholds, validity periods, and filing procedures (Form GST EWB-01). Learn how to avoid hefty penalties of ₹10,000 or more by adhering to these updated regulations, including insights on interstate vs. intrastate applicability, and new rules regarding generation and extension limits. Discover how MYITRONLINE can help your business navigate these complexities.

The recent Infosys GSTN update has made it mandatory to include a consolidated HSN (Harmonized System of Nomenclature) summary for all B2C (Business-to-Consumer) transactions in GSTR-1 filing. Earlier applicable mainly to B2B and high-value B2CS invoices, this significant change now requires businesses to classify and report even small B2C sales by HSN code. The update aims to improve transparency, data accuracy, and tax compliance. This blog details the key implications for businesses, steps for reporting the B2C HSN summary in Table 12 of GSTR-1, HSN digit requirements, and best practices to ensure seamless compliance under the new GST regime.

This blog post serves as a complete and detailed guide for businesses and individuals to understand Section 194C of the Income Tax Act, 1961. It explains TDS obligations on payments to contractors, outlines applicable rates and thresholds, and most importantly, teaches how to correctly report these deductions in your Income Tax Return (ITR). From verifying Form 26AS and AIS to avoiding mismatch notices, this article helps you ensure compliance, avoid scrutiny, and maintain a clean tax record.

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 demystifies the treatment of House Rent Allowance (HRA) under India's New Tax Regime. It clarifies whether HRA is exempt, outlines its impact on your tax filing process, and provides crucial advice on how to navigate the changes to avoid receiving tax notices. Learn the key differences from the old regime and ensure your tax compliance is seamless for the current financial year and beyond.

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 blog explores how Indian taxpayers can maximise their income tax savings by leveraging both Section 80C and Section 80D of the Income Tax Act. While Section 80C focuses on investments and expenses like PPF, ELSS, and home loan principal repayment, Section 80D offers deductions on health insurance premiums and preventive health check-ups. By using these sections together, taxpayers can claim deductions up to ₹2,00,000 annually. The blog explains eligibility, deduction limits, strategic planning tips, and helps readers choose between the old and new tax regimes for optimal 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.

Maximize your savings and simplify your ITR filing for FY 2024-25! Discover how to effectively utilize the Section 87A rebate and navigate the complexities of deductions under both the old and new tax regimes. This essential guide empowers you to make informed choices, accurately claim every eligible deduction, and confidently file your ITR to prevent any unwelcome tax notices.

Receiving an income tax notification can be intimidating, especially for salaried professionals. This comprehensive guide demystifies the reasons behind income tax notices in India, detailing common types (like 143(1), 139(9), 143(2), 148, and 156) and providing a step-by-step approach on how to respond effectively. Learn about discrepancies in income/TDS, defective returns, high-value transactions, and best practices to prevent such communications.