This blog post explains the new Section 194T of the Income Tax Act, which takes effect on April 1, 2025. It requires TDS on payments such as salary, remuneration, commission, bonus, and interest made by partnership firms and LLPs to their partners. The post outlines the 10% TDS rate (20% without a PAN), the ₹20,000 annual threshold, and the timing for deduction. It also clarifies which payments are exempt, including capital withdrawal, profit share, and expense reimbursement. Additionally, the post offers a checklist for firms and partners to ensure compliance and avoid penalties.

This comprehensive blog post demystifies Section 142(1) notices from the Income Tax Department, specifically when issued for missing or incorrect deductions in your ITR. It explains the purpose of such notices, common reasons for their issuance (like Form 26AS/AIS/TIS mismatches or lack of supporting documents), and provides a step-by-step guide on how to prepare an accurate and timely response. The post also highlights the severe consequences of non-compliance and offers valuable tips for prevention through meticulous record-keeping and thorough ITR review.

This blog post provides an important update on GST for all registered businesses in India. Starting August 1, 2025, the GSTN will permanently prevent the filing of any GST returns that are more than three years overdue, according to the Finance Act, 2023. The article gives examples, such as GSTR-1 for June 2022 and GSTR-9 for FY 2020-21, to show the impact. It strongly urges taxpayers to reconcile their records right away and file any pending returns. The article discusses the serious consequences of not complying, including losing Input Tax Credit and facing legal troubles. It stresses the need to act now to prevent permanent blocking on the GST portal.

This blog post warns taxpayers about the updated ITR regulations, highlighting the drastic consequences of under-reporting or misreporting income, including a 200% penalty and potential criminal prosecution. It explains why the Income Tax Department is increasing scrutiny through data analytics and detailed ITR forms, and provides essential steps for taxpayers to ensure compliance and avoid severe financial and legal repercussions.