The Central Board of Direct Taxes (CBDT) has issued a significant corrigendum to the recently enacted Income-tax Act, 2025. This blog post delves into the necessity and impact of these corrections, highlighting various typographical, grammatical, and structural fixes. It explains why such legislative "housekeeping" is crucial for legal accuracy and preventing disputes, while also providing context on the broader reforms introduced by the Income-tax Act, 2025, including a simplified structure, unified tax year, and digital-first assessments. The key takeaway emphasizes that while the corrigendum doesn't alter tax policy substance, it ensures the Act is legally sound and ready for smooth implementation, supporting India's goal of a simpler, more transparent tax framework.

This guide explains the crucial aspects of Futures & Options (F&O) taxation in India. It clarifies that F&O income is categorized as 'Non-Speculative Business Income', detailing how to calculate turnover based on 'absolute profit' plus premiums. The guide outlines various deductible expenses to reduce taxable income and explains when a tax audit is mandatory, especially for losses or specific turnover thresholds. Finally, it covers how to manage F&O losses through set-off and carry-forward, and provides essential information on ITR filing (ITR-3), applicable tax rates, and advance tax payments, ensuring traders stay compliant and manage their finances effectively.

This guide explains the crucial aspects of Futures & Options (F&O) taxation in India. It clarifies that F&O income is categorized as 'Non-Speculative Business Income', detailing how to calculate turnover based on 'absolute profit' plus premiums. The guide outlines various deductible expenses to reduce taxable income and explains when a tax audit is mandatory, especially for losses or specific turnover thresholds. Finally, it covers how to manage F&O losses through set-off and carry-forward, and provides essential information on ITR filing (ITR-3), applicable tax rates, and advance tax payments, ensuring traders stay compliant and manage their finances effectively.

This blog details the recent changes by the CBDT in relaxing certain "black money" rules, aiming to provide significant relief to Indian taxpayers. It explains the rationale behind these changes, focusing on the rationalization of penalties, re-evaluation of "undisclosed" status, new opportunities for compliance, and a reduction in harassment and litigation. The article highlights who benefits from these relaxations, positions them within a broader shift towards trust-based taxation, and advises taxpayers on necessary steps to take.

The Income Tax Appellate Tribunal (ITAT) has clarified that when an asset gifted to a spouse is sold, the resulting capital gains must be taxed in the hands of the gifting spouse, not the recipient. This blog breaks down the mandatory "clubbing of income" provision under Section 64(1)(iv) of the Income Tax Act, explaining its implications for taxpayers, the calculation of gains, and the importance of proper documentation.

The CBDT has issued Instruction No. 01/2025 on 18 August 2025, aligning its policy with the Finance (No. 2) Act, 2024. This update ensures that prosecution under Sections 49 and 50 of the Black Money Act will not be initiated for undisclosed non-immovable foreign assets valued up to ₹20 lakh. The move offers relief to genuine taxpayers, prevents harsh action for minor errors, and focuses enforcement on serious non-compliance cases.

This blog post addresses a common but serious error made by professionals and freelancers who incorrectly file their income tax returns under Section 44AD (for businesses) instead of the appropriate Section 44ADA (for professionals). It explains the fundamental differences between the two sections, how the Income Tax Department's AI systems detect this discrepancy through TDS mismatches and unusually low-profit declarations, and the severe consequences that follow, including mandatory audits and multiple financial penalties. The article concludes by offering a clear, step-by-step guide on what to do if you receive a notice for this mistake, emphasizing the importance of consulting a professional and taking prompt corrective action.

This blog post details India's landmark decision to replace the sixty-year-old Income-tax Act, 1961, with the new, simplified Income-tax Act, 2025, which will be effective from April 1, 2026. It breaks down the key changes in simple terms, explaining the reduction in legal complexity, the introduction of a unified "Tax Year," clearer definitions for digital assets, and the move towards faceless, technology-driven tax processes. The post highlights how these changes aim to create a more transparent, efficient, and taxpayer-friendly direct tax system for individuals and businesses across the country.

This blog provides a detailed overview of four significant amendments to the Income Tax Act effective from Financial Year 2025-26. It covers the establishment of the new tax regime as the default option for taxpayers, the mandatory timely payments to MSMEs under the new Section 43B(h), the extension of tax benefits for startups, and the revised rules and thresholds for Tax Collected at Source (TCS) on foreign remittances and luxury goods.

This guide explains the updated Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961, for the Assessment Year 2025-26 (Financial Year 2024-25). It clarifies who needs a tax audit, points out key changes in Form 3CD, including new clauses for digital transactions, MSME reporting, and buybacks. It also outlines the audit process, lists important due dates, and details the penalties for non-compliance. The guide offers best practices for taxpayers to help ensure smooth audits and strong tax compliance in India.

For small businesses and professionals in India, understanding Sections 44AA, 44AB, 44AD, and 44ADA of the Income Tax Act, 1961, is essential for smooth tax compliance. This guide explains how these sections apply for the Financial Year 2024-25 (Assessment Year 2025-26). It covers necessary bookkeeping, tax audit rules, and the simplified presumptive taxation schemes that can greatly lessen the compliance burden for qualified taxpayers.

India's digital asset taxation is maturing. For FY 2025-26, the core 30% tax and 1% TDS on VDAs remain, but expect a wider definition of VDAs and mandatory reporting by exchanges. This blog details current rules and what enhanced compliance means for crypto and other new-age investors.