This comprehensive guide breaks down India's New Income Tax Regime under Section 115BAC, now the default for individuals and HUFs. It details the revised income tax slab rates for Financial Years 2024-25 and 2025-26, highlighting the increased basic exemption limits and the enhanced rebate under Section 87A. The article clearly outlines the limited deductions and exemptions still allowed (e.g., standard deduction, employer's NPS contribution) versus the numerous ones no longer applicable. It concludes by helping taxpayers determine whether the new regime or the old regime is more beneficial for their specific financial situation and explains the process for switching between the two.

This blog simplifies the concept of Tax Audit under Section 44AB of the Income-tax Act, 1961 for regular taxpayers. It explains why tax audits are essential, clearly outlines the turnover/receipt limits for businesses (₹1 Crore/₹10 Crore) and professionals (₹75 Lakhs) for FY 2024-25, and details special cases involving presumptive taxation. The article highlights the crucial role of a Chartered Accountant, the forms used (3CA, 3CB, 3CD), and the general deadline of September 30, 2025. Finally, it elaborates on the significant penalties for non-compliance and offers practical advice for taxpayers to ensure a smooth audit process.

Sections 234A, 234B, and 234C of the Income Tax Act deal with interest charged for late filing of returns, underpayment, or deferment of advance tax. This blog explains each section in detail with examples and calculations, helping taxpayers stay compliant and avoid extra charge

The Central Board of Direct Taxes (CBDT) has announced the Cost Inflation Index (CII) for FY 2025-26 as 376. This blog post explains what CII is, how the new index will be applied from AY 2026-27, who it impacts, and provides an example of how it reduces taxable long-term capital gains, particularly for real estate acquired before July 23, 2024. It highlights the importance of understanding this update for accurate tax filing.

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 a comprehensive overview of the significant income tax changes coming into effect in India from July 1, 2025. It details the more attractive new tax regime with revised slabs and increased deductions, the extended ITR filing deadline, the mandate for Aadhaar in PAN applications, and the real-time PAN-bank linking system. Furthermore, it touches upon the updated ITR forms and the broader proposals of the Income Tax Bill 2025, offering taxpayers crucial insights for compliance and effective tax planning.

Navigating tax regimes can be tricky, especially with Form 10-IEA for the Old Tax Regime. If you're a business owner or professional, this form is crucial for your AY 2025-26 ITR, impacting your deductions and long-term tax strategy. Learn about the mandatory steps, critical deadlines, and the 'one-time' decision rule that could affect your future tax savings. Our blog demystifies this complex issue, helping you avoid common pitfalls and ensuring accurate filing. Get expert guidance from myitronline!

This blog post delves into crucial tax-saving sections beyond the popular 80C, specifically detailing Sections 80E (education loan interest), 80G (donations), 80TTA (savings interest for non-seniors), and 80TTB (interest on deposits for senior citizens). It explains who can claim these, their limits, and, most importantly, their non-applicability under the New Tax Regime for FY 2024-25. The post encourages taxpayers to compare regimes carefully and highlights myitronline's services for expert assistance.

This blog post provides a detailed guide to Form 16 for Financial Year 2024-25 (Assessment Year 2025-26), highlighting the crucial changes under the new tax regime, including the increased standard deduction and NPS benefits. It offers a step-by-step process for taxpayers to verify their Form 16 against Form 26AS and other documents, ensuring accurate ITR filing and avoiding discrepancies. The post also emphasizes the extended ITR filing deadline and promotes myitronline's services for expert assistance.

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.

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