The FY 2025-26 brings crucial changes for partnership firms & LLPs regarding partner remuneration. This blog decodes the new, increased deduction limits under Section 40(b) and the mandatory TDS introduction via Section 194T on payments to partners. It covers who's a working partner, the role of the partnership deed, and essential compliance steps for firms.

This blog post provides a comprehensive yet easy-to-understand guide to Sections 269SS, 269T, and 269ST of the Indian Income Tax Act. It explains the rules regarding accepting and repaying cash loans/deposits (above ₹20,000) and receiving cash amounts (above ₹2 lakh) for various transactions. The post emphasizes the severe penalties (100% of the amount) for non-compliance, clarifies exemptions, and details how these transactions are reported in Form 3CD during a tax audit. It concludes with practical takeaways for taxpayers to ensure compliance and avoid issues.

This blog provides a simple and easy-to-understand guide to Capital Gains Tax rates in India for various assets like shares, mutual funds (debt & equity), gold, and property, differentiating between short-term and long-term gains.

This blog post demystifies the tax treatment of agricultural income in India for the Financial Year 2024-25 onwards. It clearly defines what constitutes agricultural income and what does not. The post explains the crucial concept of "partial integration," a unique tax calculation method for individuals with both agricultural and non-agricultural income, illustrating it with a simple example. It also highlights essential compliance requirements like reporting agricultural income in ITR and maintaining records, alongside reasons for the historical tax exemption.

This blog post gives a clear and straightforward explanation of the major updates to the ITR-3 income tax utility for Assessment Year 2025-26. It emphasizes the new business and profession codes that improve the classification of different income sources, such as online trading and digital content creation. The post also discusses other important changes, including higher thresholds for reporting assets, updated capital gains reporting rules, detailed requirements for deductions, and clarifications on the new tax system. This information is directed at business owners, professionals, and HUFs, offering useful guidance on understanding and managing these changes to make tax filing easier.

This simple guide explains Form 26A and how it helps TDS deductors avoid being "at fault" under Section 201. It covers the benefits, conditions for filing, how interest is calculated, and important court decisions that provide relief. This resource is clear and easy to understand for managing TDS compliance.

This guide explains TCS Return Form 27EQ for businesses and individuals. It covers its purpose, quarterly due dates, how to pay TCS using Challan 281, and the consequences of late filing or payment, such as interest and penalties. The text uses clear language for easy understanding, helping you stay compliant.

This blog post details the various consequences of not filing Income Tax Returns in India, including immediate financial penalties, loss of benefits like carrying forward losses or claiming refunds, and harsher repercussions such as best judgment assessment, heavy fines, and even prosecution.

This blog explains the key differences between ITR-3 and ITR-4, specifically for freelancers and consultants, outlining eligibility criteria and scenarios to help them choose the correct income tax return form.

The New Tax Regime is now default for FY 2024-25. Our comprehensive guide helps salaried individuals and pensioners file ITR-1 (Sahaj) easily, covering eligibility, new deductions like the ₹75,000 standard deduction, and a step-by-step online process. File by September 15, 2025!

This guide makes it easier to choose the right Income Tax Return (ITR) form for Assessment Year (AY) 2025-26 (Financial Year 2024-25). It explains each ITR form (ITR-1 Sahaj, ITR-2, ITR-3, ITR-4 Sugam, ITR-5, ITR-6, ITR-7) by outlining who can use each one, who cannot, and the specific income sources or taxpayer categories they cover. The guide also notes important updates for AY 2025-26, including the inclusion of certain LTCG in ITR-1 and ITR-4, changes in VDA reporting, updated capital gains segregation, higher thresholds for asset and liability reporting, and required deduction disclosures. The purpose is to help individuals and entities choose the right form for accurate and compliant tax filing.

This blog post provides a comprehensive guide for individuals and HUFs paying monthly rent above 50,000, highlighting their often-overlooked TDS obligations under Section 194-IB of the Income Tax Act. It details who is applicable, the current TDS rate (2% from Oct 2024, 5% earlier), deduction and deposit timelines (annual deduction, 30 days for deposit), and the use of Form 26QC and Form 16C. Crucially, the post emphasizes the severe consequences of non-compliance, including various interest charges, late filing fees (up to 200/day), substantial penalties (10,000-1,00,000), and even potential prosecution. It also offers actionable steps for compliance and guidance for those who have missed previous deductions, urging tenants to prioritize this crucial tax duty to avoid significant financial and legal repercussions.