This blog post deciphers the significant changes to Capital Gains Tax in India, effective from July 23, 2024, as introduced in the Union Budget 2024. It simplifies the concepts of Short-Term and Long-Term Capital Gains, detailing the new holding periods and updated tax rates for various assets like listed shares, equity and debt mutual funds, property, and gold. The article highlights key implications for taxpayers and emphasizes the importance of professional advice from Myitronline for navigating these complex rules and optimizing investment strategies.

India is embarking on a major tax reform, replacing its outdated Income Tax Act, 1961, with the New Income Tax Bill 2025. A parliamentary committee has proposed 285 changes to this draft legislation, aiming to simplify language, modernize provisions (including for digital assets), reduce litigation, and enhance taxpayer experience. This blog post breaks down the reasons behind this overhaul, the committee's role in suggesting extensive "corrective" changes, and the key implications for taxpayers as India moves towards a new tax regime from April 1, 2026.

The GST Portal has introduced a crucial update enabling taxpayers to file appeals (Form APL-01) against rejection orders (SPL-07) issued under the GST Amnesty Scheme. This provides a vital recourse for businesses whose applications for penalty and interest waivers were denied. This detailed guide covers the context of the amnesty scheme, the significance of this new online appeal functionality, critical points to consider before filing (like the 'no withdrawal' policy and pre-deposit requirements), and a comprehensive step-by-step process for filing the appeal on the GST Portal.

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and exemptions still allowed (e.g., standard deduction, employer's NPS contribution) versus the numerous ones no longer applicable.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 post provides a comprehensive overview of Section 201(1A) of the Income Tax Act, 1961, focusing on the interest levied for delayed TDS deduction or payment. It explains the two distinct scenarios for interest calculation (1% for failure to deduct, 1.5% for failure to pay after deduction), clarifies the "month or part of a month" rule, and illustrates calculations with clear examples. Furthermore, it details the severe implications for defaulting deductors, including "assessee in default" status, disallowance of expenditure under Section 40(a)(ia), various penalties (271C, 271H), and potential prosecution. The post concludes with practical best practices to help deductors ensure timely compliance and avoid these costly repercussions.

This blog post announces the release of ITR-2 and ITR-3 Excel utilities for AY 2025-26. It explains which taxpayers must use these forms and highlights important updates from the Finance Act, 2024. These updates include changes to capital gains segregation, share buyback rules, and higher asset reporting thresholds. The post describes the benefits of using Excel utilities and offers a clear, step-by-step guide for filing. It stresses key points like the e-verification deadline and the need for accuracy and good record-keeping to ensure smooth compliance.

The Income Tax Department is making significant updates and tightening compliance for FY 2025-26 (AY 2026-27). This blog post serves as an important "taxpayer alert." It explains key changes, such as the mandatory Aadhaar-based verification for updates to the e-filing portal and PAN applications. There is also a stronger emphasis on computer-assisted scrutiny (CASS) for certain types of returns, including survey/search cases, ITR-7 filers, recurring additions, and intelligence alerts. Additionally, it provides information on expected delays in ITR refunds due to outstanding demands and technical upgrades. The focus on HRA claims will tighten, especially those that involve family members. It highlights the need for proactive compliance, careful record-keeping, and timely responses to avoid penalties and ensure a smooth tax experience.

This blog post announces the release of new utility versions on the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal for Justification Reports (Version 3.4), Form 16A (Version 2.1L), and Form 27D (Version 1.4). It explains the purpose of each document, detailing how the updated Excel utility for Justification Reports enhances error analysis and how the new Form 16A and 27D utilities simplify certificate generation. The post emphasizes that these updates signify the Income Tax Department's commitment to improving compliance, reducing errors, and streamlining TDS/TCS processes for deductors and collectors.

This blog post details the recent mandatory implementation of Aadhaar OTP verification on the Income Tax e-Filing portal for ITR verification and other services. It explains the reasons behind this shift, focusing on enhanced security, streamlined processes, and data integration. The post outlines the crucial impact on taxpayers, emphasizing the necessity of PAN-Aadhaar linking and updated mobile numbers. It also provides actionable steps for those not yet ready and reiterates the benefits of this digital transformation for tax administration in India.

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 blog post summarizes CBDT Circular No. 8/2025, which clarifies that interest waivers for delayed TDS/TCS payments due to technical issues can apply to past charges, provided applications meet the one-year deadline

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.