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No revisions to income tax slabs have been made in Budget 2026, and it has been reiterated that the Income Tax Act shall come into force w.e.f. 1st April 2026. The impact of the new Income Tax Act on ITR filing for this year is illustrated below. When Shall the New ITR Forms be Notified? […]
India has witnessed a strong rise in income tax filings and non-corporate tax collections, exhibiting a broader tax base and more assertive formalisation of the economy, as specified by the Economic Survey 2025-26. In the survey, it cited that the ITR submitted between 2024-25 touched 9.2 crore, compared to 6.9 crore in 2021-22. The same […]
Starting in 2026, it is crucial for taxpayers to adhere to both GST and Income Tax regulations. Establishing practical resolutions at the beginning of the year can reduce mistakes, avoid penalties, and ensure seamless compliance throughout the year. 2026 GST Compliance Resolutions Submit GSTR-1 on Time with Corrections Use an Efficient Invoice Management System Handle […]
The rollout of the Income Tax Bill 2025 marks a significant transformation in India’s tax framework. The purpose of the bill is to simplify the tax structure and reduce litigation. It also introduces new compliance expectations, reporting requirements, and procedural changes. For companies that develop income tax software represents a legislative update to monitor as […]
Income tax software is an essential tool for individuals, tax professionals, and businesses to manage their taxes efficiently. As tax laws are frequently revised and technology continues to evolve, this software must be regularly updated to remain accurate, secure, and user-friendly. Such updates carry new features that streamline filing taxes, enhance precision and support people […]
The process of completing the online income tax return is just one aspect of your responsibilities as a diligent taxpayer. After submitting your return, important steps remain to ensure a smooth and compliant process. It’s essential to carefully review your return for any errors, respond quickly to any official notices from the tax authorities, and […]
The Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal, stated that the income tax department, under the facilitated Income Tax Act 2025, shall notify the new ITR forms and pertinent rules by January. From 1 April 2026, these updated regulations will come into force, marking the transition from the nearly six-decade-old Income Tax Act […]
Both professionals and businesses in the present digital era are looking for efficient ways to handle their tax liabilities. Finding the advance tax is one of the difficult things of filing taxes, which consists of paying a part of your income tax throughout the year rather than all at once when the tax year finishes. […]
Since the government has rolled out the new fraud detection measure to curb the bogus or inflated refund claims, the income tax refunds of India have been reduced this year. As per the official data, between April and October 2025, there is a fall in the refunds issued by approximately 16% year-on-year, slipping from about […]
