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Taxpayers are compiling various documents to file an ITR with the correct figures. Most of the businessmen have hired professionals and purchased taxation & accounting software for e-filing ITRs effortlessly. Salaried individuals are also under an obligation to file ITRs by using Form 16. Form 16 is not only a basic document but an ad […]
Income tax return filing is easy and beneficial for an overall financial and records maintenance for future loan perspective and investment purposes.
When the last date of IT filing arrives close, every taxpayer worries about how to calculate the taxable income and online e-filing of the income tax return. The income tax return has to be mandatorily e filed in case your income is above the basic slab rate. However, paper returns can be filed by those […]
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? […]
The Union Budget each year includes revisions that affect taxpayers, businesses, and tax professionals. The Budget 2026 is the same; it includes updates to tax rates, rules, and deductions that everyone must understand and follow. Tax software is important because it helps turn these budget amendments into easy-to-use systems, making it easier for people to […]
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 […]
Tax return filing exhibits a challenge for both individuals and businesses because of the rising intricacy of tax norms. Also, a small error can result in penalties, delayed refunds, or heightened scrutiny from tax authorities. Tax Deducted at Source (TDS) is a common subject of concern, where problems like incorrect Permanent Account Number (PAN) details, […]
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 Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the only filing of an ITR in an incorrect form cannot be a foundation to disallow genuine expenditure. The Bench said that procedural lapses must not override substantive rights of the taxpayer. New Surya Public School, an educational society registered under the […]
