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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 […]
Indian engineering exporters are urging the government to consider a reduction in income tax rates for non-corporate manufacturing MSMEs to 25%. Additionally, they are requesting the expedited release of most pending goods and services tax refunds. These measures are seen as vital for alleviating cash flow pressures and enhancing export competitiveness in the upcoming Union […]
The Delhi High Court recently issued a ruling stating that the collection of tax dues is legally invalid unless the assessment order and statutory demand notice are provided. The court directed the tax department to refund the amounts that were recovered, emphasising that the collection was carried out without the proper legal authority. Philco Exports […]
The income tax department’s data mentioned that the direct tax collections of the central government after refunds stood at Rs 18.37 lakh crore between April 1 and January 11 of FY26. The net direct tax collections compared to the same period of the last financial year increased by 8.8%. The same growth is lower compared […]
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 […]
For significant delays in the processing of ITR and subsequent issuance of refunds, taxpayers on the social media platform X are raising their voices. Public grievance has arrived because people who submitted their ITRs several months ago witnessed that their processing status remained unchanged or their refunds were stuck in the pending phase. Taxpayers are […]
The Income Tax Department cannot withhold a refund under Section 245 of the Income Tax Act, 1961, unless it establishes tax liability, the Calcutta High Court cited. The Bench of Justice Raja Basu Chowdhury said that it is correct that section 245 of the said Act allows the income tax department to set off a […]
