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A taxpayer is going to receive the advantage of the rebate if the taxable income calculated after the eligible tax exemptions and deductions results to be less than INR 5 Lakhs. Under the current provisions of the Income Tax Department, a taxpayer can enjoy a maximum rebate of INR 12,500 under section 87A of the […]
Good news has come for the taxpayers because Infosys is going to develop a new income tax filing system at the cost of Rs 4,241.97 crores said the government that will help to decrease the processing time for returns from 63 days to one day and expedite refunds.
The Madras High Court recently issued a ruling directing a forensic examination of the records relevant to several writ petitions that contested GST assessment orders. Additionally, the court ordered the applicant to make a pre-deposit of ₹30 lakh, after which the attachment on the applicant’s bank account will be lifted. The K. N Raj Construction […]
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 […]
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 […]
Tax Deducted at Source (TDS) is a crucial part of India’s tax collection framework, as it facilitates the collection of tax at the point of income generation. Managing TDS obligations comprises a recurring and crucial responsibility for professionals such as chartered accountants, tax consultants, company accountants, and compliance managers. The process comprises distinct steps: calculation, […]
The Delhi High Court has ruled that not knowing the tax laws in India is not a valid reason for allowing extra time to file your income tax return u/s 119(2)(b). This decision is based on a specific section of the Income Tax Act from 1961, which states that a genuine hardship must be proven […]
