ITR-1 and ITR-4 additional disclosure requirements for AY 2025-26
The Income Tax Department dropped some major changes for ITR-1 and ITR-4 additional disclosure requirements for AY 2025-26. And honestly? It caught many of us off guard.
INCOME TAX
New Tax Regime: Exemptions & Deductions Not Allowable
The new tax regime has turned traditional tax planning on its head. What seemed like a simple choice between lower rates and familiar deductions has become a complex puzzle that millions of taxpayers grapple with every year.
Presumptive Taxation Scheme: Guide to Sections 44AD, 44ADA & 44AE
For many small business owners and professionals in India, maintaining detailed books of accounts and undergoing tax audits can be burdensome, time-consuming, and often requires professional assistance that comes at a significant cost. Recognizing these challenges,
Condonation of Delay under Income Tax – A Complete Guide
Even sometime many income taxpayers can sometimes miss statutory deadlines due to unforeseen or genuine reasons. But does this mean the taxpayer permanently loses the right to claim a refund or avail tax benefits? Fortunately, Section 119(2)(b) of the Income Tax Act, 1961 provides a legal
Latest Changes in Form 3CD – Effective from 1st April 2025
The Central Board of Direct Taxes (CBDT) has notified critical amendments to Form 3CD via Notification G.S.R. 207(E) dated 28th March 2025, bringing sweeping changes effective from 01.04.2025 for Assessment Year 2025-26 onwards.
Income Tax Return Filing: Mandatory Rules and Documents Required (FY 2024-25)
Section 139(1) of the Income Tax Act, 1961 lays down the requirement for furnishing the return of income. While ordinarily individuals are not required to file returns if their income is below the basic exemption limit, the following specific scenarios override that exemption.
Disallowance of MSME Payments Under Section 43B(h)
The Micro, Small, and Medium Enterprises (MSME) sector is the backbone of India’s economic framework, contributing to employment, innovation, and GDP growth. Recognizing the financial vulnerability of these enterprises, the Indian government has taken multiple legislative steps to ensure timely payments to MSMEs.
Capital Gains on Equity Shares in India
Capital markets remain a dominant investment arena, especially for individuals and HNIs seeking returns from equity shares. But with gains come tax implications. The Income Tax Act, 1961, lays down
Income Tax Return (ITR) Forms AY 2025–26: Complete Guide from ITR-1 to ITR-7
Navigating the complex matrix of Income Tax Return (ITR) forms in India has never been more important than in Assessment Year (AY) 2025–26. With evolving tax structures, dual tax regimes, and increasing digitization of compliance processes, selecting the correct ITR form isn’t merely a procedural step—it is
Income Tax on Crypto Currencies in India
Cryptocurrency taxation in India has become a crucial topic for investors, traders, and businesses. With the introduction of Section 115BBH of the Income Tax Act, 1961, the government has imposed a flat 30% tax on virtual digital assets (VDAs) like Bitcoin, Ethereum, and other cryptocurrencies. Additionally, a 1% TDS under Section 194S has