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
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.
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.
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 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
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
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
In the dynamic business world, restructuring transactions are common, and slump sale has emerged as a prominent method of transferring business undertakings. It enables business owners to sell entire business divisions without assigning individual values to
Freelancing and blogging have transformed into mainstream career choices, offering independence, flexibility, and significant earning potential. With the rise of the gig economy, individuals now earn substantial income through platforms like Upwork, Fiverr, Freelancer, YouTube, and Google AdSense, as well as through
For active stock market traders and investors, classifying share trading as business income instead of capital gains can provide significant tax advantages. Unlike capital gains taxation, where tax rates are fixed and deductions are limited, treating stock trading profits as business income allows taxpayers to
