Filing Income Tax Return (ITR) is an important responsibility for every taxpayer, and ITR-1 is the simplest return form designed for salaried individuals and pensioners. If you earn income from salary, pension, up to two house properties, or other sources such as bank interest, ITR-1 can help you report your income to the Income Tax […]
ITR-1 (Sahaj) for AY 2026-27: Who Can File It and Who Cannot? Read More »
When news broke that teenage cricket sensation Vaibhav Suryavanshi had reportedly earned ₹7 crore before reaching adulthood, it sparked more than just admiration for his talent. It also raised an interesting tax question: Can a minor be liable to pay income tax in India? Many people assume that individuals below the age of 18 are
For salaried employees who have opted for the Old Tax Regime, effective tax planning plays a crucial role in reducing overall tax liability. One of the most valuable tax-saving benefits available is the exemption on House Rent Allowance (HRA). If you live in rented accommodation and receive HRA as part of your salary package, you
How Can You Save Tax Through HRA and Rent Under the Old Tax Regime? Read More »
The Goods and Services Tax Network (GSTN) has announced significant updates to the E-Way Bill system that will impact businesses involved in the movement of goods across India. As per the GSTN advisory issued on 20 May 2026, two important enhancements are scheduled to be implemented on the E-Way Bill portal by 15 June 2026.
GSTN Introduces Major E-Way Bill Changes from 15 June 2026: What Businesses Need to Know Read More »
The Goods and Services Tax (GST) system in India is built on transparency, accountability, and proper documentation. One of the most important compliance requirements under GST is the maintenance of proper books of accounts and records. To ensure systematic compliance, Section 35 of the Central Goods and Services Tax (CGST) Act, 2017 lays down detailed
Accounts and Records Under GST: Analysis of Section 35 Read More »
The introduction of Section 393 under the New Income Tax Act marks a significant shift in how Tax Deducted at Source (TDS) is governed in India. While TDS has always been a core part of tax collection, the new structure aims to simplify provisions, improve compliance, and enhance transparency. This detailed guide explains every aspect
Section 393 of New Income Tax Act: TDS Rules, Rates & Compliance Explained Read More »
India’s tax system is steadily moving toward a more digital, transparent, and automated structure, and one of the biggest changes for salaried individuals is the introduction of Form 130 in place of Form 16. If you rely on Form 16 every year to file your Income Tax Return (ITR), this update is extremely important. In
Big Tax Change Alert! Form 16 Replaced by Form 130 – Don’t File ITR Without Reading This Read More »
A tax audit is one of the most important compliance requirements under the Income Tax Act in India. It is not just about checking accounts—it is about ensuring that taxpayers are reporting their income correctly and following all tax laws. Many business owners, freelancers, and professionals often get confused about whether they fall under tax
Who is Required to Get Tax Audit Under Income Tax Act? (Section 44AB & Limits Explained) Read More »
India’s tax framework has been undergoing a steady transformation – moving from a system driven by manual enforcement and layered checks to one powered by automation, data analytics, and simplified procedures. Among the recent changes reflecting this shift is the withdrawal of Sections 206AB and 206CCA of the Income Tax Act. These sections, introduced to
Are Tax Compliance Rules Becoming Easier? A Look at the 206AB & 206CCA Withdrawal Read More »
India’s move from Form 10E to Form 39 marks a significant transformation in how taxpayers claim relief on arrears under Section 89(1). While earlier the process was often seen as technical and time-consuming, the new system focuses on simplicity, automation, and accessibility. Understanding Arrears Relief Under Section 89(1 Arrears refer to income received in the
