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 […]
The latest amendment in the Income Tax rules, 2026 brings a welcome relief for salaried individuals living in major cities. Starting 1st April 2026, the House Rent Allowance (HRA) exemption has been extended to eight cities, offering taxpayers the opportunity to save more on taxes if they pay rent. Whether you’re a long-time renter in
Good News for Renters: 50% HRA Exemption Expands to 8 Cities from April 2026 Read More »
The Indian tax system is constantly evolving, and 2026 has brought a notable change for salaried employees and taxpayers: Form 12BB, which has been the standard for claiming tax exemptions on salary, has now been replaced by Form 124. This change is more than just a renaming—it comes with updated sections, new reporting requirements, and
Why Form 12BB Was Replaced by Form 124: Key Updates You Must Know Read More »
Every tax season brings its share of updates, but the 2026 shift from Form 16A to Form 131 is particularly significant. For taxpayers, business owners, and financial professionals, understanding this change is essential to ensure compliance, avoid penalties, and streamline TDS (Tax Deducted at Source) management. This detailed guide breaks down everything you need to
Form 16A Transformed: Why Form 131 Matters in 2026 Read More »
In a major development in India’s tax system, Form 16, the annual certificate of tax deducted at source (TDS) on salary, has been replaced by Form 130. While the purpose of the form remains the same—to provide a summary of an employee’s income and tax deductions—Form 130 introduces a more structured format, greater clarity, and
Form 16 is Now Form 130 – How Employers and Employees Should Prepare Read More »
Tax season can be a stressful time for individuals, businesses, and professionals. However, understanding the Income Tax Return (ITR) filing deadlines and tax audit requirements can save you from hefty penalties, legal issues, and last-minute confusion. For Financial Year (FY) 2025-26, the government has kept the deadlines unchanged: ITR-1 and ITR-2 are due 31st July
Tax Filing 2026: ITR-1, ITR-2, and Audit Deadlines Explained Read More »
The Income Tax Department has introduced a welcome relief for non-audit taxpayers. Effective April 2026, the deadline to file ITR-3 and ITR-4 has been extended from the end of the financial year to 31st August. This new timeline is applicable retroactively for FY 2025-26 (AY 2026-27) as well. This change is particularly important for small
How the Extended ITR-3 & ITR-4 Deadline Impacts Your Tax Filing for AY 2026-27 Read More »
The Income Tax Act, 2025 has brought one of the most significant changes in the Indian tax system in recent years: replacing the terms Financial Year (FY) and Assessment Year (AY) with a single, simpler term called Tax Year. This change might seem small at first glance, but it has far-reaching implications for taxpayers, businesses,
Income Tax Act 2025: Why ‘Tax Year’ Replaces Financial and Assessment Years Read More »
Missing the income tax return (ITR) filing deadline can be stressful, especially when you’re expecting a TDS (Tax Deducted at Source) refund. Many taxpayers assume that missing the deadline means losing their refund forever. The good news is that recent tax provisions allow you to claim your TDS refund even after the deadline – provided
How to Recover Your TDS Refund Even After Missing the Filing Deadline Read More »
India’s tax system is steadily moving toward simplification and digitization. One of the most notable recent proposals is the merger of Form 15G and Form 15H into a single unified declaration – Form 121. This change is designed to eliminate confusion, reduce paperwork, and make compliance easier for both taxpayers and financial institutions. What Were
Form 15G and 15H Merged into Form 121: What It Means for Taxpayers Read More »
