Tax News

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 […]

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

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salaried employees and taxpayers: Form 12BB, which has been the standard for claiming tax exemptions on salary, has now been replaced by Form 124.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

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major development in India’s tax system, Form 16, the annual certificate of tax deducted at source (TDS) on salary, has been replaced by Form 130.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

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,

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

The taxation system in India continues to evolve with a strong focus on transparency, digitization, and ease of compliance. One of the most talked-about updates is the transition from Form 26AS to Form 168. For taxpayers, this change may seem confusing at first – but in reality, it’s a significant upgrade designed to give you

In a major relief for small-ticket vehicle transactions, the government has proposed removing the mandatory requirement to quote a Permanent Account Number (PAN) for buying or selling motor vehicles valued below ₹5 lakh. If the draft income-tax rules are finalized, this change could significantly simplify the process for millions of buyers and sellers in India’s