Introduction Every assessee who commits a default under the Income Tax Act is liable to face penalties as prescribed under various provisions. Depending on the nature and severity of the […]
Penalties Leviable under Income Tax Act,1961 Read More »
CBDT relaxes the time limit for processing valid income tax returns filed with condonation u/s 119(2)(b). Refunds can now be processed by 31st March 2026.
CBDT Circular No. 07/2025: Time Limit Relaxation for Processing Condoned ITRs Read More »
Download a professionally drafted Notes to Accounts template for Level IV non-corporate entities including firms, trusts, and societies. Fully compliant with ICAI’s Guidance Note on financial statements of non-company entities
Free Download: Model Notes to Accounts for Level IV Non-Corporate Entities Read More »
Introduction Since the launch of the Goods and Services Tax (GST) in 2017, tax rates and structures have continued to evolve across sectors. A notable change came into effect on
GST on Bricks: Understanding the Dual Rate Structure Effective from 1st April 2022 Read More »
If you’re a taxpayer in India and following the old tax regime, Section 80C continues to be one of the most powerful tools to reduce your income tax burden—offering deductions
Section 80C Deduction Guide for FY 2024–25 : Updated Rules, Disclosures & FAQs Read More »
Find out more about Cash Transaction Limits applicable for the F.Y. 2025-26 and the circumstances which may attract penalties when not adhered to
Cash Transaction Limits for FY 2025–26: What You Must Know to Avoid Penalties Read More »
Introduction Section 44AE of the Income Tax Act is a presumptive taxation scheme introduced to simplify the income tax compliance for small transport owners. This section is applicable to persons
Presumptive Taxation – Section 44AE Read More »
Introduction Section 44ADA of the Income Tax Act is a presumptive taxation scheme designed specifically for resident individual professionals to simplify their tax compliance . Under section 44ADA, individuals can
Presumptive Taxation – Section 44ADA Read More »
What is section 44AD? Section 44AD of the Income Tax Act is a presumptive taxation scheme introduced to help small taxpayers to simplify their tax compliance. It allows eligible businesses
Presumptive Taxation – Section 44AD Read More »
Imagine you’re a shareholder, and your company hands you a gift. Bonus issue of shares, free of charge. It feels like striking gold! But then a question creeps in: could
Bonus Shares and Taxes: Decoding Section 56(2)(x) Read More »
