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INCOME TAX

Advance Tax in India: Dates, Calculation, Exemptions & Penalties (FY 2025–26)

Advance tax is an essential part of the Indian tax system, ensuring that income tax is collected in a timely and phased manner throughout the year. Often referred to as the “pay-as-you-earn” method, it means taxpayers—both individuals and businesses—need to pay their income tax in instalments during the financial year instead of waiting until year-end. In this blog, we’ll cover who needs to pay advance tax, due dates, how to… Read More »Advance Tax in India: Dates, Calculation, Exemptions & Penalties (FY 2025–26)

Correction Statements For TDS/TCS Cannot Be Filled After 6 Years

Filing TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) returns accurately is essential for ensuring smooth credit flow and tax compliance. But even the most meticulous filers can make mistakes — an incorrect PAN, mismatched challan details, or wrong deduction amount. Thankfully, the Income Tax Department allows the filing of correction statements to fix such errors. What many taxpayers may not realize is that correction statements for… Read More »Correction Statements For TDS/TCS Cannot Be Filled After 6 Years

CBDT Issues FAQs on Compounding of Offences Under the Income Tax Act

In a significant move to enhance transparency and streamline compliance, the Central Board of Direct Taxes (CBDT) has issued a detailed set of Frequently Asked Questions (FAQs) on the compounding of offences under the Income Tax Act, 1961. The document is intended to address common queries from taxpayers and legal professionals regarding the procedure, eligibility, and conditions for compounding tax-related offences. This development is part of the government’s broader agenda… Read More »CBDT Issues FAQs on Compounding of Offences Under the Income Tax Act

Half- Yearly Return Mandated for Delayed Payments to MSMEs

Delayed payments have long plagued India’s Micro, Small, and Medium Enterprises (MSMEs), straining their cash flow and slowing growth. By April 2025, the total value of unresolved payment complaints filed on the MSME Samadhaan portal had surpassed INR 50,000 crore. In response, the government now mandates that companies file a half-yearly return disclosing payments overdue by more than 45 days to micro and small enterprises (MSEs). This move complements broader… Read More »Half- Yearly Return Mandated for Delayed Payments to MSMEs

Form 13 Filing Deadlines for FY 2024–25: What You Should Know

Navigating India’s income tax framework involves understanding a range of forms and deadlines. Among them, Form 13 is particularly valuable for taxpayers looking to reduce or eliminate tax deducted at source (TDS) or tax collected at source (TCS). With the conclusion of Financial Year (FY) 2024–25 on March 31, 2025, it’s important to look at how Form 13 fits into your tax planning and what steps should be taken moving… Read More »Form 13 Filing Deadlines for FY 2024–25: What You Should Know

File ITR before 31st July 2022 to avoid late fees of 1000/5000

Kindly Attention: ITR Due Date may not be extended, File ITR before 31st July 2022 to avoid late fees of INR 1000/5000. For better understanding we have taken two character and through their conversation we will discuss the same. Two characters are Ram and Shyam. Shyam (Fictional Character): Ram, What is the buzz going around regarding Income tax return? Ram (Fictional Character): Shyam, The Due Dates for all Individuals, HUF’s… Read More »File ITR before 31st July 2022 to avoid late fees of 1000/5000

New TDS Provisions (Section 194R & 194S) applicable from 01 July 2022

It is an effort of Direct Taxes Committee to update members regarding any changes or amendments made in Direct Taxes. Section 194R & Section 194S was inserted in Income-tax Act, 1961 vide Finance Act 2022. Section 194R: Deduction of Tax on benefit or perquisite in respect of business or profession: The section provides that a person responsible for providing to a resident, any benefit or perquisite, whether convertible into money… Read More »New TDS Provisions (Section 194R & 194S) applicable from 01 July 2022

New TDS Rules to affect Doctors and Social Media Influencers

The new Tax Deducted at Source i.e. TDS section 194R introduced in the Budget, 2022 will be applicable from 1st July 2022, requiring a deduction of 10% by any person (resident or non-resident) who provides benefit or perquisite to a resident person in a year exceeding INR 20,000 will be liable for TDS under section 194R. What does Benefit & Perquisite mean? Any benefit given by a person to a… Read More »New TDS Rules to affect Doctors and Social Media Influencers

Why Do Central Banks Raise Interest Rates?

When the Central bank (In terms of India it is Reserve Bank of India, in the USA it is Federal Reserve System) raises interest rates, It is a piece of big news. It can send waves across the whole economy. Increasing interest rate is the primary tool used by the central bank to manage inflation in the economy. Today through this article, we will understand why the central bank raises… Read More »Why Do Central Banks Raise Interest Rates?

Section 234A- Interest for Delay in Filing the Return of Income

In section 234A, interest is levied for delay in filing the ITR, filing of an updated return or filing of a return in response to notice issued u/s 142(1). In other words, if the taxpayer files the ITR after the specified due date then the interest u/s 234A will be levied. Rate of interest -Interest u/s 234A is levied for delay in filing the ITR. Interest is levied @1% per… Read More »Section 234A- Interest for Delay in Filing the Return of Income