Salary up to INR 12.75 lakh? You May Still Need to Pay Tax (AY 2026-27) A salaried person earning up to INR 12.75 lakh may have zero tax liability under the New Tax Regime, but certain types of income can still attract tax. 1. Zero Tax on Salary up to INR 12.75 Lakh (Subject to …
TCS Return New Deadlines for Tax Year 2026-27 Under the Income-tax Act, 2025, quarterly TCS returns are to be filed using the new Form 143. The revised compliance framework provides additional time for filing, as TCS returns are now due on the last day of the month following the relevant quarter. Quarterly TCS Return Due …
Overview on Income Tax Audit – Threshold Limits (When Tax Audit Is Not Required) A tax audit u/s 44AB may not be required if the taxpayer falls within the prescribed turnover/gross receipts limits and complies with the relevant presumptive taxation provisions. Tax audit applicability depends not only on turnover or gross receipts but also on …
All about Depreciation Rates Under the Income-tax Act, 1961 Depreciation Under Section 32 of the Income Tax Act, 1961 Section 32 of the Income Tax Act allows businesses and professionals to claim depreciation as a tax deduction on assets used for business or professional purposes. Depreciation is generally calculated using the written-down value method, where …
ITR Guide to Capital Gains: Reporting Equity and Debt Investments in ITR How to Report Equity and Debt Capital Gains in ITR Taxpayers with capital gains from shares, equity mutual funds, debt mutual funds, or bonds should generally use ITR-2 (or ITR-3 if they have business/professional income). Capital gains must be reported under Schedule Capital …
MP’s Biggest Online Trading Scam – INR 21 Crore Crypto Fraud A 70-year-old Chartered Accountant from Bhopal, Madhya Pradesh, reportedly lost approximately INR 21.05 crore in a sophisticated cryptocurrency and online trading fraud. How the Fraud Happened in Online Trading Scam The victim was allegedly approached through WhatsApp messages promising exceptionally high returns from cryptocurrency and …
Decode Your Annual Information Statement: A Practical Guide for Taxpayers The Annual Information Statement provides a comprehensive view of your income, taxes paid, and specified financial transactions. However, taxpayers should not rely solely on AIS while filing their Income Tax Return. Every entry appearing in Annual Information Statement should be reconciled with the relevant supporting …
Old Tax Regime vs New Tax Regime: Which One Should You Choose? Every tax season, taxpayers face an important question: Should I choose the Old Tax Regime or the New Tax Regime? The answer is not just about paying lower taxes. It also depends on your financial goals, investment habits, lifestyle, and the amount of …
FAST-DS 2026: Income Tax Relief Available, But Foreign Exchange Management Act Risks Still Remain A Golden Opportunity for Foreign Asset Compliance Foreign Assets Disclosure Scheme 2026 was introduced in the Union Budget 2026, providing a one-time compliance window for people who had neglected to include abroad assets or income in their Indian tax returns. The …
Schedule FA (Foreign Assets) for AY 2027-28: Complete Filing Guide for Foreign Assets Disclosure in ITR What is Schedule FA (Foreign Assets)? Schedule FA (Foreign Assets) is a mandatory disclosure schedule in the ITR for residents who hold foreign assets, foreign bank accounts, overseas investments, or earn foreign income. Foreign assets are reported on a …