A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misreporting income and non-compliance with compliance. Learn about financial penalties and potential rigorous imprisonment for serious tax offenses.
Comprehensive summary of income tax penalties under the Income Tax Act for AY 2026-27. Covers defaults in tax payment, filing, reporting, and compliance as amended by the Finance Act, 2025, with detailed penalty provisions.
This report provides a consolidated overview of the critical monetary threshold limits stipulated under various sections of the Income Tax Act, 1961, relevant for the Assessment Year (AY) 2026-27 (Financial Year 2025-26). These figures define taxability, exemption levels, eligibility for schemes, and compliance obligations for various categories of taxpayers, including individuals, corporations, and businesses.
Summary of statutory compliance deadlines for AY 2026-27 under the Income Tax Act. Covers return filing, trust/NGO registrations, audit reports (44AB, 10BB), transfer pricing, and zero-coupon bond requirements. Essential dates for companies and assessees.
MCA has relaxed additional fees for filing the Cost Audit Report (CRA-4) for FY 2024–25, citing delays due to new V3 portal deployment. Filings by 31 December 2025 won’t attract penalties.
Overview of deductions under salaries, house property, business, capital gains, other sources, and 80C-80G contributions for AY 2026-27. Limits and eligibility explained. (200 Char)
Overview of exemptions and allowances for salaried employees, taxpayers, and businesses under various Income Tax provisions for AY 2026-27, including salaries, house property, business, capital gains, and other sources.
Section 194IA of the Income Tax Act mandates buyers to deduct 1% TDS on property transfers exceeding ₹50 lakh. The 2025 amendment includes incidental charges and considers the total value in joint ownership for TDS applicability.
Join a 2-day live workshop with CA Sachin Jain to understand GSTR-9 & 9C deeply. Learn clause-wise analysis, reconciliation techniques, and practical data handling to ensure accurate and confident annual GST filings.
A summary of Income from Other Sources (I.F.O.S.), covering the basis of charge, list of specific incomes like dividends, winnings, and rent, taxation of gifts and property received for inadequate consideration, and applicable deductions under the residual tax head.
