This FAQ guide explains the applicability of ITR forms, filing methods, due dates, penalties, and taxpayer obligations for AY 2026-27. It also clarifies revised, belated, and updated return provisions to help ensure accurate compliance.
This guide explains how taxable income and tax liability are computed under the Income-tax Act, from Gross Total Income to the final tax payable. It also covers deductions, rebates, surcharge, cess, and prepaid tax adjustments.
This comprehensive FAQ guide explains the basics of income tax, including taxable income, previous year, assessment year, tax payment methods, and return filing obligations. It also covers practical compliance requirements and taxpayer responsibilities under the Income-tax Act.
Most people understand that having a Will is important, yet they may not realize the technicalities that are involved. That is exactly why a private family trust has turned into an invaluable legal tool for Indian families who want to protect their future.
The article explains who can apply for Advance Rulings, the transactions covered, applicable forms, fees, procedures, and appeal rights under the Income-tax Act. The key takeaway is that Advance Rulings provide taxpayers with binding tax clarity on specified transactions, helping reduce disputes and uncertainty while ensuring compliance with tax laws.
The article explains who can file appeals before the Income Tax Appellate Tribunal, the orders that are appealable, applicable timelines, fees, stay provisions, and procedural requirements.
The article explains how offences such as wilful tax evasion, failure to file returns, non-payment of TDS/TCS, falsification of records, and non-compliance with tax notices can trigger prosecution under the Income-tax Act.
Section 154 permits rectification of mistakes apparent from the record in assessment orders, intimations, and TDS/TCS processing statements to ensure accuracy in tax administration. The key takeaway is that only obvious and undisputed errors can be corrected within prescribed time limits, while taxpayers must be given an opportunity of being heard if the rectification increases tax liability or reduces refunds.
The article explains how delayed or incorrect filing of TDS/TCS returns attracts a late filing fee under Section 234E and penalties under Section 271H. The key takeaway is that deductors must file returns on time, as delays can lead to significant financial consequences, though limited relief is available where statutory conditions or reasonable cause are established.
The article explains how Short-Term Capital Gains are classified, computed, and taxed under the Income-tax Act, 1961, as amended by the Finance Act, 2026. The key takeaway is that the holding period, nature of the asset, and applicability of Section 111A determine whether gains are taxed at a concessional 20% rate or normal income-tax slab rates.
