The Updated Income Tax Return (ITR-U) is a crucial provision under Section 139(8A) of the Income Tax Act, 1961. It allows taxpayers to correct errors, omissions, or missed income in their previously filed returns, even after the prescribed deadline. Introduced in the 2022 Union Budget and later extended in the 2025 Budget, this provision grants…
The government has announced new income tax slabs for the financial year 2025-26 (assessment year 2026-27). The biggest relief is that individuals with annual incomes up to ₹12 lakh will pay no tax, thanks to the increased rebate under the new tax regime. Key Highlights of New Tax Regime 2025-26 Updated Income Tax Slabs for…
Filing your Income Tax Return (ITR) on time is crucial to avoid penalties, interest, and other complications. However, there may be situations where an individual or entity is unable to file their ITR within the prescribed due date. In such cases, the Income Tax Department provides a mechanism known as “Condonation of Delay,” allowing taxpayers…
Introduction Traditionally, payments made by firms to their partners, such as remuneration, interest, and commission, were not subjected to Tax Deducted at Source (TDS). In contrast, TDS was applicable to payments made to employees. However, a significant shift has been introduced through Clause 62 of the Finance (No. 2) Bill, 2024, which introduces a new…
Finance Minister Nirmala Sitharaman has announced a significant revision in the structure of the new tax regime, aimed at providing relief to taxpayers with income below ₹10 lakh per annum. These adjustments in tax slabs are designed to make the tax system more equitable and beneficial for lower and middle-income earners. Let’s delve into the…
