Latest Income tax updates and news in India
Quick answer: The tax audit due date for AY 2026-27 (FY 2025-26) is 30 September 2026. As of 19 September 2026, the CBDT has not issued any notification extending it, so tax audit reports must still be uploaded by 30 September. The audit-case ITR is due on 31 October 2026. Transfer pricing cases have until
Tax Audit Due Date AY 2026-27: Key Changes, Checklist and Extension Status Read More »
Section 270A Penalty for Misreporting Income: How a Recent ITAT Ruling Cut a 200% Penalty to 50% Key takeaway: Not every case of unreported income in an Income Tax Return (ITR) automatically attracts the steep 200% “misreporting” penalty under Section 270A of the Income-tax Act, 1961. In a ruling dated 20 August 2026 (Tasneem Feroz
NRO to NRE Transfer Rules 2026: How Much Money Can an NRI Transfer? NRO to NRE transfer is permitted for NRIs, but it is subject to the applicable FEMA conditions, payment of taxes and the overall USD 1 million per financial year limit. The limit applies to the eligible NRO funds transferred to the NRE
NRO to NRE Transfer Rules 2026: How Much Money Can an NRI Transfer? Read More »
Form 121 FY 2026-27: New Form Replacing 15G & 15H, Eligibility & TDS Rules If you are searching for Form 15G or Form 15H for FY 2026-27, there is an important change you should know. From 1 April 2026, the Income-tax Act, 2025 and Income-tax Rules, 2026 have introduced a single Form 121 in place
Form 121 FY 2026-27: New Form Replacing 15G & 15H, Eligibility & TDS Rules Read More »
Tax Audit Late Fee FY 2025-26: Is ₹75,000 Applicable or Not for FY 2025-26 (AY 2026-27)? Over the last few weeks, a single line has been circulating across WhatsApp groups, social media, and even some professional blogs: “From now on, a late tax audit report will cost you ₹75,000, and beyond one month, ₹1,50,000!” This
Tax Audit Late Fee FY 2025-26: Is ₹75,000 Applicable or Not for FY 2025-26 (AY 2026-27) Read More »
CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs The Central Board of Direct Taxes (CBDT) has introduced detailed guidelines for reporting mutual fund transactions under Statement of Financial Transactions (SFT) by Registrar and Transfer Agents (RTAs). The framework has been notified under Section 508(1) of the Income-tax Act, 2025, read with Rule
CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Read More »
Is ₹12 Lakh Tax Free in Tax Year 2026-27? STCG & LTCG Explained The statement “No income tax up to ₹12 lakh” has become one of the most searched tax questions after the changes introduced for the new tax regime. But there is an important catch. If your total income is below ₹12 lakh, does
Is ₹12 Lakh Tax Free in Tax Year 2026-27? STCG & LTCG Explained Read More »
More Indians than ever are looking beyond the BSE and NSE to build wealth. Apps that let you buy Apple or Tesla shares in a few taps, the rupee’s steady slide against the dollar, and a genuine desire to diversify beyond Indian markets have all pushed global investing into the mainstream. But investing abroad isn’t
How Can Indians Invest in US Stocks or in other Foreign Stocks? Read More »
NEW TDS Payment Codes – Section Wise The Income Tax Act, 2025 has introduced a new system of TDS and TCS payment codes (1001–1092), replacing the earlier section-based approach under the 1961 Act. Each type of transaction is now mapped to a specific payment code, making compliance more structured but also more sensitive to errors.
New TDS Payment Codes – Income Tax Act 2025 Read More »
Tax planning is a crucial aspect of personal finance management, helping individuals and businesses reduce their tax liabilities within the framework of the law. Two important concepts in this realm are tax exemptions and tax deductions. While both mechanisms serve to lower your taxable income, they function differently. This article elucidates the differences between tax
Understanding Tax Exemption vs. Tax Deduction in India Read More »
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