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Types of GST Returns & penalties if return not filed
Types of GST Returns & penalties if return not filed
All registered individuals, traders, organizations, and companies registered under GST have to furnish the details of their sale & purchase of goods and services along with details of GST paid & collected. Such details are submitted by filing GST returns. The return is basis on which GST authorities compute tax...
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ITR filing due date extended in certain cases for AY 2025-26
ITR filing due date extended in certain cases for AY 2025-26
The Income Tax Department has extended the due date to file income tax return for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025.The decision was made after a delay in issuing the notification of income tax return forms. Further, the income tax department is yet to...
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Excel utilities for ITR-1 & ITR-4 launched for AY 25-26
Excel utilities for ITR-1 & ITR-4 launched for AY 25-26
The Income Tax Department has released updated Excel utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for the Assessment Year 2025–26 (Financial Year 2024 –25), incorporating critical compliance and disclosure changes aligned with the Finance Act, 2024.These utilities, available on incometax.gov.in, are intended for salaried individuals, Hindu Undivided Families (HUFs), and...
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Budget 2026 Highlights
Budget 2026 Highlights
The Union Budget 2026-27, presented on 1 February 2026, focused on tax simplification and administrative reforms under the new Income Tax Act, 2025, which comes into effect on 1 April 2026.While there were no changes to income tax slabs or rates for individuals this year, significant changes were made to...
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What to do with Political Party Donation - 80GGC Tax Notice !!!
What to do with Political Party Donation - 80GGC Tax Notice !!!
The best remedy for an 80GGC tax demand or notice depends entirely on whether your claim was genuine or incorrect. Section 80GGC allows individuals to claim a 100% eduction for donations to registered political parties or electoral trusts, provided they are made through non-cash channels.1. If Your Claim is Genuine...
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Major Income Tax Changes from 1st April 26
Major Income Tax Changes from 1st April 26
Starting 1st April 2026, India's taxation landscape is undergoing a major structural overhaul with the implementation of the Income Tax Act, 2025, which replaces the 1961 Act.Here's a look at the major income tax rule changes that taxpayers should be aware of in the new tax year.1. Key Structural &...
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