Income Tax

With the implementation of the Income Tax Act, 2025 (ITA 2025), the entire framework of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) has been restructured and renumbered. For businesses, professionals, and CAs in areas like Pune, PCMC, and across Maharashtra, understanding these changes is critical to ensure compliance and avoid penalties. […]

Introduction Receiving an income tax notice can be stressful, especially for salaried individuals and business owners. One of the most commonly issued notices is under Section 143(2) of the Income Tax Act. This blog explains what the notice means, why it is issued, and how you should respond to avoid penalties and scrutiny complications. What […]

Introduction With increased digitisation of the Income Tax Department, Annual Information Statement (AIS) and Form 26AS have become critical tools for return filing. However, many taxpayers in India—especially salaried individuals, freelancers, and business owners—face a common issue: mismatch between AIS and Form 26AS. This mismatch can directly lead to income tax notices, scrutiny, or defective […]

1. Why This Topic is Important? Section 194Q is one of the most confusing and frequently searched provisions under Income Tax, especially for: Even today, many businesses are: 2. Basic Overview of Section 194Q Particulars Details Applicable From 1st July 2021 Who Deducts TDS Buyer Threshold Turnover Buyer turnover > ₹10 crore (previous year) Transaction […]

Many taxpayers in India still rely only on Form 26AS while filing their Income Tax Return (ITR). However, the Income Tax Department has introduced the Annual Information Statement (AIS), which provides far more detailed financial information. If taxpayers ignore AIS and file returns based only on Form 26AS, it may lead to notices or mismatches. […]

When taxpayers sell a capital asset such as shares, gold, land, or any asset other than a residential house, they may face Long Term Capital Gains (LTCG) tax. However, the Income Tax Act, 1961 provides an important relief through Section 54F. Section 54F allows taxpayers to save capital gains tax by investing the sale proceeds […]

Capital gains arising on sale of a residential property often create a significant tax burden. However, Section 54 of the Income Tax Act, 1961 provides a powerful exemption mechanism for individual and HUF taxpayers. For property owners, investors, and professionals, understanding the practical application of Section 54 is crucial for legitimate tax planning and compliance. […]