CA Bigyan Kumar Mishra

When you earn income from business or profession, the Income Tax law expects you to keep proper records. These records are called books of account. Section 62 of the Income Tax Act, 2025 and Rule 46 together explain: If you understand this properly, you can avoid penalties and handle your taxes with confidence. What Does “Maintenance of Books of Account” Actually … [Read more...] about Books of Account in Income Tax Law: A Complete Beginner’s Guide to Section 62 & Rule 46

When you do not file your Income Tax Return (ITR) on time, the government charges interest. This is covered under Section 423 of the Income Tax Act, 2025. This interest is not a penalty, but a cost for delaying your tax responsibility. If you understand how it works, you can easily avoid paying extra money. Section 423 explains that if you delay filing your income tax … [Read more...] about Interest for Late Filing of Income Tax Return Explained: Section 423

When you sell shares or mutual funds within a short period and make profit, that profit is called short-term capital gain (STCG). Many beginners assume this income is taxed like salary but that is not always true. In some cases, especially for equity shares and equity mutual funds, short-term capital gain (STCG) is taxed at a fixed rate, not normal slab rates. This special … [Read more...] about Tax on Short-Term Capital Gains (STCG) in India – Simple Guide for Beginners

If you are filing your Income Tax Return (ITR), you may have noticed terms like AIS and TIS on the portal. At first, they look technical and confusing. But once you understand them, they actually make your tax filing much easier and safer. In simple words, AIS and TIS show what the Income Tax Department already knows about your income and financial activities. If you use … [Read more...] about Don’t File Income Tax Return Before Checking AIS & TIS – Complete Beginner Guide

If you are paying rent but not receiving HRA, the Income-tax Act 2025 gives you some relief. Under Section 134 of the Income-tax Act, 2025, you can claim a deduction for rent paid—but only if you file Form 31. This form is very important because without it, your tax deduction may not be allowed. Let’s understand this step-by-step in a simple way. What is Form 31 and why … [Read more...] about How to Claim Income Tax Deduction on Rent with Form 31 (Section 134)

If you are dealing with income, bank transactions, or taxes in India, you will often hear about PAN (Permanent Account Number). It may sound like just another document, but in reality, it is one of the most important financial identities you will have. Think of PAN as your unique ID in the income tax system. It helps the government track your financial activities and ensures … [Read more...] about PAN (Permanent Account Number) Explained for Beginners in India