CA Bigyan Kumar Mishra

When you calculate your income tax, the final numbers often include odd figures like ₹12,347 or ₹8,963. But in real tax filing, you don’t pay or report such exact amounts. The Income Tax Act simplifies this by applying rounding off rules. Section 516 explains how your total income and tax payable or refundable amount are rounded. This may look like a small step, but it … [Read more...] about Rounding Off of Total Income and Tax Amount (Section 516 Explained)

If you are deducting TDS on payments like professional fees, rent, or commission, then Form No. 140 is something you cannot ignore. It is a quarterly TDS return that ensures the government properly tracks tax deducted from non-salary payments. In this guide, I will explain Form No. 140 in a very simple way—so that even if you are completely new, you can understand what it … [Read more...] about TDS Return on Non-Salary Payments (Simple Guide for Beginners): Form No. 140 Explained

If you have ever felt confused between previous year and assessment year, you are not alone. Many taxpayers in India struggled with these terms for years. Now, under the Income Tax Act, 2025, things are becoming much simpler with the introduction of the Tax Year concept. This change aims to make tax understanding more straightforward and beginner-friendly. In this guide, … [Read more...] about Tax Year Explained for Beginners (Income Tax Act 2025 Simple Guide)

If you are taking care of a dependent family member with a disability, the Income Tax Act 2025 gives you some financial relief. One important requirement for claiming this benefit is Form 30. Many people know about deductions but miss the compliance part, which can lead to rejection of the claim. In this guide, I’ll explain Form 30 in a very simple way—what it is, who … [Read more...] about Medical Certificate for Disability Tax Deduction (Sec 127 & 154) – Form 30

If you are an employer or planning to handle payroll, understanding Form No. 138 (TDS on Salary) is very important. This form is basically how you report the tax you deduct from your employees’ salaries to the government. Many beginners get confused because of technical terms. But once you understand the flow step by step, it becomes quite simple. Let’s break it down in a … [Read more...] about Form 138: Quarterly TDS Statement on Salary – Meaning, Due Dates & Filing Process Explained

When you file your Income Tax Return (ITR), you expect the process to be smooth and complete. But sometimes, small mistakes or missing details can cause your tax return to be treated as a defective income tax return. This situation is more common in India than people think, especially for beginners. The good part is that it can be corrected if you understand the rules and … [Read more...] about Defective Income Tax Return in India: Meaning, Rules, Time Limit & How to Fix It