Income Tax

If you are a salaried employee or a pensioner, you must have heard about TDS certificates. Earlier, this was known as Form 16. Under the new Income-tax framework, it has been replaced by Form No. 130. This TDS certificate is very important because it shows your salary, tax deducted, and tax deposited with the government. In simple words, it is your official proof that tax … [Read more...] about Form 16 is Now Form 130: Know All About the New Salary TDS Certificate

Sometimes, you may spend money, but you are not able to clearly explain where that money came from. Under the Income Tax law, this situation is taken seriously. Section 105 of the Income Tax Act, 2025 deals with such cases and calls them unexplained expenditure. In simple terms, if you spend money and cannot justify its source, the government may treat that spending as your … [Read more...] about Unexplained Expenditure Under Income Tax (Section 105) – Simple Explanation for Beginners

If you delay filing your TDS or TCS return, the Income Tax Act charges a late fee. This is covered under Section 427 of the Income Tax Act, 2025. Many people confuse this with penalty or interest, but this is actually a fixed daily fee for delay. Understanding this clearly helps you avoid unnecessary costs and stay compliant. Let’s break it down in a very simple way so you … [Read more...] about Late Fee for Not Filing TDS/TCS Statement in India (₹200 Per Day Rule Explained)

Filing your Income Tax Return (ITR) on time is one of the most basic responsibilities in personal finance. Many people delay it thinking they can do it later without much impact. But the law clearly charges a late fee if you miss the due date. Under Section 428 of the Income Tax Act, 2025, if you do not file your income tax return within the prescribed time, you have to pay … [Read more...] about Late Fee for Not Filing Income Tax Return in India (₹1,000 / ₹5,000 Rule Explained)

The rule says that any person doing business or profession must get accounts audited under section 63 of the Income tax act, 2025 if certain conditions are met. Let’s break those conditions one by one. For Business Owners If you are running any kind of business, you must get your accounts audited if your total sales, turnover, or gross receipts cross ₹1 crore in a tax … [Read more...] about Tax Audit – When You Must Get Your Accounts Checked by a CA: Section 63 of the Income Tax Act, 2025

Let’s start with a simple situation. You get your first salary. Everything looks fine… until you notice tax has been deducted. Naturally, you wonder: “How is this tax calculated?” And the most common misunderstanding is this: “If my income crosses a limit, will my entire salary be taxed at a higher rate?” That is not how it works. In India, income is taxed in … [Read more...] about Income Tax Slabs & Rates FY 2025–26 (AY 2026–27): Old vs New Regime Explained