The Updated Income Tax Return (ITR-U) is a provision introduced by the Indian government to allow taxpayers to rectify errors or omissions in their previously filed Income Tax Returns (ITRs). This initiative aims to enhance tax compliance by providing an opportunity for individuals and businesses to voluntarily disclose any undisclosed income or correct inaccuracies without […]
Income Tax Refund
An Income Tax Refund arises when the tax amount paid by an individual or business exceeds their actual tax liability for a financial year. This excess amount is refunded by the Income Tax Department upon processing the Income Tax Return (ITR). Checking Income Tax Refund Status To monitor the status of your refund, you can […]
Corporate Tax Rate In India
India’s corporate tax framework is designed to balance fiscal discipline with incentives for growth, reflecting the government’s focus on boosting investment and simplifying compliance. Here’s a detailed analysis of the current corporate tax rate in India, corporate tax structure, recent reforms, international comparisons, and frequently asked questions. 1. Tax Rates for Domestic Companies Domestic companies […]
ITR Filing Due Date – Financial Year 2025–26 (Assessment Year 2026–27)
Introduction Every taxpayer need to understand the Income Tax Return (ITR) filing due dates to ensure timely compliance and avoid penalties. The Income Tax Department prescribes specific deadlines based on the nature of the taxpayer and audit applicability. Therefore, knowing the correct due date for Financial Year 2025–26 (Assessment Year 2026–27) is essential for individuals, […]
Income Tax Slab Rate For FY 2024-25 and FY 2025-26
SLAB RATE FOR THE FY 2024-25 – Individual taxpayers have two options to select either new regime or old regime. Let us discuss it step by step. The new tax regime, introduced in Budget 2020, offers lower tax rates but does not allow most deductions and exemptions (e.g., Section 80C, HRA, etc.). It is expected […]