Introduction Income tax terminology can confuse taxpayers, especially when they miss the ITR deadline or discover a mistake after filing their return. However, deciding between a belated return and a revised return is easier than it appears. You only need to answer one basic question: Have you already filed an income tax return for the […]
Updated Income Tax Return (ITR-U): Complete Guide for Taxpayers
Introduction Taxpayers sometimes forget to report interest income, capital gains, dividends, freelance receipts or other taxable income in their Income Tax Return. In other cases, they may miss both the original and belated return filing deadlines. Fortunately, the Income Tax Act allows eligible taxpayers to correct such omissions by filing an Updated Income Tax Return, […]
GST on E-Commerce
Selling online looks simple: list a product, receive an order, ship it, and collect payment. However, the GST side of e-commerce can quickly become confusing. Do you need GST registration before your first online sale? Why does Amazon or Flipkart deduct TCS? Who pays GST on orders received through Zomato or Swiggy? Should you report […]
GST on Import Services
Indian businesses no longer purchase everything from Indian suppliers. Today, even a small business may pay an overseas company for software, cloud storage, website hosting, online advertising, consultancy, technical support or professional services. For example, a company operating from Greater Noida may use cloud software supplied by a company in the United States. Similarly, a […]
Capital Gain Exemptions Under Income Tax Act, 2025: Complete Guide
When you sell a house, plot, commercial property, agricultural land, jewellery, shares, or another capital asset at a profit, you may have to pay capital gains tax. However, the income tax law allows taxpayers to reduce or even save this tax by reinvesting the capital gain or sale proceeds in specified assets. Therefore, proper tax […]