Income Tax Notice Received? Types of Notices and What You Should Do
Before you react to any it notice, confirm it actually came from the Income Tax Department. Every valid income tax notice carries a Document Identification Number (DIN) — this is non-negotiable proof of authenticity.
Tax Audit Report Due Date Extended to 21 October 2026: What Changed and Who Benefits?
Here's the mechanic that a lot of people miss: under Section 44AB of the Income-tax Act, the "specified date" for furnishing a tax audit report is statutorily tied to fall exactly one month before the due date for furnishing the return under Section 139(1).
What Is a Belated Return? How to File, Penalty & Due Date Explained?
In simple words, a belated return is the income tax return you file after the original deadline has passed but before the final cut-off date allowed by law. It is governed by Section 139(4) of the Income Tax Act, which specifically deals with belated itr filing income tax return cases.
What Is a Tax Audit? Tax Audit Due Date, Limits, Section 44AB Eligibility
Section 44AB of the Income Tax Act, 1961 governs audit of income tax for businesses and professionals whose turnover or gross receipts cross a prescribed threshold. If your turnover is large enough, the law requires a Chartered Accountant to examine your books before you file your ITR.
New Tax Regime vs Old Tax Regime — Which Is Better for You?
A tax regime is basically the set of rules the government gives you to calculate how much income tax you have to pay. The government introduced the new regime in Budget 2020 and made it the default regime from FY 2023–24. So if you don't actively choose, you're already on the new regime.
Understanding Income Tax Business Code in ITR Forms: Correct Selection Matters
When it comes to filing your income tax return in India, every detail matters – especially when you're reporting income from business or profession.