India replaced its 64-year-old income tax law on 1 April 2026. The Income-tax Act 2025 is now the governing statute, and the Income-tax Act 1961 — amended over 65 times and expanded to 819 sections across 47 chapters — has been retired. For most taxpayers, the first question is a reasonable one: does any of […]
Most income tax notices are not random. They follow a pattern: the Income Tax Department’s automated system compares what you declared in your ITR against data it received from your bank, employer, broker, registrar, or mutual fund. When those numbers do not match — or when a required income is absent from your return —
Depositing cash in your bank account is a routine activity. It becomes a tax event the moment the amount crosses a threshold that banks must report to the Income Tax Department — or when the deposit cannot be reconciled with the income declared in your ITR. Both intentional evasion and innocent cash handling trigger the
When an income tax notice arrives — or when a CA conducts the annual audit — the first question is: where are the records? A startup that has filed every ITR and GST return on time but kept no supporting documents is still exposed. Section 44AA of the Income Tax Act 1961 makes book-keeping a
Running a business in India means managing income tax and GST simultaneously — along with labour contributions, MSME payment obligations, and a calendar full of quarterly and annual deadlines. Most startup founders know about ITR filing. Fewer know about advance tax instalments, GSTR-2B reconciliation, or what happens when they pay an MSME vendor 50 days
The phrase “tax audit” makes most startup founders think of large corporations. In reality, the tax audit applicability under Section 44AB of the Income Tax Act 1961 is entirely about turnover — and the thresholds are lower than many businesses expect. Miss it and you face a penalty, a delayed ITR, and potentially loss of
Buying a property above ₹50 lakh in India assigns a tax compliance task directly to you, the buyer. The seller receives less than the full consideration — you pay the difference to the government. That obligation is Section 194IA TDS on property of the Income Tax Act 1961. Missing it does not remove the liability
If you have made a high value transaction this year — sold property, made a big cash deposit, invested heavily in mutual funds, or spent heavily on a credit card — the Income Tax Department may already have that data. Not from anything you filed, but from what your bank, registrar, or broker filed about
If you are a freelancer, consultant, or anyone earning income from business or profession, choosing the old tax regime requires more than ticking a box. You must file a separate form — Form 10-IEA — before your income tax return and before the deadline. Miss it, and your return is processed under the new regime
Most people who buy and sell stocks assume their gains are “capital gains” and stop there. That assumption is what attracts notices, defective return flags under Section 139(9), and last-minute panic during scrutiny. The truth is that the same ₹5 lakh profit from the stock market can be taxed completely differently depending on whether the
