As the ITR filing season begins, many salaried employees are confused about one thing — how much tax exemption they can claim on meal vouchers. Some companies are offering meal benefits of up to ₹200 per day, which makes people assume that the full amount is tax-free. But that’s not completely true. If you claim … Read more
A joint report by EY and Home Insect Control Association (HICA) has called for a major tax cut on household insecticides. The recommendation is clear: reduce GST from 18% to 5%. The reason? These everyday products play a crucial role in preventing mosquito-borne diseases like malaria, dengue, and chikungunya. High Need, Low Access in Rural … Read more
With the beginning of the new financial year on April 1, the government has released all Income Tax Return (ITR) forms for Assessment Year (AY) 2026-27. This officially marks the start of the new tax filing season, and taxpayers can begin filing their returns from this month. The Income Tax Department has already notified forms … Read more
A major tax-related change for senior citizens has come into effect from April 1, 2026. The old Form 15H, which senior citizens used to avoid TDS (Tax Deducted at Source), has been discontinued. It is now replaced by a new Form 121. This change is part of the Income Tax Act 2025, which aims to … Read more
The new Income Tax Rules will start from April 1, 2026. A major change has been introduced for taxpayers. Now, if your actual income is not clear or your documents are incomplete, the Income Tax Department can estimate your income on its own and decide how much tax you need to pay. This rule is … Read more
Taxpayers under GST now have more flexibility. The Goods and Services Tax Network (GSTN) has launched a new online facility that allows eligible businesses to opt out of Rule 14A directly through the GST portal. This move is aimed at making compliance easier while giving businesses the freedom to switch back to the regular GST … Read more
The Income Tax Department has recently released the Draft Income Tax Rules, 2026. Many income tax rules are expected to change, and these changes will affect all taxpayers. Salaried taxpayers may also see changes in their salary structure. Experts believe that once the Income Tax Act, 2025 comes into force, the old income tax regime … Read more
The central government is considering steps to simplify the Goods and Services Tax (GST) system. The main aim is to reduce the compliance burden on businesses, especially small and medium enterprises. According to experts, this move will bring major relief to Micro, Small, and Medium Enterprises (MSMEs), which are currently facing multiple challenges. An official … Read more
Recently, many taxpayers received emails and SMS alerts about high-value transactions that seemed to mismatch their Income Tax Return (ITR) disclosures. Some were concerned that these alerts might lead to penalties or scrutiny. The Income Tax Department has clarified that these communications are only advisory. They are meant to inform taxpayers about the transaction data … Read more
The Central Board of Direct Taxes (CBDT) has recently been sending text messages and emails to taxpayers. Through these messages, the Income Tax Department is advising people to revise their Income Tax Return (ITR) by December 31 if they have not disclosed their foreign income or overseas assets for the previous financial year. This move … Read more
December is a crucial and busy month for taxpayers because several major income tax–related tasks must be completed before the month ends. These tasks include filing pending returns, submitting various tax forms, paying TDS and advance tax, and meeting compliance deadlines. Missing any of these may result in penalties, late fees, or delays in processing. … Read more