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31/08/2026

Under the restructured Income-tax Act, 2025 (effective 1 April 2026 for FY 2026–27 / AY 2027–28), the Income Tax Department replaced and renumbered legacy TDS forms to streamline compliance.
While core TDS rates and deduction rules remain largely the same.

24/08/2026

Section 44AD: Presumptive Taxation for Small Businesses

Target Audience: Individuals, HUFs, and Partnership Firms (excluding LLPs) running small businesses like retail stores, wholesale, trading, and manufacturing.

Section 44ADA: Presumptive Taxation for Specified ProfessionalsTarget Audience:

Individuals and Partnership Firms (excluding LLPs) practicing specified professions such as
Doctors, Lawyers, Chartered Accountants, Engineers, Architects, and IT professionals.

18/08/2026

Under the latest EPFO (EPFO 3.0) rules, the previous 13 separate categories for non-refundable EPF advances have been consolidated into three simplified withdrawal categories.

This restructuring allows members to withdraw up to 75% of their accumulated balance (both employee and employer shares) for partial needs after completing a minimum service requirement of 12 months. Additionally, members must generally retain a 25% minimum lock-in balance in their account.

16/08/2026

The essential Income Tax due dates for August, September, and October 2026 in India include:
August 31: ITR Filing Deadline for non-audit business, freelancers, and professional taxpayers (ITR-3 & ITR-4).
September 15: Payment of the 2nd Instalment of Advance Tax (45% cumulative) for FY 2026-27.
October 31: ITR Filing Deadline for Corporates and non-corporate taxpayers subject to Tax Audit.

31/07/2026

Both ITR-3 and ITR-4 (Sugam) are designed for taxpayers earning income from a business or profession, but they cater to entirely different reporting styles and eligibility thresholds
ITR-3 is the detailed, standard form for Individuals and HUFs who earn income from a business or profession and declare profits based on actual books of accounts (or where a tax audit applies).
ITR-4 is a simplified, 1-page summary return for small taxpayers.

25/07/2026

Capital Gains Tax (CGT) is levied on the profit you make when selling a capital asset—such as real estate, stocks, mutual funds, gold, or bonds. The tax applies only to the net gain (sale price minus cost of acquisition), not the total sale amount.
Capital gains are categorized based on how long you hold the asset before selling: Short-Term Capital Gains (STCG): Profits from assets held for a shorter period. Long-Term Capital Gains (LTCG): Profits from assets held beyond the specified threshold.

24/07/2026

Section 89(1) of the Income Tax Act, 1961 provides tax relief to individuals who receive arrears or advances of salary, family pension, or other specified lump-sum receipts.
Relief can be claimed if you receive any of the following during the financial year: Salary received in arrears or advance, Arrears of Family, Pension, Taxable Gratuity for past services , Commuted Pension, Compensation on termination of employment (Retrenchment / VRS).

17/07/2026

The Central Board of Direct Taxes (CBDT) has officially introduced a new facility allowing taxpayers to view information about their foreign assets and overseas income directly through the Annual Information Statement (AIS).
Currently, historical data for calendar years 2022, 2023, and 2024 has been uploaded. Data for 2025 is expected to be updated around September–October 2026 once received from international partners.

15/07/2026

Tax Deducted at Source (TDS) on Immovable Property under Section 194-IA (restructured in recent tax codes as Section 393(1)) is a mandatory tax compliance mechanism in India.
The primary responsibility to deduct this tax and deposit it with the government lies solely with the buyer, not the seller.
Threshold Limit: Tax deduction is mandatory if the total property value is more than ₹50 Lakhs. No TDS is required if the value falls below this limit.Tax Rate: The standard TDS rate is 1% of the transaction value.The "Higher Value" Rule: The 1% tax must be calculated on whichever amount is greater between the Total Sale Consideration and the Stamp Duty Value.Exemptions: This section strictly does not apply to rural agricultural land.

10/07/2026

Under Section 194C of the Income Tax Act (restructured as Section 393(1) under the Income Tax Act, 2025 for payments from 1st April 2026 onwards), Tax Deducted at Source (TDS) applies to payments made to resident contractors or sub-contractors for carrying out any "work".
TDS is mandatory only if the contractual payments cross either of these two independent thresholds: Single Payment: A single invoice/payment under a contract exceeds ₹30,000.
Annual Aggregate: The total amount paid or credited to the same contractor during the financial year exceeds ₹1,00,000.

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