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Tax Shield Kolkata

Tax Form 125 explained simply 📌

Form 125, earlier Form 12BBA, is meant for specified senior citizens aged 75 years or above who have income only from pension and interest received through the same specified bank.

By submitting this declaration to the specified bank, eligible senior citizens may get exemption from filing ITR, while the bank computes income and deducts applicable tax.

Important points to remember:
✅ Applicable only to resident individuals aged 75+
✅ Income should be limited to pension and interest
✅ Pension and interest must be through the specified bank
✅ Form 125 does not automatically mean no TDS
✅ If other income arises, ITR filing may become necessary

Save this post and share it with senior citizens or family members who should know this.

For professional tax guidance, contact Tax Shield.

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New Income Tax Forms update for 2026 📌

From April 2026, new form-code mapping may impact TDS certificates, TDS returns, statements, special forms, and routine tax compliances.

Taxpayers, businesses, deductors, accountants, and tax professionals should carefully review the updated form codes before filing or issuing any compliance documents.

Key action points:
✅ Update internal compliance checklists
✅ Revise software/templates
✅ Brief staff and clients
✅ Verify the latest official notification before filing

Small form-code changes can lead to compliance mistakes if ignored.

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For professional tax guidance, contact Tax Shield.

Restaurant owners, don’t ignore tax department nudges ⚠️

If you have received a SAKSHAM Nudge or any communication regarding possible turnover mismatch, review your records carefully before the deadline.

Check:
✅ GST turnover vs ITR turnover
✅ POS and digital payment records
✅ Bank deposits and cash trail
✅ Sales records and books of account
✅ Notices/messages received from the department

Acting early can help reduce scrutiny risk, correct genuine reporting errors, and keep your compliance position stronger.

Need help reviewing your turnover data or ITR/GST mismatch?
Contact Tax Shield for professional assistance.

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Under the new tax regime, income up to ₹12 lakh may become tax-free due to rebate under Section 87A.

For salaried taxpayers, the effective no-tax level can go up to ₹12.75 lakh after considering the ₹75,000 standard deduction.

But remember: choosing between the old and new regime depends on your deductions, salary structure, investments, home loan, HRA, and overall income composition.

✅ Compare both regimes
✅ Calculate deductions
✅ Review salary/investments
✅ Choose before filing your return

Save this post for quick reference and share it with someone who should know this.

For professional tax guidance, contact Tax Shield.

CBDT's restaurant verification initiative. Key points from March 2026 press release.

⚠️ Don’t Delay! Late TDS deposit attracts 1.5% monthly interest. Plan your funds and verify PAN details early.
Stay informed and make your property purchase smooth and tax-safe! 🏡

Consult with us to file your TDS return and ITR before the due date!

Call/ whatsapp: 99030 10765
Email: [email protected]
Web: www.taxshield.co.in
Address: Entally, Kolkata and Metcalfe Street, Kokata

The new and updated ITR 3 form has been notified by CBDT.

The ITR season for AY 2025–26 is here – and with some important changes!

Connect with us to file your ITR before the due date!

Call/ whatsapp: 99030 10765
Email: [email protected]
Web: www.taxshield.co.in
Address: Entally, Kolkata and Metcalfe Street, Kokata

The ITR season for AY 2025–26 is here – and with some important changes!
From LTCG relaxations to Aadhaar rules and TDS disclosures, here’s what you need to know before filing.

Connect with us to file your ITR before the due date!

Call/ whatsapp: 99030 10765
Email: [email protected]
Web: www.taxshield.co.in
Address: Entally, Kolkata and Metcalfe Street, Kokata

E-invoice update effective from 1/4/2025.

📞 Need help navigating GST/ Income Tax?
Let’s talk.

File your ITR/ GSTR with our professional consultation.

Call/ whatsapp: 99030 10765
Email: [email protected]
Web: www.taxshield.co.in
Address: Entally, Kolkata and Metcalfe Street, Kokata

Latest updates regarding Hospitality Sector and Used Car sellers.

📞 Need help navigating GST/ Income Tax?
Let’s talk.

File your ITR/ GSTR with our professional consultation.

Call/ whatsapp: 99030 10765
Email: [email protected]
Web: www.taxshield.co.in
Address: Entally, Kolkata and Metcalfe Street, Kokata