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Section 194Q requires specified buyers to deduct TDS on the purchase of goods once the threshold of ₹50 lakh is crossed in a financial year. The rule applies only when the buyer’s turnover exceeds ₹10 crore in the preceding year, and the purchase is made from a resident seller. A TDS rate of 0.1% applies on the value exceeding ₹50 lakh, and 5% applies if the seller fails to furnish PAN. The intent is to bring high-value transactions into the reporting net and ensure better c

Filing income tax returns is mandatory for every partnership firm, even when the business records a loss during the financial year. Indian tax laws treat partnership firms as separate taxable entities, requiring them to file ITR-5 each year, irrespective of profit, loss, or turnover. The return helps report business performance, claim deductions, comply with audit rules, and preserve the right to carry forward losses. Timely filing becomes especially important when losses occ

When a property transaction in India exceeds ₹50 lakhs, the buyer must deduct tax at source before making payment to the seller. This deduction, governed by Section 194IA  of the Income Tax Act, ensures tax compliance in high-value real estate transactions. The rule applies to residential and commercial properties, excluding agricultural land. By mandating TDS on such sales, the government ensures transparency and curbs tax evasion in real estate deals. Table of Contents Unde

Filing an Income Tax Return (ITR)  that includes both salary and capital gains income requires careful selection of the correct form and accurate disclosure of each income type. For Assessment Year 2025-26, the Finance Act 2024 introduced new thresholds, tax rate revisions, and enhanced capital gains reporting requirements. With these updates, salaried individuals earning from shares, property, or mutual funds must ensure compliance with the revised filing rules. Proper class

Filing Income Tax Return (ITR)  without Form 16 is entirely possible under Indian tax laws if other supporting documents are used correctly. Form 16 is a TDS certificate issued by employers that summarizes salary and tax deducted. However, many salaried individuals face delays or non-receipt of Form 16 due to job changes or employer issues. In such cases, alternate documents like salary slips, Form 26AS, bank statements, and investment proofs can help compute taxable income a

When salary income is received from more than one employer in a financial year, the income tax return (ITR) process requires extra attention. Each employer deducts TDS separately, which can lead to double taxation or underpayment if not reported correctly. To ensure accurate reporting, it’s essential to consolidate all salary details, check Form 26AS for tax credits, and file the correct ITR form under the Income Tax Act, 1961. With the help of platforms like TaxBuddy , taxp

Filing an Income Tax Return (ITR) for pension income ensures that retirees remain compliant while optimizing tax savings through eligible exemptions. Pension income is taxable under “Income from Salaries,” and the filing process varies based on the type of pension received—regular or family pension. The correct choice of ITR form, deduction claims, and verification process helps pensioners reduce liability while staying within compliance timelines. With digital tools like Ta

Senior citizens in India receive special income tax benefits, simplified filing options, and higher exemption limits under the Income Tax Act. Understanding these provisions ensures they not only stay compliant but also maximize their savings and refunds. From increased deduction thresholds to exemptions under Section 194P, the government has designed the process to reduce their tax burden. TaxBuddy makes this journey simpler with guided assistance and automated filing tools

Taxpayers expecting a refund after filing their Income Tax Return can easily track the status online. Refunds arise when excess tax is deducted through TDS, advance tax, or self-assessment tax payments. In 2025, the Income Tax Department has enhanced refund processing speed and transparency. Refund status can now be verified through official portals such as the Income Tax e-Filing site, NSDL, or TRACES. Each platform provides real-time updates on refund amount, issue date, an

Smart tax planning helps salaried employees lower their taxable income and maximize take-home pay without breaching compliance rules. It involves choosing the right tax regime, structuring salary components efficiently, and making timely investments that qualify for deductions under the Income Tax Act, 1961. Recent updates under Budget 2025, including higher standard deductions and refined exemption thresholds, make planning even more crucial. With better salary structuring,