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Tax decisions under the Income Tax Act, 1961, often extend beyond a single financial year. Choices related to loss carry-forward, depreciation, capital gains, or tax regime selection can directly affect future assessments, eligibility for set-offs, and exposure to penalties. Errors made once tend to repeat across years, increasing compliance risks and scrutiny. A timely professional review ensures correct reporting, valid claims, and consistency across assessment years, helpi

Income rarely stays constant across a financial year. Salary hikes, bonuses, freelance income, business profits, or investment gains often arise mid-year and directly impact final tax liability. Indian tax law requires the total income for the entire financial year to be reported accurately, even when earnings fluctuate. TaxBuddy addresses this challenge by allowing income updates throughout the year, recalculating tax liability in real time, and aligning filings with actual

When parents begin to rely financially on their children, tax planning becomes both a responsibility and an opportunity. The Income Tax Act allows specific deductions and investment strategies that can reduce taxable income while supporting dependent parents. Health insurance premiums, medical expenses, senior citizen investments, and income allocation rules play a central role in this planning. For FY 2025-26 (AY 2026-27), these provisions largely continue with refined compl

GSTR-7 is a mandatory monthly GST return for entities required to deduct TDS under Section 51 of the CGST Act, 2017. Government departments, local authorities, and notified entities must report GST  TDS  details such as supplier GSTIN, invoice values, and deducted tax within strict timelines. Errors or delays can attract penalties and interest. With evolving compliance requirements like invoice-level reporting, accurate and timely filing has become essential. Platforms such a

Small retailers in India face unique GST challenges due to low-ticket, high-volume transactions. Managing hundreds or thousands of daily sales generates extensive invoices, complicates Input Tax Credit reconciliation, and increases the risk of filing errors. Recent updates in GST regulations, including simplified QRMP schemes and e-invoicing for small transactions under ₹5,000, aim to ease compliance, but manual management remains cumbersome. TaxBuddy provides a mobile-first

Tax Collected at Source (TCS) , is a tax that the seller is required to collect from the buyer at the time certain goods are sold or specific transactions are carried out. The seller then deposits this tax with the government. The legal framework for TCS is laid down under Section 206C of the Income Tax Act. TCS applies only to notified transactions. These include the sale of alcohol for human consumption, certain leasing or licensing arrangements, sale of high-value motor ve

TaxBuddy is an AI-powered Income Tax Filing platform that offers both DIY (Do-IT-Yourself) filing and expert-assisted ITR filing options. Its automation intelligently fetches data from PAN, Aadhaar, and Form 16, to deliver accurate and error-free returns in minutes. You can file ITR through TaxBuddy mobile app or even via WhatsApp , making it one of the most accessible tax-filing tools in India. The AI system simplifies every step: from data extraction to form selection, e

A growing business almost always hits this phase. Payments from customers are delayed. Orders are increasing but cash isn’t. A new machine could double capacity, but the funds aren’t ready. Or maybe you want to expand into a new city, but the working capital is stretched thin. For many MSMEs, growth doesn’t stop because of lack of ambition. It slows down because capital isn’t available at the right time. That’s exactly why government-backed MSME loans exist. These schemes are

When it comes to tax planning, Section 80C of the Income Tax Act is one of the most valuable tools available to Indian taxpayers. It enables individuals and Hindu Undivided Families (HUFs) to reduce their taxable income by up to INR 1,50,000 per year through a variety of investments and expenses. By planning investments in financial assets like PPF, NSC, ELSS, and others, you can claim deductions up to Rs. 1.5 lakh under Section 80C, effectively reducing your taxable income.

Online GST return filing requires accurate data entry, timely submission, and adherence to the latest compliance rules. The process becomes simpler when supported by an automated platform that handles document import, reconciliations, return preparation, and submission. TaxBuddy offers a structured, step-by-step workflow that enables businesses to file GSTR-1, GSTR-3B, and other applicable returns with reduced effort and fewer errors. Updated GST changes such as auto-populate