One stop for everything related to taxes,
Our Blogs

Interest income non-reporting notices arise when the figures declared in the income tax return do not match the data captured in the Annual Information Statement. Savings accounts, fixed deposits, and recurring deposits are closely monitored through automated reporting by banks, and even small omissions can trigger alerts. As more taxpayers receive notices under Section 142(1) for unreported interest, the focus has shifted to accurate disclosure and pre-filing checks. TaxBud

The GST return filing calendar for 2025–26 plays a critical role in helping businesses stay compliant with monthly, quarterly, and annual deadlines under the CGST Act. The schedule covers major forms like GSTR-1 , GSTR-3B , CMP-08, GSTR-4, and GSTR-9/9C, each carrying specific due dates based on turnover and the QRMP scheme. Recent changes, such as auto-locking of GSTR-3B from July 2025 and multiple extensions issued by CBIC, make timely compliance essential. Automated remind

AIS/TIS mismatch income tax notices arise when reported data in the Annual Information Statement and Taxpayer Information Summary does not align with the income declared in an ITR. These discrepancies often stem from incorrect TDS entries, missing interest income, duplicated transactions, or reporting errors from banks, employers, and financial institutions. Unresolved mismatches may lead to notices under sections like 143(1)(a) or 139(9). Accurate reconciliation is essential

The GST system makes no exception for months with no business activity. Registered taxpayers must file nil returns for GSTR-1 and GSTR-3B even when outward supplies, inward supplies, and ITC remain at zero. This requirement keeps the GSTIN active, prevents penalty accumulation, and ensures smooth compliance when operations resume. With increasing automation on the GST portal and stricter enforcement of deadlines, timely nil filing has become essential for every business, rega

Choosing between monthly and quarterly GST filing affects compliance workload, cash flow, and Input Tax Credit timelines. Monthly filing suits businesses with higher turnover or frequent transactions that demand real-time reporting, while quarterly filing under the QRMP scheme benefits smaller taxpayers seeking reduced administrative effort. The right choice depends on turnover, transaction volume, and reporting needs. GST rules outline separate due dates, ITC patterns, and e

Tax-saving choices often look similar at first glance, but NPS, ELSS, and PPF stand apart because they cover three distinct investor needs—growth, stability, and retirement security. All three qualify for deductions under Section 80C of the Income Tax Act, 1961, yet their risk levels, returns, tax treatments, and lock-in rules differ sharply. Understanding these differences helps ensure that the right mix is chosen based on goals, income tax regime, and appetite for market ex

The new tax regime removes most deductions, raising a common question for taxpayers earning interest from savings accounts: is any part of this interest deductible? With 80TTA and 80TTB restricted to the old tax regime, savings interest now falls under fully taxable income when opting for Section 115BAC . Since the Finance Act 2024 made the new regime the default, understanding this shift is essential for planning taxable income accurately and avoiding incorrect claims during

Section 244A governs interest on delayed income tax refunds, ensuring compensation when refunds take longer than the timelines set under the Income Tax Act. Interest applies on excess TDS, advance tax, or self-assessment tax, and is calculated at 0.5% per month on qualifying refunds. The refund must exceed 10% of total tax liability or ₹100 to trigger interest. Timely filing and accurate bank validation are essential to prevent delays, and platforms such as TaxBuddy help s

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

Smart tax planning before March 31, 2025, requires timely action across investments, deductions, advance tax payments, and compliance updates. Revised tax slabs, a higher basic exemption limit of ₹4 lakh, updated TDS/TCS rules, extended ITR-U timelines, and mandatory PAN/Aadhaar-based KYC norms all influence how much tax remains payable at year-end. Strategic moves—such as completing eligible Section 80C and NPS contributions, verifying TDS, preparing for updated return fili