One stop for everything related to taxes,
Our Blogs

The new tax regime under Section 115BAC has been the default option for salaried employees since FY 2023–24. While it offers lower slab rates and a nearly tax-free income up to ₹12 lakh after rebate from FY 2025-2026, it removes most commonly used deductions. For salaried individuals with home loans, insurance, or long-term investments, the tax saved through deductions under the old regime often exceeds the benefit of lower slabs. As a result, many employees unknowingly pay h

GST compliance  in India works very differently for freelancers and traders. The distinction lies in the nature of supply, services versus goods, which directly affects registration limits, tax rates, return filing, and overall GST filing requirements. Freelancers typically deal with service-based income, export clients, and platform-led payments, while traders handle goods, inventory, and logistics-related compliances tied closely to GST filing cycles. Applying the same GST

Late  GST filing  attracts daily penalties and interest that quietly eat into business cash flow. Missed due dates for GSTR-1 or GSTR-3B  can lead to late fees under Section 47 and interest under Section 50 of the CGST Act. Many businesses still rely on manual tracking, increasing the risk of errors and delays. TaxBuddy’s Smart Alerts solve this gap by sending timely reminders through its mobile app, emails, and in-app notifications. These alerts are designed to track GST dea

The Finance Bill plays a critical role in translating Budget announcements into enforceable tax law. While Budget speeches outline intent, it is the Finance Bill that actually amends the Income Tax Act and other laws, determines applicability dates, and defines how changes will work in practice. For taxpayers, professionals, and businesses, the Finance Bill is especially important because it often goes beyond headline tax rate changes. It introduces compliance relaxations, pe

The Union Budget is one of the most important financial events in India each year. It is not just a government document meant for economists or policymakers. It directly affects everyday life. From the tax you pay, the price of essential goods, job opportunities, public services, and infrastructure projects, many aspects of daily living are influenced by what is announced in the Union Budget. At its core, the Union Budget explains how the government plans to manage the count

Every year, as February approaches, one question starts trending across search engines and conversations: When is the Union Budget and what time will it be presented? The budget 2026 is no different. People from all walks of life look for clear and quick answers because the Union Budget is not just a government formality. It directly affects taxes, prices, jobs, savings, and economic direction for the entire year. Knowing the date and timing of Budget 2026 matters because man

As India moves closer to the Union Budget 2026, expectations around income tax reforms are once again gaining momentum. For salaried employees, professionals, senior citizens, and investors, income tax policy plays a direct role in monthly cash flow, long-term savings, and financial planning decisions. Over the past few budgets, the government has focused on simplifying tax structures, improving compliance efficiency, and gradually shifting taxpayers towards a streamlined tax

Once a business is registered under GST, return filing obligations continue even if turnover later falls below the prescribed threshold limits of ₹20 lakhs or ₹40 lakhs. Registration creates a legal compliance cycle that remains active until cancellation is formally approved. Stopping GST return filing solely due to reduced turnover can lead to penalties, interest, suspension, and loss of input tax credit. Continued compliance protects registration status, maintains tax credi

GST e-invoicing and return filing are now deeply interconnected under the Indian GST law. Once an e-invoice is generated through the Invoice Registration Portal, its data flows directly into GST returns, reducing manual intervention and mismatches. This linkage ensures that outward supplies reported in GSTR-1 and tax liabilities declared in GSTR-3B remain consistent. With stricter timelines and compliance controls introduced in 2025, businesses must rely on accurate system-l

GST return filings often trigger department queries when inconsistencies appear across returns, ITC data, or payment records. Even compliant businesses may receive notices due to system-driven mismatches in GSTR-1, GSTR-3B, or GSTR-2B. These queries require timely, accurate, and well-documented responses to prevent penalties, ITC reversals, or escalation into scrutiny proceedings. TaxBuddy supports taxpayers at this stage by identifying the root cause of notices, reconciling