The Goods and Services Tax (GST) regime in India relies heavily on self-assessment and digital compliance. To ensure accuracy and prevent tax evasion, the GST department issues GST notices to taxpayers when discrepancies, delays, or violations are detected. Receiving a GST notice can be stressful, but understanding its purpose and responding correctly can prevent penalties… Continue reading Understanding GST Notices: What They Mean and How to Respond
In today’s dynamic regulatory and financial environment, individuals and businesses need more than just compliance; they need clarity, accuracy, and strategic guidance. Taxcellent is a professional chartered accountancy service provider firm committed to delivering reliable, timely, and value-driven financial solutions tailored to our clients’ needs. With a client-centric approach and deep technical expertise, Taxcellent helps individuals,… Continue reading Taxcellent – Your Trusted Partner for Comprehensive CA Services
Some of the expectations on the personal tax front from the Budget 2026 are as follows: 1. Introduction of an Optional Joint Taxation Framework for Married Couples Under the prevailing income-tax framework, India follows an individual-based system of taxation, wherein each spouse is assessed separately, irrespective of marital status or the extent to which household… Continue reading Union Budget 2026 – Pre-Budget Wish List on Personal Tax Reforms
In today’s competitive business environment, obtaining the MSME Registration in Delhi, also known as Udyam Registration, is essential for small and medium businesses to access government benefits, financial support, and statutory protections. Taxcellent, a professional CA service provider firm, offers end-to-end assistance for MSME Certificate registration, ensuring a smooth, accurate, and hassle-free process. What is… Continue reading MSME Certificate (Udyam Registration) – A Key Service Offered by Taxcellent
Limited Liability Partnerships (LLPs) offer the flexibility of partnerships with the benefits of limited liability. However, LLPs registered under the Limited Liability Partnership Act, 2008 must comply with various statutory filing requirements. Taxcellent, a trusted CA service provider firm, offers comprehensive LLP forms filing and compliance services, ensuring accurate, timely, and hassle-free compliance. What Are… Continue reading LLP Forms Filing & Compliance Services by Taxcellent
1. What is an “Updated Return” (ITR-U)? An Updated Return (or ITR-U) is a special type of income tax return that allows a taxpayer to correct or update previously filed ITRs (original, belated, or revised) for past years, including adding omitted income, correcting errors, etc. It is provided under section 139(8A) of the Income-tax Act.… Continue reading Updated Return (ITR-U) Rules: A Comprehensive FAQs for Indian Taxpayers
What Is an Updated Return (ITR-U)? An Updated Income Tax Return (ITR-U) is a special tax filing option that allows taxpayers to correct or disclose additional income for previous years even after the regular and revised return deadlines have passed. It applies when you either missed filing an ITR or need to correct the income declared… Continue reading Step-by-Step ITR-U Filing Guide: From Portal to Taxcellent Support
Income Tax Return Form 4, commonly known as ITR-4 (Sugam), is a simplified income tax return form prescribed by the Income Tax Department of India. It is designed for resident individuals, Hindu Undivided Families (HUFs), and firms (other than LLPs) who opt for the presumptive taxation scheme under the Income Tax Act, 1961. Who Can… Continue reading Who Can File ITR-4 Sugam? Complete Eligibility Checklist
Form 15CA and Form 15CB are compliance documents required under the Income Tax Act, 1961, for remittances sent outside India. Their primary purpose is to ensure that any payment made to a non-resident is examined for taxability before it leaves India. These forms help the Income Tax Department track foreign remittances and prevent tax evasion… Continue reading Filing of Form 15CA & Form 15CB: A Comprehensive Guide
Section 147 empowers the Income Tax Department to reassess the income of a taxpayer if the Assessing Officer (AO) believes that income chargeable to tax has escaped assessment for any previous year. When can Section 147 be invoked? The AO must have “reason to believe” that income has escaped assessment. Common reasons: Non-filing of return… Continue reading Section 147 – Income Escaping Assessment (Reassessment)
We have launched a range of Chartered Accountants Services for families along with a complete income tax filing product suite covering ITR-1 to ITR-7. With the launch of our families division, we aim to help millions of Indians with financial literacy, compliance and investment.
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