What Taxpayers Should Know The Income Tax Department has recently notified updated ITR Forms 1 and 4 for Assessment Year (AY) 2026-27, relevant to Financial Year (FY) 2025-26. The revised forms introduce several important compliance and disclosure-related changes aimed at improving transparency, widening reporting requirements, and simplifying return filing for certain categories of taxpayers. Here… Continue reading Key Changes in ITR Forms for AY 2026-27: What Taxpayers Must Know
ITR-6 is the Income Tax Return form applicable to companies other than those claiming exemption under Section 11 of the Income Tax Act relating to income from charitable or religious purposes. For Assessment Year (AY) 2026-27, the Central Board of Direct Taxes (CBDT) has notified the revised ITR-6 form filing with updated disclosure requirements, enhanced… Continue reading Filing ITR-6 for AY 2026-27: A Practical Guide for Companies
ITR-3 is the Income Tax Return form applicable to Individuals and Hindu Undivided Families (HUFs) having income from business or profession. It is commonly used by business owners, freelancers, consultants, traders, and partners in firms. For Assessment Year (AY) 2026-27, the Central Board of Direct Taxes (CBDT) has notified the revised ITR-3 form with several… Continue reading How to File ITR-3 for AY 2026-27: Step-by-Step Checklist
Freelancing and consulting have become increasingly popular in India, offering flexibility, independence, and diverse income streams. However, with this freedom comes the responsibility of managing taxes effectively. Filing your Income Tax Return (ITR) correctly is crucial to avoid penalties and maximize savings. This comprehensive guide will walk freelancers and consultants through everything they need to… Continue reading ITR Filing for Freelancers and Consultants in India
Filing Income Tax Returns (ITR) in India can be complex, especially for Non-Resident Indians (NRIs). With changing tax regulations and compliance requirements, understanding when and how to file your ITR is crucial. Taxcellent simplifies this process, ensuring NRIs stay compliant while maximizing their tax benefits. Who is an NRI for Tax Purposes? An individual is… Continue reading ITR Filing for NRIs – A Complete Guide by Taxcellent
Goods and Services Tax (GST) aims to create a seamless, destination-based tax system. However, in the course of business, taxpayers may pay excess tax or accumulate input tax credit (ITC). To prevent unnecessary blockage of funds and to promote ease of doing business, the GST law provides a mechanism known as GST Refund. What is… Continue reading GST Refunds: Meaning, Process, and Importance
An Income Tax Notice is a formal communication issued by the Income Tax Department of India to a taxpayer seeking information, clarification, compliance, or corrective action under the Income-tax Act, 1961. Receipt of a notice does not automatically imply tax evasion or wrongdoing; in many cases, it is triggered due to mismatch of data, non-filing… Continue reading Income Tax Notices in India – Meaning, Types, Reasons, and How to Respond
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
1. What Is Form 24Q? Form 24Q is the TDS return specifically for salary payments. Every employer who deducts TDS from employee salaries under Section 192 must file Form 24Q every quarter. It contains: Employee salary details TDS deductions PAN details Proof of tax deposited Deductions under Chapter VI-A Exemptions under Section 10 The fourth… Continue reading Essential Guide to Salary TDS Returns Filing and Form 24Q Requirements
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