If you are filing your Income Tax Return (ITR) for business or profession, one of the most critical sections you must fill correctly is “Financial Particulars of the Business” (E11 to E25). Most taxpayers either skip it, fill it incorrectly, or copy random figures — which is a BIG mistake and can trigger notices. Let’s […]
Financial Particulars of Business in ITR – Complete Guide (E11 to E25) Read More »
Understand all key income tax changes effective April 1, 2026 including salary structure, tax year concept, HRA rules, TCS changes, and exemptions. Complete guide by Tax Logic India. Introduction The Indian taxation system is undergoing significant changes effective from April 1, 2026. These updates aim to simplify tax filing, improve transparency, and restructure salary components.
Belated Return Filing: Deadlines, Fines & What Every Taxpayer Must Know Filing your Income Tax Return (ITR) within the due date is important to avoid penalties and complications. But if you missed the deadline, don’t panic. You can still file your return as a belated return. Here’s everything you need to know about deadlines, penalties,
What Happens if You File ITR Late? Deadlines, Fines & Smart Tips Read More »
🏦 How Much Cash Can Be Deposited in Bank Account Under Income Tax Act? In India, cash transactions are closely monitored by the Income Tax Department to curb black money, money laundering, and tax evasion. Many individuals and businesses often ask — how much cash can be deposited in a bank account without attracting scrutiny
How Much Cash Can Be Deposited in Bank Account Under Income Tax Act ? Read More »
The due date for Income Tax Return (ITR) filing for FY 2024–25 (AY 2025–26) is July 31, 2025 for individuals not liable for audit. As this deadline approaches, it’s crucial to file your return accurately to avoid penalties, scrutiny, and refund delays. In this guide, Tax Logic India highlights the most common mistakes taxpayers make
ITR Filing 2025: Avoid These Common Mistakes While Filing Returns for FY 2024–25 Read More »
Starting April 1, 2025, significant income tax changes will affect partnership firms and Limited Liability Partnerships (LLPs) in India. These amendments, introduced by the Finance (No. 2) Act, 2024, focus on two primary areas: increased limits for partner remuneration and the introduction of Section 194T, mandating Tax Deducted at Source (TDS) on payments to partners.
Tax Treatment of Cars Purchased for Business in India (2025) Understanding Income Tax & GST Implications Purchasing a car for business use comes with various tax implications under Income Tax Act and GST Act. While depreciation and running costs are deductible under income tax, GST Input Tax Credit (ITC) is restricted in most cases. Let’s
Former Finance Secretary Urges Inclusion of CMAs and CS in Tax Audit Amid ICAI Opposition Introduction The debate over expanding the scope of tax audit professionals in India has intensified, with Former Finance Secretary Subhash Chandra Garg advocating for the inclusion of Cost and Management Accountants (CMAs) and Company Secretaries (CS) in conducting tax audits.
CBDT Launches Self-Help Tool to Understand Income Tax Bill 2025 The Central Board of Direct Taxes (CBDT) has introduced a new Self-Help Tool designed to help taxpayers navigate and comprehend the Income Tax Bill 2025 with ease. This initiative aims to simplify tax regulations, ensuring clarity and accessibility for both individuals and businesses. Key Features
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I-T Department to Crack Down on 40,000 Taxpayers Over TDS Defaults The Income Tax Department of India is gearing up for a nationwide crackdown on businesses and individuals who have failed to deduct and deposit TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). According to recent reports, approximately 40,000 taxpayers are under
I-T Department to Crack Down on 40,000 Taxpayers Over TDS Defaults Read More »
