End of Assessment Year (AY) and Previous Year (PY) Introduction End of Assessment Year (AY) and Previous Year (PY) The Income Tax Act 2025 is set to introduce a major reform in the tax filing system by eliminating the concepts of Assessment Year (AY) and Previous Year (PY). Instead, taxpayers will follow a single tax … Read more
Government Abolishes Section 80C Government Abolishes Section 80C The Indian government has proposed a major change in the Income Tax Act that has taken taxpayers by surprise. Section 80C, one of the most widely used tax-saving provisions, has been abolished under the new Income Tax Bill 2025. This section allowed taxpayers to claim deductions of … Read more
Section 194P Introduction Filing an Income Tax Return (ITR) can be a complex process, especially for senior citizens. To simplify tax compliance for elderly taxpayers, the government introduced Section 194P in the Finance Act, 2021. This provision provides a special exemption from ITR filing for senior citizens aged 75 years or above who meet specific … Read more
No Refund If ITR is Filed After the Due Date The introduction of the Income Tax Bill 2025 in the Lok Sabha raised concerns among taxpayers about whether they would be eligible for a refund if they filed their Income Tax Return (ITR) after the due date. Several tax experts pointed out that the new … Read more
Understanding the Tax Year Understanding the Tax Year Taxation laws define the tax year as a crucial period for assessing and computing income tax. For individuals, businesses, and professionals, understanding the concept of the tax year is essential for proper tax planning, compliance, and financial reporting. This article explains the meaning of the tax year, … Read more
