ITR Filing Made Simple: Your Comprehensive Guide to Income Tax Returns in India ITR filing, or filing of the Income Tax Return, is the process by which taxpayers declare their income, expenses, deductions, taxes paid, and refunds (if any) to the Income Tax Department of India. Filing ITR is mandatory under law for certain individuals and businesses, and also advisable for others to claim refunds and maintain clean financial records. Whether you're a salaried employee, business owner, or freelancer, [...]

ITR-7 Filing for AY 2025–26: Detailed Guide for Trusts, Institutions, and Political Parties The Income Tax Department has notified the revised ITR-7 Form for Assessment Year (AY) 2025–26, under Notification No. 45/2025 dated May 9, 2025. This form is specifically meant for Filing Income Tax Return of certain entities like trusts, institutions, educational bodies, research organizations, and political parties, which are required to file their income tax returns under specific provisions of the Income-tax Act, 1961. With increasing focus [...]

ITR-6 Form for AY 2025–26: Expert Guide to Key Changes, Applicability, and Filing Instructions The Income Tax Department has notified ITR-6 for the Assessment Year (AY) 2025–26 through Notification No. 44/2025 dated May 6, 2025. This form is specifically designed for ITR Filing of companies, excluding those claiming exemption under Section 11 of the Income Tax Act, 1961. With the growing emphasis on transparency, traceability, and alignment with amendments introduced in the Finance Act, 2024, ITR-6 now comes with [...]

New 1% TCS Rule on Luxury Goods Above ₹10 Lakh: What Buyers Must Know India has tightened its tax compliance net by expanding the scope of Tax Collected at Source (TCS). Starting April 22, 2025, sellers must now collect 1% TCS on certain luxury goods priced above ₹10 lakh. This change comes under an amendment to Section 206C(1F) of the Income Tax Act. Until now, only luxury cars were covered. However, the new rule includes a broader category of [...]

ITR-3 Filing for AY 2025–26: Eligibility, Key Updates, and Filing Guide The Income Tax Department has released the updated ITR-3 form for the Assessment Year (AY) 2025–26 via Notification No. 41/2025, effective from April 1, 2025. This return form is applicable to individuals and Hindu Undivided Families (HUFs) who earn income from proprietary businesses, professions, or from being partners in firms. With updates that include bifurcated capital gains reporting, enhanced disclosure thresholds, and deduction-specific reporting, it is important that [...]

Income Tax Filing for Doctors in India – 44ADA, Salary & Deductions Medical professionals—whether practicing independently, running clinics, or working in hospitals—are required to comply with Indian income tax regulations. Depending on their mode of earning (salary, private practice, or consultancy), doctors fall under different tax filing categories. This article explains the applicable ITR forms, presumptive taxation under Section 44ADA, and relevant provisions under the Income Tax Act, 1961 specifically tailored for medical professionals and healthcare practitioners in India. [...]