The Income Tax Rules, 2026 introduced Form 145 and Form 146, replacing the earlier Form 15CA and Form 15CB from 1 April 2026. These forms are mandatory for specified foreign remittances and play an important role in ensuring tax compliance before funds are transferred outside India. The new forms continue the existing compliance framework while […]
Tax Deducted at Source (TDS) is an important compliance requirement under the Income Tax Act. Businesses, employers, and other deductors must deduct tax, deposit it with the government, and file TDS returns within the prescribed timelines. Even minor mistakes in TDS returns can result in notices, defaults, penalties, and difficulties for deductees in claiming tax […]
GSTR-3B is a monthly or quarterly summary return that registered taxpayers must file under the Goods and Services Tax (GST) regime. It contains details of outward supplies, inward supplies liable to reverse charge, Input Tax Credit (ITC) claimed, and tax payments made during the tax period. Errors in GSTR-3B can lead to notices, interest liabilities, […]
Many taxpayers often get confused between TDS (Tax Deducted at Source) and Advance Tax. While both are methods of paying income tax during the financial year, they differ significantly in terms of who pays the tax, when it is paid, and how it is calculated. Understanding this difference is essential to avoid interest, penalties, and […]