TDS Payment FY 2026-27: New Section Codes
Introduction From FY i.e. TY 2026-27, the landscape of Tax Deducted at Source (TDS) compliance has undergone a major update with the introduction of new section codes. These codes are now mandatory for deductors to select while making TDS payments, ensuring precise categorization of transactions and improved reconciliation with returns. The change is aimed at […]
Buying a House in FY 2026-27? File TDS with New Form 141 instead of old Form 26QB!
🏠 Introduction Buying a new house? Starting 01 April 2026, the Income Tax Department has introduced Form 141 as a consolidated challan-cum-statement for TDS reporting. This replaces Form 26QB, which was earlier applicable for property transactions. Now, all PAN-based TDS reporting is streamlined under Form 141. 📄 What is Form 141? Form 141 is a […]
The Income Tax Act, 2025: Understanding the Tax Year Transition
Introduction India’s tax landscape is undergoing one of its most significant transformations in decades. With the Income Tax Act 2025 set to replace the Income-tax Act, 1961 from 1 April 2026, taxpayers, professionals, and businesses must prepare for a new era of compliance. The 1961 Act, though robust, had become layered with amendments, provisos, and […]
New TDS Payment Workflow from 01st April, 2026
Introduction From April 1, 2026, the Income Tax portal has undergone a significant transformation to align with the provisions of the Income Tax Act, 2025, while still retaining the utilities of the Income Tax Act, 1961. One of the most notable changes is the revamped process for TDS payments. The portal now distinctly separates payments […]
31st March 2026 – The Compliance Finish Line
As the financial year 2025–26 draws to a close, 31st March 2026 emerges as one of the most important dates in the compliance calendar for taxpayers, businesses, and professionals across India. This date is not just symbolic of the end of the fiscal year; it is the final checkpoint for multiple statutory obligations. From filing […]
Depreciation Rates FY 2025-26 – Income Tax Act
Introduction Depreciation is a critical concept in taxation and accounting. Under Section 32 of the Income Tax Act, 1961, depreciation allows taxpayers to claim a deduction for the gradual wear and tear of tangible and intangible assets used in business or profession. It ensures that the cost of assets is spread across their useful life, […]