Missed reporting Foreign Assets in ITR? Here is Foreign Assets of Small Taxpayers Disclosure Scheme, 2026
A Complete Guide for Taxpayers Introduction Many Indian taxpayers hold a foreign bank account, an inherited property abroad, a handful of foreign shares, or income earned overseas — and, often without any intent to evade tax, never got around to reporting it in their Indian income-tax return. Under the existing law, such gaps fall within […]
Depreciation Under the Income Tax Act: A Complete Guide to the Block of Assets
Understanding block-wise WDV computation, additions, sales, and when a block ceases to exist Depreciation is one of the most useful deductions available to a business, and once you understand how the block of assets system works, calculating it becomes refreshingly straightforward. Unlike the Companies Act, which tracks depreciation asset-by-asset, the Income Tax Act uses a […]
F&O Trading and Income Tax: A Complete Guide for Traders Understanding tax treatment, audit applicability, turnover computation and ITR disclosure for Futures & Options income — AY 2026-27 If you trade in the derivatives (Futures & Options) segment, the good news is that Indian tax law treats this activity clearly and consistently as business income […]
Presumptive Taxation Made Simple: A Complete Guide to Sections 44AD & 44ADA
Presumptive Taxation Made Simple: A Complete Guide to Sections 44AD & 44ADA For AY 2026-27 (FY 2025-26) — less paperwork, more clarity for small businesses and professionals If you run a small business or work in one of the specified professions, you don’t always need to maintain detailed books of account or go through a […]
Filing Your Business ITR? Here’s Your Survival Guide
Filing Your Business ITR? Here’s Your Survival Guide Running a business is hard enough — figuring out your Income Tax Return shouldn’t add to the stress. If you’re a small business owner, freelancer, trader, or professional filing your ITR this year, this guide breaks down everything in plain English. No confusing tax jargon, just what […]
Read the TDS Section of Your AIS Carefully — It May Have Entries the SFT Doesn’t!
Read the TDS Section of Your AIS Carefully — It May Have Entries the SFT Doesn’t When you open the Annual Information Statement (AIS), it’s natural to go straight to the SFT section first. That’s where the big, high-value transactions sit — property purchases, mutual fund investments, large deposits. It’s the part that usually catches […]
Your Foreign Income is Now Visible in Your AIS
Your Foreign Income is Now Visible in Your AIS A complete guide to what’s disclosed, what’s taxable, and how to file with confidence for AY 2026-27 If you hold a foreign bank account, invest in overseas stocks, or receive income from abroad, there’s an important development from the Income Tax Department worth understanding well ahead […]
Claiming Foreign Tax Credit- A Practical Guide to Form 67
Claiming Foreign Tax Credit: A Practical Guide to Form 67 Mittal & Company · Chartered Accountants If you’re a resident Indian taxpayer earning income abroad — consulting fees, dividends, royalties, salary, or capital gains — you may already be paying tax on that income twice: once in the source country, and again in India when […]
Taxation of Bonds & Debentures in India
Taxation of Bonds & Debentures in India A practical guide to interest income, capital gains, TDS and special categories — updated for FY 2025-26 and the Income-tax Act, 2025 Bonds and debentures have quietly become one of the most popular ways for Indian investors to earn steady, predictable income — and for good reason. They’re […]
TDS Q1 FY26-27 Due date- 31-07-2026: New Forms, Old Deadline!
Everything deductors need to know before the 31st July 2026 Q1 TDS return deadline If you’ve been filing TDS returns for years on autopilot — same forms, same section codes, same process — this quarter is different. The Q1 return for FY 2026-27 (covering April–June 2026 deductions) is due on 31st July 2026, and […]