income tax Archives - S.K.M. & Co

Filing ITR in 2026: Understanding the Old vs New Tax Law Shift

Audit, UpdatesMarch 23, 2026329Views 0Likes 0Comments

India’s tax system is entering a transition phase, and naturally, this is where most taxpayers begin to feel uncertain. With the new Income‑tax Act, 2025 set to come into effect from April 1, 2026, many individuals and business owners are asking a simple question: which law applies when filing returns this year? The concern is…

New Income Tax Act: Simplifying Compliance and Reducing Litigation

UpdatesMarch 21, 2026293Views 0Likes 0Comments

India’s tax framework is entering a transition phase. Over the years, the Income Tax Act of 1961 has evolved through continuous amendments. While each change addressed a specific need, the cumulative effect has been increasing complexity. For taxpayers, especially businesses and professionals, this has translated into higher compliance efforts, interpretational confusion, and frequent disputes. The…

Income Tax Changes From April 2026: What Taxpayers Should Know

UpdatesMarch 16, 2026372Views 0Likes 0Comments

As the next financial year approaches, India’s direct tax framework is preparing for one of its most significant structural updates in decades. From April 1, 2026, the newly enacted Income-tax Act, 2025, will replace the long-standing Income-tax Act of 1961. The objective is not to radically change tax rates. Instead, the focus appears to be…

Income-Tax Notice to Restaurants: Why 63,000 Businesses Received Emails

UpdatesMarch 14, 2026423Views 0Likes 0Comments

As the financial year approaches its closing weeks, another compliance issue has quietly emerged for the restaurant industry. The Income-Tax Department has reportedly sent communication to around 63,000 restaurants across India, asking them to review and correct their income disclosures before March 31. The emails are part of what officials describe as a “nudge” initiative.…

Income Tax Forms Get Renamed: What Changes for Businesses in 2026

UpdatesFebruary 20, 20262KViews 0Likes 0Comments

India’s tax system is set for a major update. From 1 April 2026, several familiar compliance forms, including Form 16, Form 16A, Form 24Q, Form 26Q, Form 27Q and Form 26AS, will be renamed under the Draft Income-tax Rules, 2026. This overhaul is part of a broader effort under the Income-tax Act, 2025, to bring…

Using an Income Tax Calculator for Investment and Financial Planning Decisions

UpdatesDecember 30, 2025183Views 0Likes 0Comments

An income tax calculator is commonly used to estimate tax payable for a financial year. However, when used early and thoughtfully, it can also serve as a practical planning tool. It helps individuals understand how income, deductions, and investments interact, and how much surplus is realistically available for savings and long-term goals. For salaried professionals,…

Income Tax 2025: Relief on Paper, Tighter Scrutiny in Practice

UpdatesDecember 29, 2025192Views 0Likes 0Comments

For individual taxpayers, 2025 delivered a clear contrast. The Union Budget provided meaningful relief under the new tax regime, reducing tax outgo for a large segment of salaried taxpayers. At the same time, the Income Tax Department significantly intensified data-driven scrutiny through automated alerts, reconciliation checks, and faceless assessment processes. The result was a year…

Advance Tax Due on 15 December 2025: What Taxpayers Must Do Now

UpdatesDecember 15, 2025284Views 0Likes 0Comments

The third instalment of advance tax for FY 2025–26 is due on 15 December 2025. Taxpayers with estimated annual tax liability exceeding ₹10,000 must ensure compliance to avoid interest under Sections 234B and 234C of the Income Tax Act. This instalment is critical, as it requires 75% of the total estimated tax liability to be…

Selling Inherited Gold: Will It Trigger Tax Scrutiny and How Are Gains Taxed?

UpdatesNovember 27, 20252KViews 0Likes 0Comments

When a family discovers gold jewellery in a parent’s locker after their passing, the first concerns usually relate to tax implications, documentation and whether selling the jewellery could lead to scrutiny. For most taxpayers, the key considerations are the reasonableness of the jewellery held and how capital gains will be calculated when the jewellery is…

ITR Refund Delay in FY25: What Taxpayers Should Know and Do

UpdatesNovember 26, 2025417Views 0Likes 0Comments

Many taxpayers have not yet received their Income Tax Return (ITR) refunds for FY 2024–25 (AY 2025–26), and delays are more common this year. While smaller refunds may get processed sooner, larger refunds are undergoing additional checks, especially where discrepancies or mismatches appear in the return. Why refunds are getting delayed The Central Board of…

How to Check Your Income Tax Refund Status Using Your PAN

UpdatesNovember 25, 2025394Views 0Likes 0Comments

Many taxpayers are facing delays in receiving their Income Tax Return (ITR) refunds this year. The Income Tax Department allows individuals to track their refund status online using their PAN, either through the e-filing portal or the TIN-NSDL website. Understanding your refund status early can help you respond to discrepancies and avoid unnecessary delays. Who…

Still Waiting for Your Income Tax Refund? You May Be Entitled to Interest

UpdatesNovember 18, 20251KViews 0Likes 0Comments

Many taxpayers who filed their returns on time are still waiting months for their income tax refunds. What often goes unnoticed is that in many cases, the government is legally required to pay interest on delayed refunds. Below is a clear guide to when this interest applies, why refunds get delayed, and what steps taxpayers…

Filing ITR in 2026: Understanding the Old vs New Tax Law Shift

New Income Tax Act: Simplifying Compliance and Reducing Litigation

Income Tax Changes From April 2026: What Taxpayers Should Know

Income-Tax Notice to Restaurants: Why 63,000 Businesses Received Emails

Income Tax Forms Get Renamed: What Changes for Businesses in 2026

Using an Income Tax Calculator for Investment and Financial Planning Decisions

Income Tax 2025: Relief on Paper, Tighter Scrutiny in Practice

Advance Tax Due on 15 December 2025: What Taxpayers Must Do Now

Selling Inherited Gold: Will It Trigger Tax Scrutiny and How Are Gains Taxed?

ITR Refund Delay in FY25: What Taxpayers Should Know and Do

How to Check Your Income Tax Refund Status Using Your PAN

Still Waiting for Your Income Tax Refund? You May Be Entitled to Interest

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