If you run a business or profession in India, you may have heard about tax audit requirements. From the tax year starting 1 April 2026, a new format called Form No. 26 replaces the old Forms 3CA, 3CB, and 3CD.Form-26 is not just a compliance requirement—it is a structured way for the Income Tax Department to understand your income, expenses, and tax position clearly. Once … [Read more...] about Form No. 26 Explained: Tax Audit Report Under Income-tax Act, 2025 (Complete Beginner Guide)
Income Tax
Salary TDS Certificate & Tax Deduction on Salary: A Simple Guide to Form 130
If you are a salaried employee in India, you must have heard of Form 16. Now, under the new Income Tax system, Form 16 is being replaced by Form 130.Form 130 is an important document because it shows how much tax has been deducted from your salary and paid to the government. It helps you file your income tax return correctly and claim tax credit.In this guide, I will … [Read more...] about Salary TDS Certificate & Tax Deduction on Salary: A Simple Guide to Form 130
When and How Unexplained Credits, Investments, Assets & Expenses Are Taxed in India (Sections 102–107 Explained)
Sometimes, money appears in your accounts, investments, or spending without a clear explanation. From a tax perspective, this is risky. The Income Tax law has strict rules to deal with such situations.Sections 102 to 107 of Income Tax Act, 2025 explain what happens when you cannot properly explain your income, investments, assets, or expenses. If your explanation is missing … [Read more...] about When and How Unexplained Credits, Investments, Assets & Expenses Are Taxed in India (Sections 102–107 Explained)
What is Unexplained Expenditure under Section 105 of the Income Tax Act, 2025?
Unexplained expenditure means you have spent money, but you cannot properly explain where that money came from. Think of it like this: If you buy something expensive, the tax department expects you to have a clear source of funds, like salary, business income, savings, or loan.If you fail to explain the source, the Income Tax Department assumes that this money is your … [Read more...] about What is Unexplained Expenditure under Section 105 of the Income Tax Act, 2025?
Profits and Gains of Business or Profession under Income Tax (Section 26) – Meaning, Inclusions & Examples
When you earn money from running a business or practicing a profession—such as operating a shop, freelancing, or working as a doctor, lawyer, or consultant—it is taxed under the heading “Profits and Gains of Business or Profession.”Under the Income Tax Act, 2025, Section 26 defines what constitutes business or professional income. Further, Section 27 states that such income … [Read more...] about Profits and Gains of Business or Profession under Income Tax (Section 26) – Meaning, Inclusions & Examples