Taxationmitra | Taxation & Professional Updates 🧑‍🎓

ITR Filing Utilities Now Available! 😊 The filing season is officially open! 📈 The Income Tax Department has released the ITR utilities for AY 2026-27: 1️⃣ - ITR-1: For salaried individuals with income up to ₹50 lakh 2️⃣ - ITR-4 : For freelancers and small businesses under presumptive scheme ➡️ Contact us for smooth ITR Filing experience 🌟 • Whatsapp us : https://wa.link/jd1a7x • Email : Thetaxationmitra@gmail.com ♻️ Share this update with your Network ♻️ 💡 Follow @Taxationmitra for more Updates 🗞️ 🔗 Join Whatsapp Channel : https://lnkd.in/gRBvPeaj

All useful links from Income Tax at one place. 🔖Save this post, and thanks me later.! 🫰🏻 See the post : https://www.linkedin.com/posts/all-useful-links-from-income-tax-at-one-place-share-7450025103117135872-5hUD ♻️ Share this update with your Network ♻️ 💡 Follow @Taxationmitra for more Updates 🗞️ 🔗 Join Whatsapp Channel : https://whatsapp.com/channel/0029VaEahi74inoswaVRPR31

The Institute of Chartered Accountants of India (ICAI) Committee on GST And Indirect tax has released the Handbook on Returns and Payments under GST (march 2026) 📥 Download PDF here : https://www.linkedin.com/posts/taxationmitra_handbook-on-returns-and-payments-under-gst-activity-7448436667453181953-zUyg ♻️ Share this update with your Network ♻️ 💡 Follow Taxationmitra for more Updates 🗞️ 🔗 Join Whatsapp Channel : https://whatsapp.com/channel/0029VaEahi74inoswaVRPR31

🚨 Important ITR-4 Update (AY 2026–27) Taxpayers opting for presumptive taxation under Sections 44AD / 44ADA / 44AE should take note of an important compliance change in the updated ITR-4 utility. Read key takeaway : https://www.linkedin.com/posts/itr4-incometax-presumptivetaxation-share-7445996423579611136-Jycj ♻️ Share this update with your Network ♻️ 💡 Follow @Taxationmitra for more Updates 🗞️ 🔗 Join Whatsapp Channel : https://whatsapp.com/channel/0029VaEahi74inoswaVRPR31

Earning ₹12.75 Lakh/year in FY 25-26? You pay ZERO income tax. But most people don't understand how this actually works. It's NOT an exemption. Here's the full breakdown 👇 1. First, let's understand what changed. Until FY 2024-25, income up to ₹7 lakh was tax-free under the new regime. Budget 2025 raised this limit to ₹12 lakh. That's a ₹5 lakh jump, the biggest middle-class tax relief in years 2. So how does ₹12 lakh become zero tax? Through Section 87A, a rebate on your final tax bill. Here's the math: ➡️Tax on ₹12L income (new regime) = ₹60,000 ➡️Section 87A rebate = ₹60,000 ➡️Tax payable = ₹0 ✅ The rebate wipes out your entire liability. 3. Important: This is a REBATE, NOT an exemption. You are still technically taxed as per the slabs. But the ₹60,000 rebate cancels out the tax completely, If your income is ₹12L or less. Cross ₹12L by even ₹1? The rebate disappears 4. Now, if you're salaried, there's a bonus. You get a Standard Deduction of ₹75,000 automatically. So: ➡️Gross Salary = ₹12.75 Lakh ➡️Minus Standard Deduction = ₹75,000 ➡️Taxable Income = ₹12 Lakh ➡️Tax = ₹0 ✅ Salaried folks get an extra ₹75K buffer! 5. What about earning slightly above ₹12 Lakh? Say your income is ₹12.1 Lakh. Normally, that's ₹61,500 in tax. But Marginal Relief kicks in, you only pay ₹10,000 (the extra income above ₹12L). So you don't get punished for earning a little more. 6. What's NOT covered by this zero-tax benefit? ➡️Capital Gains (STCG/LTCG) ➡️Lottery or game show winnings ➡️Other special rate income These are taxed separately, even if your salary is under ₹12L. Always check your total income, not just salary 7. Who is eligible? ✅ Resident Indians only ✅ Individuals only (not HUFs, firms, companies) ✅ Only under the NEW tax regime ✅ Income must be ₹12L or below after deductions 8. To summarise: ✅ Earn up to ₹12L → Zero tax (new regime) ✅ Salaried up to ₹12.75L → Still zero tax ✅ Marginal Relief protects you if you slightly exceed ₹12L ❌ Capital gains still taxed separately Found this helpful? Share to help someone save tax. ♻️ Share this update with your Network ♻️ 💡 Follow Taxationmitra for more Updates 🗞️ 🔗 Join Whatsapp Channel : https://whatsapp.com/channel/0029VaEahi74inoswaVRPR31

The Central Board of Direct Taxes has released an FAQ on the transition to the new Income-tax framework. A concise and practical guide covering key transitional aspects, useful to move towards the new regime effective 1 April 2026. Link to get this PDF : https://www.linkedin.com/posts/faq-on-interplay-and-transition-ugcPost-7441159419171672064-g9zp Time to get comfortable with a whole new set of section numbers again (rules as well) ♻️ Share this update with your Network ♻️ 💡 Follow Taxationmitra for more Updates 🗞️ 🔗 Join Whatsapp Channel : https://lnkd.in/gRBvPeaj

*Income Tax Act, 2025: New PAN Rules for Children (Effective 1 April 2026)* The Draft Income Tax Rules, 2026 introduce important compliance updates regarding PAN applications for children born on or after 1 October 2023. Mandatory Birth Certificate - A valid birth certificate issued by the Municipal Authority or the Indian Consulate will now be required for PAN issuance. Additional Requirements for NRIs/RNORS - Applicants classified as Non-Residents (NRIs) or Resident but Not Ordinarily Resident (RNORs) must also provide passport details. ♻️ Share this update with your Network ♻️ 💡 Follow Taxationmitra for more Updates 🗞️ 🔗 Join Whatsapp Channel : https://whatsapp.com/channel/0029VaEahi74inoswaVRPR31

NRIs and taxpayers must apply for "Lower or No deduction of TDS" (Form 13) before March 15, 2026. Otherwise full TDS will be deducted and they need to claim as refund while filing ITR. You can get help from us here https://forms.gle/LN977Q67vzGG1YcTA ♻️ Share this update with your Network ♻️ 💡 Follow Taxationmitra for more Updates 🗞️ 🔗 Join Whatsapp Channel : https://whatsapp.com/channel/0029VaEahi74inoswaVRPR31 #Taxationmitra #NRI #TDS #Duedate

Wishing you all a vibrant Holi! 🎨 May this festival of colors bring professional growth, financial prosperity, and personal happiness to your life.🎉🎊 Warm wishes, Team Taxationmitra 360° Professional Support For All Your Tax Enquiries.! Follow our WhatsApp Channel for Taxation and Corporate Updates : https://whatsapp.com/channel/0029VaEahi74inoswaVRPR31

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The Budget 2026 direct tax proposals reflect a continuing evolution of India's tax framework toward simplification and transparency. Our FAQs explain the key proposals and their impact in a simple manner. For authentic and accurate information, always refer to official sources only. Here's the direct Link to FAQ document: https://incometaxindia.gov.in/Documents/Budget2026/FAQs-Budget-2026.pdf

To know more about which tax rate is going to be change in GST, Read here : https://www.linkedin.com/posts/taxationmitra_taxationupates-taxation-gst-activity-7369072155696820224-6qgm 👉🏻 Our Whatsapp Channel - Link Kind regards, Team TAXATIONMITRA https://linktr.ee/Taxationmitra

Dear All, Please find attached the press release for the 56th GST Council Meeting. Please consider this press release for informational purposes only and not as an official document that directly impacts existing GST provisions. These recommendations require official implementation through notifications, circulars, etc. We will keep you updated on any changes once they come into effect. Kind regards, Team TAXATIONMITRA https://linktr.ee/Taxationmitra

🇮🇳 PM Narendra Modi, in his Independence Day address on August 15, 2025, announced a "Double Diwali Gift" for the nation by promising substantial reductions in Goods and Services Tax (#GST) rates on regular, everyday items. These next-generation GST reforms…

🇮🇳 PM Narendra Modi, in his Independence Day address on August 15, 2025, announced a "Double Diwali Gift" for the nation by promising substantial reductions in Goods and Services Tax (#GST) rates on regular, everyday items. These next-generation GST reforms are expected to be rolled out by Diwali (October 2025), aiming directly at easing the cost of living for ordinary citizens, supporting small businesses, and simplifying the GST regime. ▶️ Key Highlights of the Announcement • Major GST Rate Cuts Coming by Diwali: PM Modi declared that GST rates on essential and daily-use items will be reduced drastically, calling it a "double Diwali gift" for the people of India. • Focus on Everyday Goods: The reforms target household staples and mass consumption goods, with specifics likely to be finalized at an upcoming GST Council meeting. Items currently taxed at higher rates, especially those in the 12% slab, may be shifted to lower brackets, such as 5%, or the slab may be scrapped entirely. @Taxationmitra

*BREAKING: The Income-Tax Bill, 2025, which was introduced in the Lok Sabha on 13th February 2025 to replace the existing Income-Tax Act, 1961, has been formally withdrawn.* A new version of the Income Tax Bill, incorporating most of the recommendations made by the Select Committee chaired by Shri Baijayant Panda, will be introduced on Monday, August 11. To avoid confusion by multiple versions of the Bill and to provide a clear and updated version with all changes incorporated, the new version of the Income Tax Bill will be introduced for the consideration of the House on Monday. Thanks and Regards Team Taxationmitra linktr.ee/Taxationmitra

Date 28/07/2025 ITR Filing Count Crossed 2 crore. https://Taxationmitra.t.me

*BREAKING - INCOME TAX CIRCULAR:* Relaxation of time limit for the processing of electronically filed (upto 31.03.2024) income tax returns which were erroneously invalidated by CPC. New Intimations will now be sent by 31.03.2026 https://Taxationmitra.t.me