I have a sole proprietorship in India with GST and LUT, and file under 44AD. I know that we need to pay advance tax before Mar 15th. Does this payment need to be in one single shot or can we make a monthly payment starting April of that FY? For example, if I owe 12L in taxes, can I make 1L worth of tax payments every month before Mar 15th?
I’m looking to buy a property less than 50 lakhs and seller don’t want to disclose their NRI status to avoid TDS. My lawyer says it won’t be an issue but I keep reading that buyer would be responsible for penalties later if audited
I am currently living in USA for the past 5 years, moving back to India soon but have not Paid ITR since I turned 18 and I am 30 years Old. I have a Pan Card but have never paid ITR in my life.
How many years of ITR should I pay ?
So I have a salary around 9.2lac and recently one LIC policy was closed. In which my parents were deposited around 2k per month from December 2010 to Feb 2026. A total of 364000 and I have received the total amount after policy close is 6.57lac.
Do I have to pay tax on that ? In which section I fill ?
The Income Tax Department has officially enabled online filing and offline excel utility for ITR-1 and ITR-4 for AY 2026-27 (FY 2025-26) on the e-Filing portal.
You can head over to Income Tax e-Filing portal and start filing right away!
Quick Recap - Which form is for you?
ITR-1 (Sahaj): For Resident Individuals with:
ITR-4 (Sugam): For Resident Individuals, HUFs & Partnership Firms with:
Due Date: 31 July 2026 for ITR-1 and 31 August 2026 for ITR-4
Key things to note this year:
Payment Tip - One of the most common mistakes!
If you're making a self-assessment tax payment during or after filing your return, the correct challan head is Minor Head 300. Make sure you tag this payment back to your ITR on the portal - it won't link automatically!
If you receive an intimation under section 143(1) and are making payment against that demand, use Minor Head 400 instead.
Using the wrong challan head can lead to unnecessary demands and notices!
Not sure whether to file now or wait?
We covered this in detail recently - check out our post on When is actually the right time to file your ITR? before you rush to hit submit!
Filing your ITR for the first time? Drop your questions in the comments!
Hi everyone,
Need some guidance regarding Meal Card tax saving under New Tax Regime.
My estimated FY 2026-27 income will be around ₹13.5 lakh including salary increment and FD interest. Company is offering Axis Bank Meal Card benefit of ₹8,800/month (~₹1.05 lakh yearly) and saying it is tax-exempt.
So if I take it, my taxable income may come below ₹12 lakh after standard deduction, which may make my tax almost zero due to rebate.
Is my understanding correct?
Also:
Does unused meal card balance expire monthly?
Or can it be used anytime later since card validity is 5 years?
Is it actually worth taking for WFH employees?
Would appreciate advice from people already using such meal cards.
I have a long question, Thanks in advance for your patience.
I currently have a job at 40LPA under new tax regime.
I am planning to sign my first freelance contract on monday.
Nature of job is - Buying and little bit of legal review.
My question -
Will my income limit be at 75, 50 or 20 before GST is triggered.
I am first indian employee, so unsure how best to receive the invoice which is at best benefit for me.
I want the invoice to be credited to my parents account, will that be possible?
I am okay to create sole proprietorship entity, how long will that take in general?
Should the value of USD per transaction effect in anyway?
Are you aware (through your clients) what's the best way to receive invoice.
I am currently working as a software engineer. I have a full time job and 2 side hustles. For One side hustle I take the amount in my mom's account, the second side hustle money comes in my account.
First side hustle amount - 50k Fixed (earning since august 2025)
Second side hustle amount - it may vary based on number of hours I put. so you can consider ranging it between 55k to 75k
Today I got to know from my client of second side hustle that I can take this amount in my family member's bank.
I am thinking of taking this amount too in my mother's account.
Total amount for one financial year will be around 12-13 Lakhs.
What do you think will it create any issue, like can ITD send me notice or something to show the proof of work and all?
Need advice regarding duplicate PAN issue for my mother.
We recently realized that my mother has 2 PAN cards. The older/original PAN is the one linked in all bank records, but Aadhaar is linked to the newer/duplicate PAN.
She is a homemaker and does not file IT returns or have investments. After my father passed away, she deposited a small amount of cash into the bank, and when she visited the AO office to sort out the PAN issue, the officer started questioning that transaction and indirectly demanding a brib* instead of helping.
The online PAN correction/cancellation process is also not working because Aadhaar is already linked to the newer PAN.
What would be the best way to resolve this legally and safely?
- Can we surrender/cancel the old PAN and update the new PAN in bank records instead?
- Or is it better to keep the old PAN active since it is already linked to banks?
- Has anyone handled a similar situation recently?
Any guidance would really help. Thanks.
It’s May 11, and the urge to "get over with" the tax filing for the year is high. However, the
reality is that the e-filing utility for AY 2026-27 is not even active yet. Even once it goes live, filing now is a trap. Read the what and why below:
For all the newbies reading this, AY 2026-27 is the period from 1 April 2025 to 31 March 2026. And this will also be the last year when we will be using the term AY when filing taxes. From 1st April 2026 onwards, it is all "Tax Year".
1. The Start Date: 15th June 2026:
Regardless of when the portal opens, do not file before June 15.
2. The New Staggered Deadlines (with our Target Dates):
The deadlines are staggered this year. To avoid being held hostage by a crashing portal, aim for these BeFinLit Target Dates:
Important: If your income includes F&O or "moonlighting professional" income along with salaried income, you fall in the non-audited business income block.
3. How the government saves us (NOT!)
If you think you can wait until the last minute and hope for an extension due to "technical glitches," look at the track record:
The authorities have shown they are not interested in the difficulties we face due to their system failures. If you miss the window, you pay the late fees and lose the option for the Old Tax Regime. Don't leave your fate in their hands.
4. Your 40-Day Prep Window
We have about 40 days before the filing window actually "opens" logically on June 15. Start collating your documents now.
Stop treating your ITR as just a past-year chore. Your ITR is your Financial Resume. Whether it’s for a Home Loan, a Visa, Insurance, or a high-limit Credit Card, your returns are the proof of your future potential. Use this month to understand your cash flows and plan your finances for the next year, rather than just scrambling to report the last one.
Plan your taxes, don't just pay them.
BeFinLit India | Become Financially Literate
Wrong form = defective return notices, delayed refunds, and unnecessary scrutiny.
For AY 2026-27, there are a few important changes taxpayers should know.
The biggest change is in ITR-1 (Sahaj).
Earlier, if you had more than one house property, you usually had to move to ITR-2.
Now, salaried taxpayers with income from up to 2 house properties can still use ITR-1 in many cases.
Another major change:
People with small LTCG from listed shares or equity mutual funds can now report it directly in ITR-1.
But there’s a limit.
If your LTCG exceeds ₹1.25 lakh, you cannot use ITR-1 anymore and must shift to ITR-2.
A lot of salaried investors may miss this point.
The forms broadly work like this:
ITR-1: Salary income up to ₹50 lakh with simpler income structure
ITR-2: Capital gains, foreign assets, multiple properties, NRIs
ITR-3: Business or professional income
ITR-4: Presumptive taxation under sections like 44AD or 44ADA
ITR-5 / 6 / 7: For firms, LLPs, companies, trusts, etc.
Some important dates:
July 31, 2026: ITR-1 and ITR-2 deadline for non-audit taxpayers
August 31, 2026: ITR-3 and ITR-4 deadline
December 31, 2026: Belated return deadline
A lot of people focus only on deductions and refunds.
But selecting the correct ITR form is equally important because even a technically wrong form can create unnecessary compliance trouble later.