Effective April 1, 2026, under the New Income Tax Act, 2025, the separate Forms 15G and 15H are being replaced by a single, unified Form 121. The Key Change: Transition to Form 121 The primary change is the consolidation of age-specific forms into one age-neutral declaration. Abolition of 15G/15H: Starting in the financial year 2026-27, […]
Previous Year vs. Tax Year: Understanding the Income Tax Act 2025 Changes The transition from the dual terminology of Previous Year and assessment Year to a unified Tax Year is a major reform introduced by the Income Tax Act, 2025. This change, effective from April 1, 2026, aims to simplify tax compliance by aligning the […]
A Complete Guide to the 2026 Goods and Services Tax Amendments GST 2.0: Major Overhaul of India’s Tax Structure in 2026 India’s Goods and Services Tax (GST) system has seen its biggest change since it started. This update is now called GST 2.0. The new rules, effective from late 2025 and April 1, 2026, focus […]
GST 2.0: A Complete Guide to the Latest Rate Changes and Budget 2026 Amendments The recent Goods and Services Tax (GST) landscape in India has been defined by the “GST 2.0” reforms proposed in the Union Budget 2026 and recommended during the 56th GST Council Meeting. These amendments focus on simplifying the tax structure, easing […]
Missed e-Verification of ITR? Reasons, Consequences, and Solutions for Invalid Income Tax Returns Missing e-verification of your Income Tax Return (ITR) means your return has not been validated as required, and the Income Tax Department will treat it as not filed. The main cause is failing to complete the verification step within 30 days of […]