Schedule AL-2 – Detail of Assets and Liabilities of Start-ups ay 2026-27 ‘Schedule AL-2’ in the Income Tax Return (ITR) form applies to start-up companies that have filed a declaration in Form-2 under Para 5 of the DPIIT Notification GSR 127 (E) dated 19.02.2019. Such eligible start-ups must furnish a statement of assets and liabilities… Read More »
TAX AUDIT LIMITS AY 2026-27 with EXAMPLE I TAX AUDIT LIMITS AY 2026-27 with EXAMPLEs How Tax audit will be done for AY 2026-27 as the New income Tax Act 2025 is effective from 01st april 2026 The tax audit report for FY 2025-26 will be filed after 1st April, 2026. Which Act will govern… Read More »
Part B – TI: Statement of Income for the Period ended on 31St March AY 2026-27 In ITR-2, ITR-3, ITR-5, and ITR-6, Schedule Part B – TI (Total Income) functions as a consolidated summary of the assessee’s total income for the financial year ending on 31st March. This schedule is auto-populated based on data entered… Read More »
Part B – TTI: Computation of Tax Liability on Total Income AY 2026-27 ‘Schedule Part B-TTI’ in the ITR form provides a consolidated detail of the calculation of total tax liability based on the income computed in Schedule Part B-TI. It includes tax on normal income, tax at special rates, surcharge, cess, rebates, and reliefs.… Read More »
Bank Account – Details of Bank Accounts AY 2026-27 This schedule requires the assessee to provide details of all bank accounts held in India at any time during the previous year, excluding dormant accounts. It is mandatory to report all active accounts, and at least one account must be selected for receiving any income tax… Read More »
TRP Details – Information of Tax Return Preparer AY 2026-27 ‘Schedule TRP’ is applicable when the return of income of the assessee is filed by the Tax Return Preparer (TRP). It captures essential information such as the TRP’s identification number, name, and counter signature. If the TRP is eligible for reimbursement from the government, the… Read More »
Schedule IT – Details of Advance Tax and Self-Assessment Tax Payments AY 2026-27 Schedule IT is used to report the details of taxes paid by the assessee in the form of Advance Tax and Self-Assessment Tax during the financial year. It captures crucial information such as the BSR Code of the bank branch through which… Read More »
Schedule TDS – Details of Tax Deducted at Source AY 2026-27 ‘Schedule TDS’ in the Income Tax Return (ITR) Form captures details of Tax Deducted at Source (TDS) on various incomes earned by the taxpayer during the financial year. This schedule consolidates the TDS reported by deductors through their TDS returns (such as Form 26Q or 27Q) and… Read More »
Schedule TCS – Details of Tax Collected at Source AY 2026-27 Tax Collected at Source (TCS) is the amount of tax collected by the seller in specified transactions from the buyer, licensee, or lessee. ‘Schedule TCS’ in the Income Tax Return (ITR) Form captures details of TCS. This schedule ensures that any TCS credited to… Read More »
Schedule – Verification AY 2026-27 The Verification schedule in an ITR form is a statutory declaration made by the assessee affirming the correctness and completeness of the information furnished in the return. It includes a declaration that the data provided is true to the best of the assessee’s knowledge and belief and that all income… Read More »