Schedule FD – Break-up of Payments/Receipts in Foreign Currency AY 2026-27 ‘Schedule FD’ is designed to capture the break-up of payments and receipts in foreign currency by companies (to be filled up by the assessee who is not liable to have their accounts audited under Section 44AB) during the relevant financial year. This schedule is crucial… Read More »
Schedule AL- Detail of Assets and Liabilities AY 2026-27 ‘Schedule AL’ applies to Individuals and Hindu Undivided Families (HUFs) who are required to file this return and whose total income exceeds Rs. 1 crore in the financial year. This schedule mandates disclosure of details related to assets and liabilities held at the end of the… Read More »
Schedule AL-1 – Detail of Assets and Liabilities of Unlisted Companies AY 2026-27 ‘Schedule AL-1’ in the Income Tax Return (ITR) form is applicable to unlisted companies (other than start-ups). Such companies must furnish a detailed statement of assets and liabilities as on the last day of the previous year. This schedule ensures transparency in… Read More »
32 Mistakes to avoid while Filing ITR ay 2026-27 Save From Notice Get Faster Refund 32 Mistakes to avoid while Filing ITR ay 2026-27 Save From Notice Get Faster Refund Ignoring High-Value Transactions: Not filing ITR despite making high-value investments (properties, shares, mutual funds) Failing to File Due to Specific Criteria: Neglecting to file when… Read More »
TAX AUDIT LIMIT AY 2026-27 ! DUE DATE ! PENALTY! FORMS ! INCOME TAX LATEST UPDATE [Video] TAX AUDIT LIMIT AY 2026-27 ! DUE DATE ! PENALTY! FORMS ! INCOME TAX LATEST UPDATE Summary This video provides a comprehensive guide to Tax Audit limits for Assessment Year (AY) 2026-27 under the Indian Income Tax Act.… Read More »
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 »