Mastodawn

King Charles to publish personal tax bill in first for UK head of state https://www.theguardian.com/uk-news/2026/jun/20/king-charles-to-publish-personal-tax-bill-in-first-for-uk-head-of-state #Monarchy #UkNews #KingCharlesIii #Tax #IncomeTax

King Charles to publish personal tax bill in first for UK head of state

Buckingham Palace says move is intended to increase ‘clarity and accessibility’ of monarchy’s finances

The Guardian

efiletax 1d ago

Income from Business & Profession – AY 2026-27

A quick visual guide covering:
✔ Allowable Expenses
✔ Depreciation Rates
✔ Section 36 Deductions
✔ Section 40 Disallowances
✔ MSME Payments (43B(h))
✔ Books of Accounts (44AA)

Perfect for accountants, tax consultants, and business owners.

#IncomeTax #TaxUpdates

efiletax 3d ago

One tax oversight can DOUBLE your liability. 😱

🚨 No Escape: Deliberate misreporting (Sec 270A) triggers a 200% penalty. Cooked books (Sec 271AAD) mean a 100% penalty.

✅ The Fix: Pay tax/interest, skip the appeal, & apply for Sec 270AA immunity within 30 days!

#IncomeTax

Daily Times - Latest Pakistan News, World, Business, Sports, Lifestyle [Unofficial]3d ago

FBR says 9,000 Pakistanis hold billions in deposits but pay no income tax

https://fed.brid.gy/r/https://dailytimes.com.pk/1509209/fbr-says-9000-pakistanis-hold-billions-in-deposits-but-pay-no-income-tax/

efiletax 5d ago

AIS has 57 data categories fed by 100+ reporting entities — and errors are common.

Don't copy AIS blindly. Verify, correct, then file.

Save this before ITR season. 👇

#ITR2025 #AIS #IncomeTax #TaxFiling #efiletax

efiletax Jun 14

Most ITR errors happen before you even open the software.

Here's a 4-phase checklist we follow for every return — AY 2026-27 (FY 2025-26)

✅ Right documents first
✅ Pre-check before data entry
✅ Portal activity done right
✅ Income under correct heads

Save this. Share with your CA team.

#ITRFiling #IncomeTax #AY2026 

efiletax Jun 9

Did you know? Earning salary + small F&O profit can now trigger a Tax Audit.
The Income-tax Act, 2025 has quietly expanded audit applicability under Section 58(3):
Profit below 6%/8% presumptive rate
Total income above basic exemption limit
= Books of account + Tax Audit mandatory
Even if your turnover is ₹80 lakh — well below ₹1 crore — you could now be pulled into a full tax audit.
Save this post. Share with your CA. 🔖
#IncomeTax #TaxAudit

efiletax Jun 9

Cross the cash limit, lose your deduction — or pay a 100% penalty.

The Income Tax Act caps cash transactions across 10 key provisions. A few you can't afford to miss:

Cash receipt over ₹2,00,000 → 100% penalty (Sec 269ST)

Most business expenses in cash over ₹10,000 → disallowed (Sec 40A(3))

Go digital, stay compliant, save tax. Save this for filing season! 📌

Need help structuring your transactions? Talk to efiletax.

#IncomeTax

efiletax Jun 9

🏠 Income from House Property – Quick Revision (AY 2026-27)

Understand how rental and house property income is taxed under the Income Tax Act

✅ Self-Occupied vs Let-Out Property
✅ Gross Annual Value (GAV) Calculation
✅ Municipal Tax Deduction
✅ 30% Standard Deduction
✅ Section 24(b) Interest Deduction
✅ New Tax Regime vs Old Tax Regime
✅ Loss Set-off & Carry Forward Rules
✅ Co-Ownership & Arrears of Rent

Save this post for exam revision and practical tax filing reference

#Incometax