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Income Tax

Schedule FA for AY 2026-27: How to Report Your US Stocks, ETFs and Brokerage Accounts Correctly

By Thunuguntla & Associates 04 Jul 2026 5 min read

If you hold shares, ETFs or a brokerage account outside India, Schedule FA in your ITR is not optional — and it does not follow the financial year. Here is exactly how to disclose your foreign holding...

#ITR filing #Schedule FA #Foreign Assets Disclosure

Income Tax

Income Tax Challan Correction: Complete Guide to Fix Wrong AY, Major Head & Minor Head

By Thunuguntla & Associates 01 Jul 2026 5 min read

Paid tax against the wrong Assessment Year or ticked the wrong Minor Head on your challan? You don't always need to run to the Assessing Officer anymore. Here's exactly which corrections you can make...

#Challan Correction #PAN TAN challan error #AO challan rectification

Income Tax

Section 148 Notice: A Complete Response Guide for Taxpayers

By Thunuguntla & Associates 30 Jun 2026 7 min read

Got a notice referencing income that "escaped assessment"? Here's exactly what a Section 148 notice means, the mandatory procedure the department must follow before issuing one, how far back they can...

#Section 148 notice #Reassessment time limit #Notice for escaped income

Income Tax

Capital Gains on Property Sale: What You Actually Owe When You Sell

By Thunuguntla & Associates 25 Jun 2026 6 min read

When you sell property, capital gains tax can eat 20–30% of your profit — unless you structure the sale correctly. This guide breaks down how capital gains are calculated, explains two competing tax r...

#Section 54 exemption #Capital Gains Tax #long-term capital gains

Income Tax

Filing the ITR of a Deceased Person: What the Family Needs to Do

By Thunuguntla & Associates 12 Jun 2026 6 min read

When a taxpayer passes away, their tax obligations don't. The Income Tax Act places the responsibility squarely on the legal heir to file the return, clear dues, and claim any refunds. Here's a clear,...

#ITR for deceased person #legal heir income tax filing #deceased taxpayer ITR filing

Income Tax

If You Own Land and a Builder Wants to Develop It, Here's What Tax Does to the Deal

By Thunuguntla & Associates 09 Jun 2026 7 min read

Joint Development Agreements promise landowners a great deal — flats, cash, or both, without spending a rupee on construction. But the taxman has strong views on when you've "transferred" your land an...

#Joint Development Agreement #JDA capital gains #landowner JDA taxation

Income Tax

Section 44ADA for Freelancers: The Right Tax Scheme Can Save You More Than You Think

By Thunuguntla & Associates 02 Jun 2026 5 min read

If you freelance — as a consultant, designer, IT professional, or any other specialist — the question of which tax scheme to file under is not a formality. It determines how much tax you pay, whether...

#Section 44ADA #Freelancer Income #income tax India

Income Tax

If You Earn from Instagram or YouTube, the Taxman Already Knows — Here's What You Must Do

By Thunuguntla & Associates 26 May 2026 6 min read

Social media has become a serious profession — and the tax department has caught up. If you earn from brand deals, AdSense, affiliate links, or virtual gifts, this article breaks down exactly what GST...

#ITR for social media influencers #social media income tax India #TDS on brand collaboration

Income Tax

Revised Salary Taxation Norms under the New Income Tax Act, 2025 (Effective FY 2026-27)

By Thunuguntla & Associates 14 Apr 2026 3 min read

New salary tax rules from FY 2026-27 revise exemptions and perquisite valuation. Evaluate impact under old vs new tax regime.

#Income Tax #Salary #Act 2025

Income Tax

CBDT Introduces PAN CR-01 & CR-02 for PAN Corrections

By Thunuguntla & Associates 10 Apr 2026 3 min read

The Central Board of Direct Taxes (CBDT) has introduced a structured and standardized mechanism for correction of PAN details with effect from 1 April 2026, as part of the transition to the Income-tax...

#Income Tax #Tax Update #PAN Correction