Many taxpayers assume that TDS is sufficient, only to discover additional tax and interest liabilities when filing their returns. In the minds of many taxpayers, income tax is something that is paid only at the time of filing the income tax return. However, the Income-tax Act contains a concept known as 'advance tax', which requires taxpayers to pay tax during the financial year itself as income is earned. Despite its importance, advance tax remains one of the most overlooked

From FY 2026–27, taxpayers may benefit from higher rebates and revised exemptions, but they will also need to be more careful with documentation. From 1 April 2026 (FY 2026–27), India’s direct tax system will move into a new phase with the enforcement of the Income-tax Act, 2025 and the Income-tax Rules, 2026. From a chartered accountant’s perspective, the intent behind these changes is clear: to make tax laws easier to understand, reduce procedural complexity, and improve co