by Audit Analyst | Jan 3, 2026 | Income Tax
Meaning of Raid and Survey An income tax raid refers to a search and seizure operation conducted under Section 132 of the Income Tax Act. A survey is conducted under Section 133A to verify business premises, records, and transactions. Raids are more intrusive and...
by Audit Analyst | Jan 3, 2026 | Income Tax
Minimum Retention Period as per Law Taxpayers should retain income tax records for at least 6 years from the end of the relevant assessment year. This period is calculated from the financial year in which the return is filed. The Income Tax Department has the right to...
by Audit Analyst | Jan 3, 2026 | Income Tax
Legal Compliance and Avoiding Penalties Filing income tax returns (ITR) ensures compliance with Indian tax laws. Non-filing, when required, can result in penalties and interest. Timely filing avoids late fees under Section 234F. It helps in maintaining a clean tax...
by Audit Analyst | Jan 3, 2026 | Income Tax
Filing Not Compulsory for Zero Income If your total gross income is below the basic exemption limit, filing ITR is generally not mandatory. The exemption limit is ₹2.5 lakh for individuals below 60 years under the old regime. Senior citizens and super senior citizens...
by Audit Analyst | Jan 3, 2026 | Income Tax
Yes, It Is Allowed Any individual can file their own income tax return (ITR) without a tax consultant. The Income Tax Department provides an official e-filing portal for free self-filing. Taxpayers must calculate income, deductions, and tax liability correctly. Basic...
