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TDS New Sections and Codes FY 2026-27 | Complete Guide TDS New Sections and Codes with Effect from FY 2026-27 – Complete Guide This detailed guide explains the new TDS sections, codes, rates, thresholds, and forms applicable from Financial Year 2026-27. The government has restructured TDS provisions under new section codes to simplify compliance, filing, and reporting. Call / WhatsApp: 8122760695 | Email: admin@covaiaccountingservices.in Website: Covai Accounting Services | Covai GST Consultants Overview of TDS Changes FY 2026-27 The Income Tax Department introduced new consolidated TDS sections mainly under Sections 392, 393, and 394. These sections reorganize existing TDS provisions into structured categories such as salary, interest, commission, rent, professional services, NRI payments, gaming income, and TCS transactions. Major Changes in TDS FY 2026-27 New TDS section codes introduced Old sections mapped into new consolidated sections New...

New Income Tax Forms 2026 – Old vs New Income Tax Forms | Changes from April 2026 New Income Tax Forms – Old vs New Income Tax Forms (Changes from April 2026) From 1 April 2026 , the Indian Income Tax system will undergo a major transformation with the implementation of the Income Tax Act 2025 and Income Tax Rules 2026 . One of the biggest structural changes introduced under the new law is the renumbering and restructuring of Income Tax Forms . Many existing forms such as Form 16, Form 26AS, Form 15G/15H, Audit Forms, TDS Forms, PAN Forms and Appeal Forms have been replaced with new form numbers under the new Income Tax Rules. Why New Income Tax Forms Are Introduced? Income Tax Act 1961 replaced by Income Tax Act 2025 New Income Tax Rules 2026 introduced Forms renumbered based on new Act structure Simplified compliance system Improved digital tax administration Better reporting and disclosure system Alignment with new tax sections and schedules ...

Income Tax Act 2025 – TDS Sections 392 to 402 Detailed Guide | Covai Accounting Services Home > Blog > Income Tax Act 2025 > TDS Sections 392–402 Income Tax Act 2025 – New TDS Sections 392 to 402 (Complete Professional Guide) The Income Tax Act, 2025 introduces a structural transformation in India's tax system by consolidating all major Tax Deducted at Source (TDS) provisions under Sections 392 to 402 . This reform eliminates fragmented sections and replaces them with a simplified, table-driven, and automation-friendly compliance model. Professional Insight: This shift is not just a legal amendment — it is a transition towards a system-driven compliance ecosystem , where accounting software and ERP systems will play a central role. --- 🔍 Why This Reform Was Introduced Under the earlier Income Tax Act, 1961, TDS provisions were scattered across numerous sections such as 192, 194C, 194J, 194H, etc. This created: Interpretational con...

Closing stock valuation methods in jewelers' sector: 21 Proven, Compliant Ways to Prevent Costly Tax Pain Closing stock valuation methods in jewelers' sector: 21 Proven, Compliant Ways to Prevent Costly Tax Pain This practical guide explains closing stock valuation methods in jewelers' sector under India’s tax and accounting rules, how undervaluation happens in real life, the consequences of doing it, and the exact steps, controls, and checklists to fix it—without jargon. Quick Navigation Full SEO Outline Industry context How closing stock drives profit & tax Income Tax Act, ICDS‑2 & AS‑2 Accepted valuation methods (LCM, FIFO, WAC) How undervaluation is done in practice Consequences & risks Illustrative scenarios & sample workings 21 solutions & controls How Covai Accounting Services helps FAQs Conclusion & next steps Comprehensive Outline (MECE) 17+ sections Heading Level Main Topic Subtopics (LSI‑rich)...

  ITR-3 for F&O Traders in 2025: Proven, Step-by-Step Guide (Coimbatore Focus) Updated: 16 August 2025 • Focus: Coimbatore • Coverage: Tamil Nadu Declaring Profit or Loss from Futures & Options in ITR-3: A Complete Guide for Coimbatore Traders A practical, step-by-step walkthrough for reporting F&O trades in ITR-3: turnover & audit logic, expense deductions, set-off/carry-forward, examples, and filing workflow. Built for individual and small-business traders in Coimbatore and across Tamil Nadu. Contents Why F&O income matters in your return F&O basics & tax treatment Which ITR form applies (and why) How to calculate F&O profit/loss Allowable expenses to claim Set-off & carry-forward of F&O loss Turnover & tax audit checkpoints ITR-3 filing—step-by-step Common mistakes to avo...

GST Registration, GST Return Filing, Handling of GST Notices, GST Appeals, GST Refunds – Complete Guide 2025 Introduction to GST in India At Covai Accounting Services ( covaiaccountingservices.in ), we help businesses simplify GST compliance—whether you need registration , return filing , or appeal handling . Goods and Services Tax (GST) is India’s most significant tax reform, replacing multiple state and central taxes with one unified system. GST Registration Who Needs GST Registration We at Covai Accounting Services, Coimbatore , recommend GST registration if: Your annual turnover exceeds ₹40 lakh (₹20 lakh for service providers) You sell goods/services interstate You run an e-commerce business You fall under mandatory GST categories regardless of turnover 📞 Need help? Contact us at covaiaccountingservices.in for GST registration assistance. Step-by-Step Process for GST Registration Our expert team follows these steps for clients: Visit GST Portal ( www.gst.gov.in )...

  Filing an Income Tax Return (ITR) can seem like a daunting task, but it's a fundamental part of financial responsibility for individuals and a crucial compliance requirement for businesses. In Tamil Nadu, where the economy is driven by a diverse mix of industries—from manufacturing in Coimbatore and Tirupur to IT and services in Chennai—understanding and adhering to tax regulations is essential for financial stability and growth. This guide will explain the importance of filing ITRs, highlighting the benefits and consequences for both individuals and businesses. For Individuals: Securing Your Financial Future Even if your income is below the taxable threshold, filing an ITR is highly beneficial. It serves as an official record of your income and financial health, offering numerous advantages: Loan and Visa Applications: ITR documents are often required as proof of income and financial stability when applying for a home loan, personal loan, or a visa for international travel. A c...

Welcome to the Covai Accounting Services blog! We're thrilled to launch this space as your go-to resource for all things accounting, tax, and business finance in Tamil Nadu. As a business owner, you wear many hats—managing your team, serving your customers, and driving growth. The last thing you need is to be bogged down by complex financial regulations. That's where we come in. Our mission is to simplify the financial journey for businesses across the state, from startups in the bustling tech hubs of Chennai to established manufacturers in the industrial heartland of Coimbatore . Why a Local Approach Matters Tamil Nadu's economy is unique, with distinct industries and local regulations in each city. A one-size-fits-all approach to accounting just doesn't cut it. For example, the GST filing requirements for a textile business in Tirupur can differ from those of a multinational IT company in Madurai . This is why our expertise is focused right here. We don't just ...