May 2025 Income Tax Updates – Summary
May Month Update
Financial Knowledge Hub
Expert insights, industry updates, and professional advice from Sompalli & Co.
Category: Taxation
Tax-related news and guidance
12
Jun
12
Jun
Taxation of Virtual Digital Assets (VDA) in India
With the growing popularity of cryptocurrencies, NFTs, and other digital tokens, the Government of India has implemented a structured tax framework under the Finance Act, 2022 to regulate the taxability of Virtual Digital Assets (VDAs). This article breaks down the applicable provisions, tax rates, reporting requirements, and compliance obligations in a practical and professional manner for Chartered Accountants, Tax Professionals, and Crypto Investors.
23
May
TDS Rate Chart for FY 2025-26 (Assessment Year 2026-27)
Effective from 1st April 2025 Key Changes in TDS for FY 2025-26
26
Apr
How to File an ITAT Appeal: A Step-by-Step Guide
The Income Tax Appellate Tribunal (ITAT) is the final fact-finding authority under the Income Tax Act, 1961. If a taxpayer is aggrieved by an order passed by the Commissioner of Income Tax (Appeals) [CIT(A)], they can appeal to the ITAT. Filing an appeal before ITAT involves careful adherence to procedures and timelines. Here’s a step-by-step guide to understanding the process:
21
Apr
Top 10 Tax Deductions for Small Businesses in the USA
Running a small business in the United States comes with numerous responsibilities—and tax planning is one of the most critical. Fortunately, the IRS provides a variety of tax deductions that can significantly reduce your taxable income and help you reinvest more into your business. Here are the top 10 tax deductions that every small business owner should be aware of:
21
Apr
Year-End Tax Planning Strategies for Small Businesses in the USA
As the calendar year draws to a close, small business owners have a golden opportunity to optimize their tax liability and set the stage for financial success in the upcoming year. Smart, proactive tax planning at year-end can lead to significant savings and ensure full compliance with IRS regulations. Below are strategic year-end tax planning tips tailored for small businesses in the USA:
21
Apr
Surviving an IRS Audit: What You Need to Know
An IRS audit can sound intimidating—but with the right preparation and understanding, it can be managed smoothly and professionally. Whether you're a small business owner, a freelancer, or an individual taxpayer, knowing what to expect during an audit and how to prepare can make all the difference. This article outlines everything you need to know to survive an IRS audit.