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Expert insights, industry updates, and professional advice from Sompalli & Co.
Tax-related news and guidance
In India, the new income tax law and rules — introduced through the Income-tax Act, 2025 — are scheduled to come into effect from 1 April 2026 (start of the financial year 2026-27). This means all substantive provisions of the new Act and the accompanying simplified rules and forms will apply for income earned on or after that date, unless any specific provisions mention a different effective date.
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.
Effective from 1st April 2025 Key Changes in TDS for FY 2025-26
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:
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:
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:
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.
