Income tax
Understanding income tax is crucial for managing your finances. Discover how income tax works, learn about tax brackets, deductions, and credits. Stay informed about changes in tax laws and filing requirements. Navigate the world of taxation with confidence and ensure you make the most of your financial opportunities.
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Created on: 02/07/2025
Save More, Pay Less: Essential Income Tax Deductions for Salaried Individuals
Under the Income Tax Act of 1961, salaried people in India are eligible to claim a number of deductions that lower their taxable income. Standard Deduction, HRA, LTA, Section 80C, NPS, Home Loan Interest, Health Insurance, and more are examples of these deductions. Taxpayers can reduce their tax burden and optimize their savings by being aware of these provisions.
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Created on: 02/07/2025
Tax Relief Alert: Sections 206AB & 206CCA Removed – Key Changes in TDS/TCS Rules
Higher TDS/TCS rates under Sections 206AB & 206CCA, which formerly punished non-filers of income tax returns, are eliminated by the Finance Bill 2025. This blog examines the ramifications of this move, the advantages it offers taxpayers, and how it makes compliance easier for both people and companies.
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Created on: 02/07/2025
Section 271AAB Revisions in Finance Bill 2025: What Taxpayers Must Know
The Finance Bill 2025 introduces significant amendments to Section 271AAB of the Income Tax Act, 1961, focusing on penalties for undisclosed income during search and seizure operations. This blog delves into the increased penalty rates, revised disclosure timelines, and stricter compliance requirements, providing a comprehensive understanding of how these changes affect taxpayers and the broader implications for tax compliance
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Created on: 02/06/2025
Budget 2025–26: Significant Changes in Customs, Excise & Service Tax
The Union Budget 2025–26 brings key reforms in customs, excise, and service tax to promote domestic manufacturing, streamline tax compliance, and support economic growth. Changes include higher import duties on luxury goods, reduced raw material duties, and dispute resolution for service tax cases. These updates create opportunities for MSMEs, manufacturers, and digital businesses, while import-heavy sectors face challenges. Read on to understand the impact of these tax changes on businesses.
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Created on: 02/06/2025
TDS on Rent Limit Increased from 2.4 Lakh to 6 Lakh – Key Changes & Effects
The Indian government has increased the TDS on rent threshold from 2.4 lakh to 6 lakh per annum. This move aims to reduce compliance burdens for tenants, ease cash flow for landlords, and align with rising rental costs. In this blog, we discuss the key changes, benefits, compliance requirements, and the impact on individuals and businesses.
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Created on: 02/04/2025
Taxpayers Alert: Budget 2025 Proposes a 70% Tax Hike on Updated ITRs
A substantial 70% extra tax on files after the two-year mark is the catch of the planned extension of the revised ITR filing term from two to four years in the Union Budget 2025. The goal of this action is to deter tax evasion and promote prompt compliance. This article examines the ramifications, professional viewpoints, and actions that taxpayers must take to avoid fines.
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Created on: 02/03/2025
India’s Income Tax Slabs for FY 2023-24, 2024-25, and 2025-26 – New Tax Regime
An outline of the most recent income tax slabs for FY 2023–2024; FY 2024–2025; and FY 2025–2026 under the new tax system is given in this blog. Taxpayers need to carefully consider their alternatives in light of the updated tax rates and higher exemption ceilings. Myitronline makes tax preparation easier while guaranteeing accuracy and the most possible savings.
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Created on: 02/03/2025
An in-depth analysis of the revised TDS rates for AY 2025–2026
This blog offers a thorough analysis of the revised Tax Deducted at Source (TDS) rates for the Assessment Year (AY) 2025–2026, emphasizing the main changes and how they affect enterprises, professionals, and salaried persons. Changes in TDS rates for a range of payments, including dividends, interest on stocks, professional fees, and cryptocurrency transactions, are highlighted in the article. It also discusses the implementation of new sections, such as Section 206AB for non-filers of income tax returns (ITR) and Section 194S for cryptocurrency transactions. The blog also covers significant changes, such as lower TDS rates for new businesses and modifications to cash withdrawal limits. The article highlights the significance of compliance and offers advice on how people and companies may guarantee correct TDS deduction in order to avoid fines.
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Created on: 02/03/2025
Everything You Need to Know About Filing Updated ITR-U Returns
In order to rectify prior errors, record extra income, or file missed reports, taxpayers can now file an Updated Income Tax Return (ITR-U) for the preceding four years. This tutorial provides detailed instructions on how to submit an ITR-U, as well as information on who is eligible, deadlines, and penalties.
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Created on: 02/03/2025
Big Change in Taxation: 87A Rebate Restricted to Regular Income Only
One significant change brought about by the recent alteration to Section 87A of the Income Tax Act is the removal of the rebate on special rate incomes, such as short-term and long-term capital gains. The Bombay High Court formerly permitted the refund even for earnings with special rates, but this has now been reversed. Even if their total income is less than ₹7 lakh, taxpayers who make capital gains will now be required to pay tax at certain rates. The changes, their effects, and tax preparation techniques are examined in this blog.
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Created on: 01/30/2025
Section 80GGC Deduction Under Scrutiny – ITD’s Compliance Notice Explained
The Income Tax Department (ITD) has started sending SMS alerts to taxpayers who have claimed Section 80GGC deductions for donations made to political parties and electoral trusts. The notice applies to Assessment Years 2022-23, 2023-24, and 2024-25 and urges taxpayers to verify their claims on the Compliance Portal.
If the claim is incorrect, taxpayers must file an Updated Return (ITR-U) under Section 139(8A) before 31st March 2025 to avoid penalties under Section 270A (up to 200% fine) and interest under Section 234F (₹5,000 late fee). This blog explains Section 80GGC deductions, compliance requirements, and the steps to correct errors in tax filings.
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Created on: 01/30/2025
Income Tax Update: Court Ruling Restores 87A Tax Rebate for Eligible Taxpayers
The Income Tax Department's (ITD) capricious limitations on Section 87A refund applications have been invalidated by the Bombay High Court. The court decided that it was unreasonable for qualified taxpayers to be denied refunds due to technical constraints. Many people who were previously refused tax relief because of technical limitations now benefit from this ruling. To guarantee that rebate claims are handled efficiently, ITD must now modernize its systems. In order to get any refunds to which they are entitled, taxpayers should verify their status.