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: 07/19/2025
GSTR-3B Table 3.2: Your Essential Guide to the New Auto-Fill Rules
This blog post breaks down the recent GST Portal advisory about Table 3.2 of GSTR-3B. It explains that starting July 2025, details of inter-state supplies to unregistered persons, composition taxpayers, and UIN holders will be auto-filled and non-editable in GSTR-3B. This information will come directly from GSTR-1 or IFF. The advisory aims to cut down on mistakes and keep data consistent. The post also covers why this change is occurring, how to fix errors by amending GSTR-1/IFF or using GSTR-1A, and offers an action plan for taxpayers to ensure they report accurately and smoothly file their GST.
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Created on: 07/19/2025
Your ITR: File It or Face These Costly Consequences
This blog post details the various consequences of not filing Income Tax Returns in India, including immediate financial penalties, loss of benefits like carrying forward losses or claiming refunds, and harsher repercussions such as best judgment assessment, heavy fines, and even prosecution.
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Created on: 07/19/2025
Easy Guide: Which ITR Form (3 or 4) is Right for You, Freelancer?
This blog explains the key differences between ITR-3 and ITR-4, specifically for freelancers and consultants, outlining eligibility criteria and scenarios to help them choose the correct income tax return form.
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Created on: 07/18/2025
Important Update: Tax Audit Forms 3CA-3CD & 3CB-3CD Now Live with Latest Changes
This blog post announces the release of updated Tax Audit Forms 3CA-3CD and 3CB-3CD on the e-Filing portal. These updates are based on Notification No. 23/2025. It explains the purpose of these forms, identifies who must file them, and highlights the importance of knowing the new changes and meeting deadlines. The post stresses the need for proactive compliance to avoid penalties and positions myITROnline as a helpful partner for smooth tax audit and ITR filing.
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Created on: 07/18/2025
URGENT: Don't Hide Foreign ESOPs! Face 10,00,000 Penalty if Undisclosed!
This blog post alerts Indian taxpayers about the important need to report foreign Employee Stock Option Plans (ESOPs) in their Income Tax Returns. It describes what foreign ESOPs are and explains why disclosing them is required under laws like the "Black Money Act." Failing to comply can lead to a large penalty of 10,00,000 and possible jail time. The post also offers straightforward instructions on how and where to report these assets in ITR-2 or ITR-3, urging taxpayers to act quickly and recommending myITROnline for expert help.
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Created on: 07/18/2025
ITR-2 Filing Just Got Easier: Pre-filled Data Now Online!
The Income Tax Department has made it much easier to file ITR-2 by allowing online submission with pre-filled data. This change cuts down on manual entry, reduces mistakes, and makes it more convenient for individuals and HUFs who have different income sources. This blog post outlines these advantages and recommends myITROnline as a reliable partner for smooth tax filing.
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Created on: 07/17/2025
Capital Gains Tax Changes: New Rules and Rates Start July 23, 2024!
This blog post deciphers the significant changes to Capital Gains Tax in India, effective from July 23, 2024, as introduced in the Union Budget 2024. It simplifies the concepts of Short-Term and Long-Term Capital Gains, detailing the new holding periods and updated tax rates for various assets like listed shares, equity and debt mutual funds, property, and gold. The article highlights key implications for taxpayers and emphasizes the importance of professional advice from Myitronline for navigating these complex rules and optimizing investment strategies.
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Created on: 07/17/2025
New Income Tax Bill 2025: Big Changes Coming!
India is embarking on a major tax reform, replacing its outdated Income Tax Act, 1961, with the New Income Tax Bill 2025. A parliamentary committee has proposed 285 changes to this draft legislation, aiming to simplify language, modernize provisions (including for digital assets), reduce litigation, and enhance taxpayer experience. This blog post breaks down the reasons behind this overhaul, the committee's role in suggesting extensive "corrective" changes, and the key implications for taxpayers as India moves towards a new tax regime from April 1, 2026.
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Created on: 07/16/2025
Big news for legal aid! CBDT Notification S.O. 3204(E) grants vital income tax exemptions to District Legal Service Authorities in Haryana (Gurgaon, Mewat & more) from AY 2025-26. Find out which income is exempt and what conditions apply!
Big news for legal aid. The CBDT Notification S.O. 3204(E) gives important income tax exemptions to District Legal Service Authorities in Haryana, including Gurgaon, Mewat, and others, starting from AY 2025-26. Discover which income is exempt and the conditions that apply.
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Created on: 07/16/2025
New Tax Regime for ITR-1 Filers: Everything You Need to Know for AY 2025-26
The New Tax Regime is now default for FY 2024-25. Our comprehensive guide helps salaried individuals and pensioners file ITR-1 (Sahaj) easily, covering eligibility, new deductions like the ₹75,000 standard deduction, and a step-by-step online process. File by September 15, 2025!
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Created on: 07/16/2025
India's New Income Tax Regime (Section 115BAC): Your Comprehensive Guide for FY 2024-25 & 2025-26
This comprehensive guide breaks down India's New Income Tax Regime under Section 115BAC, now the default for individuals and HUFs. It details the revised income tax slab rates for Financial Years 2024-25 and 2025-26, highlighting the increased basic exemption limits and the enhanced rebate under Section 87A. The article clearly outlines the limited deductions and exemptions still allowed (e.g., standard deduction, employer's NPS contribution) versus the numerous ones no longer applicable. It concludes by helping taxpayers determine whether the new regime or the old regime is more beneficial for their specific financial situation and explains the process for switching between the two.
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Created on: 07/15/2025
ITR Forms AY 2025-26: Your Easy Guide to Choosing the Right One
This guide makes it easier to choose the right Income Tax Return (ITR) form for Assessment Year (AY) 2025-26 (Financial Year 2024-25). It explains each ITR form (ITR-1 Sahaj, ITR-2, ITR-3, ITR-4 Sugam, ITR-5, ITR-6, ITR-7) by outlining who can use each one, who cannot, and the specific income sources or taxpayer categories they cover. The guide also notes important updates for AY 2025-26, including the inclusion of certain LTCG in ITR-1 and ITR-4, changes in VDA reporting, updated capital gains segregation, higher thresholds for asset and liability reporting, and required deduction disclosures. The purpose is to help individuals and entities choose the right form for accurate and compliant tax filing.