# income
12 posts in `income` tag
Missed the Tax Deadline? Here’s How to Fix It (Without the Stress)
Missed the July 31 tax due date? You can still file a belated return until December 31. Learn about the late fee, interest on unpaid tax, loss carry forward limits, and the easy step-by-step process to file and e-verify your return.
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By Krishna
Advance Tax Payment Alert! December 15th Deadline for Your Second Installment
A simple reminder and guide for taxpayers on the upcoming December 15th advance tax deadline, explaining who is liable and the simple steps to stay compliant.
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By Krishna
Got an Intimation Under Section 143(1)? Here’s What to Do
Received an Income Tax notice (143(1) intimation)? Learn the clear steps to fix errors, including when to file a Revised Return (if the mistake is yours) or a Rectification Request (if the mistake is the department's).
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By Krishna
New ITR Forms for AY 2026–27 Announced: Key Updates Taxpayers Should Know
The Government will soon release simplified ITR forms for AY 2026–27, aligned with the new Income-tax Act, 2025. These updated forms aim to make filing easier, reduce compliance burden, and reflect changes expected in Budget 2026. Here’s a quick, clear overview for taxpayers.
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By Krishna
Understanding Section 112A: Tax Rules for Equity Investors
Section 112A of the Income Tax Act governs taxation of long-term capital gains on listed equity shares, equity-oriented mutual funds, and business trust units. It provides exemption up to 1,00,000 and levies 10% tax beyond that, without indexation benefit.
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By Krishna
Drive Electric, Save on Tax: A Simple Guide to Section 80EEB
A simple guide to Section 80EEB, explaining how individuals can save up to ₹1,50,000 annually on EV loan interest, eligibility rules, and how to claim the deduction under the old tax regime.
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By Krishna
Why Your Tax Refund Reduced: The Interest You Didn’t Notice
This blog explains in simple language why taxpayers may have to pay extra interest if they delay filing their return, pay less tax during the year, or miss advance tax installments. It breaks down Sections 234A, 234B and 234C in an easy format and shares how timely payments can help avoid extra charges. If your final tax payable is less than ₹10,000, these rules normally do not apply.
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By Krishna
CBDT Refund Delay: What Taxpayers Should Know
There is no halt on refund processing by CBDT. Only high-risk refund claims are being held for verification, while smaller refunds are being processed normally. Most legitimate refunds are expected to be released by December.
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By Krishna
Late Filing of Form 10IC Will Not Deny Lower Tax Rate: ITAT Ruling
Mumbai ITAT has ruled that late filing of Form 10IC should not prevent eligible taxpayers from availing the concessional corporate tax rate under Section 115BAA. The order states that filing Form 10IC is a procedural requirement and the intent to opt for the new tax regime is more important.
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By Krishna
Advance Tax Alert: December 15th Deadline for AY 2026-27
The next Advance Tax installment for Assessment Year (AY) 2026-27, related to Financial Year 2025-26, is due by December 15, 2025. Taxpayers with total estimated tax liability of ₹10,000 or more after TDS/TCS should pay Advance Tax on time to avoid interest under sections 234B and 234C.
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By Krishna
Act Now: Aadhaar-PAN Linking Deadline is December 31, 2025
Link your PAN with Aadhaar by December 31, 2025. If you miss the date, PAN goes inoperative from January 1, 2026, stopping ITR filing and blocking refunds. Pay 1,000 on the e-Filing portal and link now. Some groups are exempt.
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By Krishna
Foreign Assets Alert: Avoid Heavy Penalties by Updating Returns
The Income Tax Department has warned about 25,000 taxpayers to review and revise AY 2025-26 returns for foreign assets and income by December 31, 2025. Non-reporting can lead to a 10 lakh fine and up to 300% penalty. Last year’s drive led to major disclosures. Act now to stay compliant.
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By Krishna