# incometax
12 posts in `incometax` tag
India Income Tax: Section 194LBA and TDS for Business Trusts
This blog post explains Section 194LBA of India's Income Tax Act, detailing the Tax Deducted at Source (TDS) rules for income distributions (interest, dividend, rent) from Business Trusts (REITs and InvITs) to resident and non-resident unitholders, including rates, compliance, and consequences.
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By Krishna
Advance Tax Guide for Presumptive Taxation Users (Sec 44AD/44ADA)
This blog explains how opting for presumptive taxation under Sections 44AD (businesses) and 44ADA (professionals) simplifies Advance Tax obligations, requiring only a single payment by March 15th instead of quarterly installments. It covers eligibility, calculation, and non-compliance consequences.
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By Krishna
How India's Income Tax Dept Uses AI to Monitor High-Value Transactions
India's Income Tax Department leverages AI and data analytics, including Project Insight and the Annual Information Statement (AIS), to monitor financial transactions, especially high-value ones. This blog explains how the system works, which transactions are watched, the implications for taxpayers, and how to ensure compliance in this new technological era.
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By Krishna
Avoid Penalties: The Advance Tax Guide for Indian Influencers (2025)
This guide explains the concept of Advance Tax and its applicability to Indian content creators (YouTubers, bloggers, influencers) for the Financial Year 2025-26. It details how to calculate the liability, discusses the Presumptive Taxation scheme (Sec 44AD/44ADA), outlines payment due dates and methods (Challan 280), explains penalties for non-compliance (Sec 234B/234C), and provides practical tips for creators to manage their tax obligations effectively.
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By Krishna
Maximize Tax Savings: How to Claim Both 80C & 80CCD Deductions (AY 2025-26)
This guide explains how taxpayers can claim deductions under both Section 80C and Section 80CCD (NPS) of the Income Tax Act for AY 2025-26. It details the limits and interaction of 80C, 80CCD(1), 80CCD(1B - additional ₹50k), and 80CCD(2 - employer contribution). The post clarifies that combining these benefits (up to ₹2 Lakh + employer contribution) is possible under the Old Tax Regime, while only 80CCD(2) is available under the New Tax Regime. An example illustrates maximizing deductions under the Old Regime.
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By Krishna
Top 5 ITR Filing Errors for AY 2025-26 and How to Avoid Them
This blog post highlights crucial errors to avoid when filing Income Tax Returns for AY 2025-26 (FY 2024-25). It covers common mistakes like selecting the incorrect Assessment Year or ITR form, failing to report all income sources (interest, dividends, capital gains), discrepancies with Form 26AS/AIS/TIS, incorrect personal and bank details, and neglecting the mandatory 30-day e-verification window. The post emphasizes the importance of accuracy and reconciliation, concluding with advice to seek expert help from services like MyITROnline for a smooth filing experience.
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By Krishna
Shares, MF & Property Capital Gains: Reporting Guide for ITR AY 2025-26 (New Rules)
This blog post details how to report capital gains from shares, mutual funds, and property in the Income Tax Return (ITR) for Assessment Year 2025-26 (Financial Year 2024-25). It explains the classification of gains (STCG/LTCG), calculation methods considering grandfathering, the significant impact of the Finance (No.2) Act 2024 changes effective July 23, 2024 (including curtailed indexation and revised tax rates), set-off rules, and specific ITR schedules (like CG and 112A). It also covers capital gains exemptions and emphasizes reconciliation with AIS/TIS.
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By Krishna
Good News for Homeowners: ITAT Exempts Redeveloped Flats from Key Income Tax
This blog post details a significant ruling by the Income Tax Appellate Tribunal (ITAT) stating that new flats received by homeowners during redevelopment projects are not taxable as 'Income from Other Sources' under Section 56(2)(x) of the Income Tax Act. It explains the previous tax ambiguity, the details of the ITAT verdict, its positive implications for homeowners and urban renewal, and important considerations like potential capital gains tax.
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By Krishna
Comprehending Income Tax Notifications for Employed Persons in India (Financial Year 2024-25): An All-Inclusive Guide
A detailed guide detailing the reasons salaried individuals get income tax notices in India (FY 2024-25), the different kinds of notices, strategies for responding step-by-step, and measures to take in order to prevent receiving notices.
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By Krishna
CBDT Notifies New ITR-B Form for Tax Search Cases: 2025 Guidelines
This guide explains the newly introduced ITR-B form for taxpayers involved in search/requisition operations under sections 132/132A/153A/153C. It covers filing requirements, deadlines, consequences of non-compliance, and essential details to include.
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By Krishna
The deadline for linking PAN and Aadhaar is now extended to December 31st, 2025
The deadline for linking PAN and Aadhaar has been extended by the Indian government to December 31, 2025, for applications that are filed prior to October 1, 2024. Not adhering to this requirement could lead to the PAN becoming inactive and affect financial transactions.
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By Krishna
Linking Aadhaar and PAN: Find Out If This Recent Regulation Impacts You
Comprehensive guide to the latest Aadhaar-PAN linking regulations for PANs obtained through Aadhaar Enrolment ID. Includes compliance obligations, three methods for linking, repercussions of non-compliance, and frequently asked questions for taxpayers.
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By Krishna