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12 posts in `incometax` tag

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Income tax

Finance Bill 2025 Update: Big Relief for Taxpayers on Income Tax Search Rules

The Indian government has updated the Finance Bill 2025, substituting "total income" with "total undisclosed income" in important sections of the Income Tax Act. This amendment lowers the liabilities for taxpayers, encourages compliance, and simplifies assessments in instances of search and requisition.
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Income tax

Safe Harbour Guidelines & Income Tax Changes for AY 2025-26

The blog explores the important updates brought forth by Notification No. 21/2025 for the assessment year 2025-26, focusing on the amended Safe Harbour Rules under Section 92CB. It emphasizes crucial modifications, criteria for eligibility, and actionable steps for taxpayers to achieve compliance and minimize disputes.
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Income tax

Last Notice! Alert from the Income Tax Department: Submit your ITR for AY 2023-24 by March 31, 2025 - Avoid Higher Taxes and Interest!

This important reminder highlights the crucial deadline of March 31, 2025, for submitting your ITR for AY 2023-24. Discover the penalties associated with late submissions, typical errors to steer clear of, and a detailed guide to help you file your tax return promptly.
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Income tax

Section 142(1) Income Tax Notice: Why You Received It & How to Respond

This blog offers a comprehensive explanation of Section 142(1) of the Income Tax Act, 1961, detailing the reasons for the issuance of notices, the appropriate ways to respond, and the repercussions of failing to comply. Discover how to effectively handle tax notices and maintain adherence to tax regulations.
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Income tax

Intimation Notice Under Section 143(1): What It Means and How to Respond

This blog offers a detailed overview of the Intimation Notice as per Section 143(1) of the Income Tax Act. It outlines the various types of notices, what they include, their significance, and the actions to take when you receive one. Follow this thorough guide to ensure compliance and address any discrepancies.
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Income tax

Act Now! March 31, 2025, is the Last Date for Section 43B(h) Compliance

Section 43B(h) requires MSMEs to make timely payments for tax deductions. Businesses must comply by March 31, 2025, or face financial consequences. Learn about the consequences and procedures for compliance.
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Income tax

In order to draft new rules and forms for the 2025 income tax bill, CBDT is seeking input from stakeholders.

The CBDT is seeking stakeholder input as it drafts new Income Tax Rules and Forms for the Income Tax Bill, 2025. This blog discusses the relevance of the consultation, main emphasis areas, and how stakeholders may help build a more efficient tax system.
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Income tax

Optimize Your Tax Returns: Updated ITR-3 Excel Utility for FY 2024–2025

The Income Tax Department has released an updated Excel utility for ITR-3 for Fiscal Year 2024-25. This blog describes how to download, utilize, and file your income tax return with the utility, assuring correct and timely compliance for companies and professionals.
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Income tax

New Section 194T TDS Rules: Impact on Taxpayers Beginning April 2025

The new Section 194T TDS rules, which take effect on April 1, 2025, will have an impact on both taxpayers and companies. This blog discusses the applicability, compliance requirements, and measures to guarantee compliance with the new TDS laws.
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Income tax

The deadline for filing ITR-U for FY 2022–2023 is March 31, 2025

The ITR-U filing date for FY 2022–2023 is March 31, 2025. The definition of ITR-U, who is eligible to file it, late filing penalties, and a detailed tutorial on how to submit it online are all covered in this blog. Don't let the deadline pass!
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Income tax

Tax Reforms for LLPs & Partnership Firms: What’s Changing in April 2025?

With effect from April 1, 2025, the Finance Act implements major income tax reforms for partnership enterprises and limited liability companies in India. This article examines the changes that are expected, their possible effects, and practical measures that companies may take to ensure a seamless transition.
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Income tax

Notice the Last Date! Today, March 17, 2025, issue TDS Certificates (Forms 16B, 16C, and 16E).

The last day to issue TDS Certificates (Forms 16B, 16C, and 16E) for the fourth quarter is today, March 17, 2025. These certificates serve as proof of TDS deduction and deposit with the government. If they are not issued on time, there may be compliance problems and fines of ₹100 each day. The significance of these certificates, who must provide them, the consequences of non-compliance, and how to obtain them from the TRACES site are all covered in this blog. Take immediate action to guarantee tax compliance and prevent fines!