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12 posts in `incometaxindia` tag

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Income tax

TDS on Residential Property Rent: Section 194IB Rules & Rate Change 2024

A comprehensive overview of Section 194IB TDS applicable to residential rental payments exceeding ₹50,000. Discusses the reduction in the tax rate from 5% to 2% starting October 2024, provides calculation examples for the fiscal year 2024-25, outlines the payment procedure using Form 26QC, and details the penalties involved.
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Income tax

Interpreting the CBDT’s Seventh Amendment Rules, 2025: Section 194T and Its TDS Effects.

The 7th Amendment Rules 2025 established by the CBDT introduces Section 194T, which requires a 10% TDS on salaries, bonuses, commissions, and other earnings. Understand its implications, necessary compliance measures, and how both businesses and individuals should adjust.
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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

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

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

Section 80E and HRA: A Complete Guide to Maximizing Tax Savings

Section 80E and HRA are two major tax deductions in India. Section 80E permits deductions for school loan interest, while HRA gives relief for rent payments. This article discusses how these deductions operate, their important characteristics, and how to optimize your tax savings by utilizing both.
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Income tax

TDS vs. Advance Tax: Essential Differences, Penalties, and Compliance Tips for Taxpayers

This blog discusses the fundamental distinctions between TDS (Tax Deducted at Source) and Advance Tax, as well as their application, payment schedules, and penalties for late payments. It also offers specific advice for taxpayers to stay compliant and avoid fines. Whether you're a salaried employee, freelancer, business owner, or investor, this guide will help you understand which taxes apply to you and how to handle your tax payments efficiently.
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Income tax

Understanding Marginal Relief in Income Tax for Income Above 12 Lakh

This blog explores the Indian income tax system's marginal relief idea and explains how it helps taxpayers with earnings over 12 lakh. The blog illustrates how marginal relief lowers the tax due, guaranteeing equity and avoiding excessive tax increases, using the example of a 12,10,000 income. In order to demonstrate how this clause upholds a just and equitable tax system, the blog also provides instances of other income categories that are impacted by marginal relief.
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Income tax

The Role of Section 140B in Updated Return Filing and Taxation

This blog provides a comprehensive guide on Section 140B of the Income Tax Act, detailing the process of filing updated returns under Section 139(8A). It covers the applicability, tax computation, benefits, challenges, and FAQs related to Section 140B, helping taxpayers understand their obligations and avoid penalties.
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Income tax

CBDT Launches Self-Help Tool for Immediate Responses to Income Tax Bill 2025

To help taxpayers comprehend the proposed amendments in the Income Tax Bill 2025, the Central Board of Direct Taxes (CBDT) has introduced a cutting-edge Self-Help Tool. This online resource makes tax compliance simpler for both people and corporations by providing real-time updates, tax calculators, and streamlined legal explanations. Discover the main aspects of the Income Tax Bill 2025, as well as how to utilize this instrument and its advantages.
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Income tax

Old vs New Tax Regime in India: A Comprehensive Comparison

Understand the key differences between the Old and New Tax Regimes in India. This blog provides a detailed comparison of tax slabs, exemptions, deductions, and practical examples to help you decide which regime is better for your income level.
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Income tax

Old vs. New Tax Regime: Which Option Suits You Best for FY 2025-26?

The Indian tax system offers two regimes—old and new—each with distinct slab rates, deductions, and exemptions. This blog compares both regimes, using examples to help you decide which one suits you best for FY 2025-26. Learn how to minimize your tax liability based on your income and investments.