# incometaxindia
12 posts in `incometaxindia` tag
Old Tax Regime Benefits: Essential Deductions (80E, 80G, 80TTA, 80TTB) Beyond 80C
This blog post delves into crucial tax-saving sections beyond the popular 80C, specifically detailing Sections 80E (education loan interest), 80G (donations), 80TTA (savings interest for non-seniors), and 80TTB (interest on deposits for senior citizens). It explains who can claim these, their limits, and, most importantly, their non-applicability under the New Tax Regime for FY 2024-25. The post encourages taxpayers to compare regimes carefully and highlights myitronline's services for expert assistance.
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By Krishna
ITR Filing 2024-25: All Important Deadlines You Need to Know
This blog post provides a comprehensive overview of all crucial Income Tax deadlines for Financial Year 2024-25 (Assessment Year 2025-26). It details specific dates for Form 16 issuance, ITR filing for non-audit and audit cases (including the extended September 15, 2025 deadline for individuals), advance tax installments, and updated returns. The post emphasizes the importance of meeting these deadlines to avoid penalties and promotes myitronline for reliable tax filing assistance.
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By Krishna
Disability Deductions (80DD & 80U) AY 2025-26: Your Certificate Acknowledgement Number is Now a Must-Have!
This blog post details a critical update for Indian taxpayers claiming deductions under Sections 80DD and 80U for disability for Assessment Year (AY) 2025-26. It highlights the new mandatory requirement to furnish the disability certificate's acknowledgement number in the Income Tax Return (ITR). The post explains the significance of this change for verification and compliance, provides a clear checklist for taxpayers, and outlines essential documentation beyond the acknowledgement number, ensuring a smoother tax filing process under the Old Tax Regime.
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By Krishna
Significant Form 16 Updates for FY 2024-25: A Brief Overview!
This blog provides a concise overview of the significant updates to Form 16 for salaried employees in the Financial Year 2024-25. It highlights the increased standard deduction and improved NPS benefits under the new tax regime, along with the inclusion of other TDS/TCS information, guiding taxpayers on what to expect for their upcoming ITR filing.
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By Krishna
200% Fine & Prosecution: What New ITR Rules Mean for You
This blog post warns taxpayers about the updated ITR regulations, highlighting the drastic consequences of under-reporting or misreporting income, including a 200% penalty and potential criminal prosecution. It explains why the Income Tax Department is increasing scrutiny through data analytics and detailed ITR forms, and provides essential steps for taxpayers to ensure compliance and avoid severe financial and legal repercussions.
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By Krishna
Decoding ITR Complexity: Major Changes to Sahaj & Sugam for AY 2025-26
For Assessment Year 2025-26, the familiar ITR-1 (Sahaj) and ITR-4 (Sugam) forms, traditionally seen as straightforward, are undergoing significant changes that add layers of complexity. This blog explores the impact of the new tax regime as default, increased disclosure requirements, and the need for meticulous data reconciliation, explaining why even simple returns now demand careful attention. Discover how MYITRONLINE can help you navigate these evolving tax landscapes.
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By Krishna
Section 194C Explained: TDS on Contractor Payments & How to Report It in Your ITR
This blog post serves as a complete and detailed guide for businesses and individuals to understand Section 194C of the Income Tax Act, 1961. It explains TDS obligations on payments to contractors, outlines applicable rates and thresholds, and most importantly, teaches how to correctly report these deductions in your Income Tax Return (ITR). From verifying Form 26AS and AIS to avoiding mismatch notices, this article helps you ensure compliance, avoid scrutiny, and maintain a clean tax record.
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By Krishna
Breaking News: Income Tax Return (ITR) Filing Deadline for AY 2025-26 Extended to September 15, 2025
The Central Board of Direct Taxes (CBDT) has announced an extension for the filing of Income Tax Returns (ITRs) for Assessment Year (AY) 2025-26. Originally due by July 31, 2025, the deadline has now been extended to September 15, 2025. This decision comes in light of structural and content revisions in the notified ITRs, necessitating additional time for system development and integration, and considering the time required for system readiness. The extension aims to provide taxpayers with a smooth and convenient filing experience, ensuring compliance and accurate reporting
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By Krishna
Avoid Penalties: Your Guide to Crypto Taxation in India
The Indian government has established a clear framework for the taxation of Virtual Digital Assets (VDAs) under the Finance Act 2022. This comprehensive guide covers the flat 30% tax on VDA gains, the 1% TDS on transactions, strict rules regarding loss set-off and carry forward, and other taxable scenarios like mining, staking, and gifts. It also provides a step-by-step approach to filing crypto taxes in India, emphasizing the importance of detailed record-keeping and professional assistance to ensure compliance and avoid penalties.
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By Krishna
HRA in the New Tax Regime: What You Must Know to Avoid Notices
This blog demystifies the treatment of House Rent Allowance (HRA) under India's New Tax Regime. It clarifies whether HRA is exempt, outlines its impact on your tax filing process, and provides crucial advice on how to navigate the changes to avoid receiving tax notices. Learn the key differences from the old regime and ensure your tax compliance is seamless for the current financial year and beyond.
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By Krishna
Rectify Your ITR: Claim Forgotten Section 80C Deductions and Avoid Penalties
This blog post provides a comprehensive guide for taxpayers who have missed claiming eligible deductions under Section 80C of the Income Tax Act, 1961, in their original Income Tax Return (ITR). It explains the importance of Section 80C, the concept of a Revised ITR, and offers a detailed step-by-step process for filing a revised return online. The article also emphasizes the significance of adhering to deadlines to avoid penalties and provides essential tips for a smooth filing experience, ensuring taxpayers can reclaim their rightful tax benefits
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By Krishna
Double Your Benefits: Utilize Sections 80C & 80D Simultaneously to Enhance Your Tax Savings
This blog explores how Indian taxpayers can maximise their income tax savings by leveraging both Section 80C and Section 80D of the Income Tax Act. While Section 80C focuses on investments and expenses like PPF, ELSS, and home loan principal repayment, Section 80D offers deductions on health insurance premiums and preventive health check-ups. By using these sections together, taxpayers can claim deductions up to ₹2,00,000 annually. The blog explains eligibility, deduction limits, strategic planning tips, and helps readers choose between the old and new tax regimes for optimal tax benefits.
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By Krishna