# mat
12 posts in `mat` tag
TDS Deducted is not equal to TDS Credit? How a mistake under Section 194IB led to a loss of 36,000 for this landlord.
An actual situation arose where the tenant incorrectly used a 5% TDS rate under Section 194I instead of the 2% rate under Section 194IB on the rent, leading to a 36,000 discrepancy in the credit shown on the landlord's 26AS. Discover the steps to rectify the issue for both parties involved.
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By Krishna
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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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By Krishna
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India’s Budget 2025: Game-Changing Policies for MSMEs
Through improved loan availability, tax breaks, digital transformation, and export promotion, the Union Budget 2025 has implemented a number of initiatives to support India's MSME sector. The introduction of Digital MSME India, the expansion of the PLI program, the reduction of GST compliance requirements, and a ₹50,000 crore investment in the CGTMSE are some of the major projects. Discover how these reforms will empower small firms and spur their expansion by reading on.
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By Krishna
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ITR Amendments Made Easy: New January 15, 2025 Deadline
To provide aid to taxpayers, the Income Tax Department has extended the deadline for filing the ITR until January 15, 2025. Those revising special rate incomes or fixing Section 87A rebate issues will especially benefit from this prolongation. Find out how to take advantage of this chance, avoid penalties, and file amended taxes.
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By Krishna
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Changes to GSTR-1 Filing Effective January 2025: A Detailed Guide
New GSTR-1 filing requirements take effect in January 2025. GSTR-3B reconciliation alignment, auto-populated data, improved e-commerce transaction reporting, and updated HSN code reporting criteria are some of the major changes. Find out how businesses may adjust and how taxpayers are impacted by these changes.
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By Krishna
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Comprehending Income Tax Act Section 115JB: Minimum Alternate Tax (MAT)
The Income Tax Act's Section 115JB establishes the Minimum Alternate Tax (MAT), which makes sure businesses pay a minimum tax even when they take advantage of exemptions and deductions. The goal of MAT, its applicability to both domestic and international businesses, its calculation method, the credit system, and important modifications such as exclusions for businesses falling under Sections 115BAA and 115BAB are all covered in this blog. It also looks at MAT's function in maintaining tax equity, particularly for companies with high book earnings but low tax obligations.
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By Krishna
Taxman Comes Knocking: High-Value Transactions in Focus
The Income Tax Department's heightened emphasis on high-value transactions is examined in this blog post. It looks at the motivations behind this decision, how it will affect people and businesses, and risk-reduction tactics.
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By Krishna
Demystifying Form 26AS: Your One-Stop Guide for Smooth ITR Filing
This blog post unravels the mysteries of Form 26AS, a crucial document for a smooth ITR filing experience in India. It explains what Form 26AS is, the information it contains (TDS, TCS, tax payments, etc.), its importance in preventing errors and supporting claims, and the benefits of using it for tax planning and investment tracking. Additionally, the blog provides a guide on how to access your Form 26AS electronically.
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By Krishna
e-Verification of Income Tax Returns: A Comprehensive Step-by-Step Guide
This comprehensive guide provides step-by-step instructions on how to e-Verify your Income Tax Return (ITR) using various methods such as Aadhaar OTP, Net Banking, Bank Account EVC, Demat Account EVC, Digital Signature Certificate (DSC), or Bank ATM. By following these detailed instructions, you can ensure the accuracy and authenticity of your tax return filing process, helping you stay compliant with tax regulations and avoid penalties.
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By Krishna
Tax Benefits of Investing in Sukanya Samriddhi Yojana: A Comprehensive Guide
This comprehensive guide covers the tax benefits of investing in Sukanya Samriddhi Yojana, a government-backed savings scheme for girl children. The guide provides an overview of the scheme's eligibility, tax benefits, and additional advantages, making it an essential resource for anyone considering this investment option.
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By Krishna
May 2024: Complying with Income Tax and GST Deadlines
Highlights upcoming deadlines for income tax compliance and GST filing. It emphasizes the need for prompt action to avoid potential penalties and legal issues.
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By Krishna
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Pick Your Perfect ITR Form: A Guide for FY 2023-24 (AY 2024-25)
This blog provides a detailed guide on understanding the Income Tax Return (ITR) forms 4-7 for the Financial Year 2023-24 (Assessment Year 2024-25). It covers the basic information, eligibility criteria, and important points to note for each form. It also highlights the importance of accuracy while filling the forms and seeking professional help if needed.
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By Krishna