# mat
12 posts in `mat` tag
10 GST Moves That Can Trigger an Audit, Scrutiny, or Notice
The GST system uses AI and data analytics to flag discrepancies. This guide details the 10 most common GST mistakes such as excess ITC and GSTR mismatches that instantly catch the department’s eye and lead to notices or audits.
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By Krishna
Supreme Court Backs Genuine Buyers: No ITC Denial for Seller’s Default
The Supreme Court has ruled that genuine buyers cannot be denied Input Tax Credit just because the seller failed to deposit tax or lost registration. This landmark decision under DVAT sets a strong precedent for GST cases too, ensuring fairness and protecting honest taxpayers.
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By Krishna
Refund Returned by Bank? Here's How to Get Your Money Back
If your income tax refund shows “Refund Failed” or “Refund Returned by Bank,” it means your bank couldn’t accept the payment. This guide explains the common reasons for refund failure and walks you through the simple online steps to fix your bank details and request a refund reissue through the Income Tax portal.
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By Krishna
Tax Alert: TRACES Portal Sets 2-Year Limit for TDS/TCS Corrections
The Income Tax Department has shortened the correction window for TDS/TCS statements to just 2 years via the TRACES portal. This change affects deductors, collectors, and taxpayers alike. Corrections for older financial years (FY 2018-19 to FY 2023-24) must be filed by March 31, 2026. After that, no changes will be accepted. Learn what this means for you and how to act now.
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By Krishna
ITR E-Verification Made Easy: Your 2025 Guide Using Demat or Bank Account
A complete 2025 guide on how to e-verify your Income Tax Return (ITR) quickly and securely using your pre-validated Bank Account or Demat Account on the e-Filing portal. Learn the prerequisites and the step-by-step Electronic Verification Code (EVC) generation process.
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By Krishna
Section 154 of Income Tax Act: What You Can and Can’t Correct
Section 154 of the Income Tax Act allows taxpayers to correct obvious errors in their tax assessments. This blog outlines common mistakes like TDS mismatches, incorrect tax calculations, and personal detail errors, and explains how to file a rectification request online. A must-read for salaried individuals, freelancers, and business owners.
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By Krishna
Is Your Tax Deadline Extended? Beware of Fake Circulars
A false circular claiming that the Income Tax Return (ITR) deadline has been extended past 15 September 2025 is being circulated. The post explains what the official record shows, how fake notices are spread, why they can be costly, and how to verify whether a circular is genuine.
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By Krishna
our Guide to the Income Tax Intimation Password (Section 143(1))
This guide explains the purpose of an Income Tax Intimation notice received under Section 143(1) after filing your ITR. It details why the document is password-protected and provides the precise password format: your PAN number in lowercase followed immediately by your Date of Birth in DDMMYYYY format. Learn the step-by-step process to open the encrypted PDF, understand the calculation comparison within, and know what actions to take based on whether it shows a refund, demand, or no change.
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By Krishna
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