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# taxindia

12 posts in `taxindia` tag

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.

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!

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.

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.

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.

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.

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.

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.

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.

How Section 44AD Helps Small Businesses Save Time and Money on Taxes

Section 44AD of the revenue Tax Act provides a presumptive taxation structure for small enterprises in India, enabling them to report revenue based on a specified proportion of sales. This blog discusses eligibility, benefits, income computation, and how it makes tax compliance easier by eliminating the need for comprehensive recordkeeping and tax audits.

How to Get a Lower Tax Deduction Certificate (LTDC): Benefits and Process

This blog describes the notion of a Lower Tax Deduction Certificate (LTDC) in India, its benefits, and how to apply for it. Learn how to lower TDS on your income by filling out Form 13 under Section 197 of the Income Tax Act. Learn about qualifying requirements, needed documentation, and how an LTDC may enhance your cash flow and lower your tax burden.

CBDT Updates Form 49C: What Non-Residents Need to Know

Form 49C has received important revisions by the CBDT, and for non-residents whose income is derived from India, electronic filing is now compulsory. This blog delves into the main alterations, their effects on foreign taxpayers, and provides a step-by-step manual for online submission of Form 49C.