# taxtips
12 posts in `taxtips` tag
Top 5 ITR Filing Errors for AY 2025-26 and How to Avoid Them
This blog post highlights crucial errors to avoid when filing Income Tax Returns for AY 2025-26 (FY 2024-25). It covers common mistakes like selecting the incorrect Assessment Year or ITR form, failing to report all income sources (interest, dividends, capital gains), discrepancies with Form 26AS/AIS/TIS, incorrect personal and bank details, and neglecting the mandatory 30-day e-verification window. The post emphasizes the importance of accuracy and reconciliation, concluding with advice to seek expert help from services like MyITROnline for a smooth filing experience.
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By Krishna
Shares, MF & Property Capital Gains: Reporting Guide for ITR AY 2025-26 (New Rules)
This blog post details how to report capital gains from shares, mutual funds, and property in the Income Tax Return (ITR) for Assessment Year 2025-26 (Financial Year 2024-25). It explains the classification of gains (STCG/LTCG), calculation methods considering grandfathering, the significant impact of the Finance (No.2) Act 2024 changes effective July 23, 2024 (including curtailed indexation and revised tax rates), set-off rules, and specific ITR schedules (like CG and 112A). It also covers capital gains exemptions and emphasizes reconciliation with AIS/TIS.
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By Krishna
Smooth Filing for AY 2025-26: 9 Common Mistakes to Avoid in Your ITR
Filing your AY 2025-26 ITR? Avoid 9 critical mistakes like wrong ITR forms, unreconciled AIS/26AS, missed deadlines, and incorrect regime selection. Ensure accurate, penalty-free filing with this guide.
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By Krishna
Comprehending Income Tax Notifications for Employed Persons in India (Financial Year 2024-25): An All-Inclusive Guide
A detailed guide detailing the reasons salaried individuals get income tax notices in India (FY 2024-25), the different kinds of notices, strategies for responding step-by-step, and measures to take in order to prevent receiving notices.
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By Krishna
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Section 142(1) Income Tax Notice: Why You Received It & How to Respond
This blog offers a comprehensive explanation of Section 142(1) of the Income Tax Act, 1961, detailing the reasons for the issuance of notices, the appropriate ways to respond, and the repercussions of failing to comply. Discover how to effectively handle tax notices and maintain adherence to tax regulations.
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By Krishna
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Avoid These 10 Costly Errors When Filing Your GST Returns
Businesses must appropriately file GST returns in order to avoid fines and compliance problems. The top ten typical errors committed while completing a GST return are highlighted in this blog, including late filings, mismatched ITC claims, and inaccurate invoice data. Find out how to avoid these mistakes and guarantee smooth GST compliance.
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By Krishna
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Last Call for Advance Tax: Fourth Installment Deadline - March 15th, 2025 Explained
The fourth installment of Advance Tax is due March 15th, 2025. This blog explains what Advance Tax is, who is required to pay it, how to calculate it, and the implications of missing the deadline. Stay informed and avoid penalties by following our detailed advice.
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By Krishna
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Understanding Section 194-IA: TDS on property purchases in India
Section 194-IA of the Income Tax Act requires TDS deduction for property transactions above ₹50 lakhs. This blog gives a detailed reference to TDS deductions, compliance requirements, and the penalties of noncompliance for Indian property buyers. Stay informed and avoid fines with our in-depth insights.
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By Krishna
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Form 24G Explained: A Step-by-Step Guide for Government Tax Deductors and Collectors
Form 24G is critical for government deductors and collectors to make correct and timely TDS/TCS filings. This blog gives a full guide to Form 24G, including its relevance, due dates, penalties for non-compliance, and a step-by-step filing method. Stay compliant and avoid penalties with our thorough insights.
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By Krishna
TDS & TCS Compliance Alert: What’s Changing from April 1, 2025?
The Union Budget 2025 makes substantial revisions to TDS and TCS laws, which will take effect on April 1, 2025. This blog gives a thorough discussion of the significant changes, their ramifications for various taxpayers, and practical ways to assure compliance. Stay informed and avoid fines with anything from reduced TDS rates to new crypto transaction restrictions.TDS revisions 2025, TCS regulations 2025, new tax rules 2025, TDS on cryptocurrency, TCS on international remittances, tax compliance 2025, ITR filing 2025, TDS on salary, and TDS for freelancers
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By Krishna
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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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By Krishna
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Taxpayers Are Notified of Capital Gains Income Tax: Section 87A Rebate
This blog explains why taxpayers with capital gains are receiving Section 87A rebate notices. Learn about eligibility, common mistakes, and how to respond to income tax notices effectively.
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By Krishna