# taxtips
12 posts in `taxtips` tag
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ITR-U vs. Condonation of Delay: A Complete Guide for Late Taxpayers
This blog discusses the distinctions between ITR-U and Condonation of Delay for late tax filing in India. Learn about eligibility, methods, and how to select the best solution for your needs.
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By Krishna
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Old vs New Tax Regime: A Detailed Comparison to Save More
The Indian government provides two tax regimes – the Old Regime and the New Regime – each with its own benefits and drawbacks. The Old Regime offers multiple deductions and exemptions, while the New Regime provides lower tax rates with minimal exemptions. This blog explores the key differences, tax calculations, and real-life illustrations to help taxpayers make an informed choice. Find out which tax regime suits your financial situation best!
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By Krishna
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No More Errors: How to Use the New Online Tool for ITR Rectifications
Taxpayers can now easily fix errors in their Income Tax Returns (ITRs) thanks to the Income Tax Department of India's sophisticated online rectification facility, which was added to its e-filing system. This technology enhances transparency while offering error detection, smooth correction, and quicker refund processing. Discover its primary attributes, advantages, and how-tos for keeping correct tax records and remaining in compliance.
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By Krishna
Getting to Know India's Advance Tax System
This blog covers the fundamentals, advantages, and deadlines of India's advance tax system in great depth. It also provides advice on how to maintain tax law compliance and describes the repercussions of failing to pay advance tax. This tutorial will assist both individuals and businesses in comprehending and navigating India's complex tax structure.
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By Krishna
Compliance with Section 206C(1H): A Must for Specified Persons
The Income Tax Act's Section 206C(1H) requires tax deduction at source, or TDS, on specific income kinds that are credited or paid to non-residents. Certain entities, including corporations, co-ops, and government agencies, must deduct TDS from certain types of revenue, including interest, rent, royalties, and technical service fees. TDS is normally present at a rate of 20%, though specific circumstances may cause this to change. Interest and penalties may be incurred for breaking Section 206C(1H) regulations.
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By Krishna
Correcting Mistakes: A Comprehensive Guide to Revised ITR Filing
Filing an Income Tax Return (ITR) can be a daunting task, and mistakes can occur. A revised ITR is a solution to rectify errors or omissions in the original return. This comprehensive guide covers revised ITR filing deadlines, common errors, procedures, and tips to help you navigate the process with ease.
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By Krishna
Detailed Comparison of Section 115BBE and Section 115BB of the Income Tax Act
The Indian Income Tax Act includes specific provisions for different types of income, notably Sections 115BBE and 115BB. Section 115BBE targets unexplained income and aims to curb tax evasion by imposing a higher tax rate, while Section 115BB deals with winnings from lotteries, game shows, and similar sources. This blog provides a detailed comparison of these sections, highlighting their objectives, applicability, tax rates, and the consequences for taxpayers. Understanding these sections is crucial for ensuring compliance and avoiding penalties.
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By Krishna
Understanding the Difference Between Form 3CD and Form 49B
A thorough comparison of Forms 3CD and 49B, which are crucial records in the Indian income tax system, can be found in this blog. It assists taxpayers in understanding the importance of each form and guarantees that tax rules are followed by outlining its main functions, essential characteristics, and filing requirements.
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By Krishna
Post Income Tax Return Submission Checklist
This blog outlines a comprehensive to-do list for taxpayers after filing their income tax returns. It covers key steps like verification, recordkeeping, refund tracking, tax analysis, responding to notices, and staying informed.
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By Krishna
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Common Income Tax Blunders and How to Avoid Them
This blog serves as your guide to avoiding common income tax mistakes. Learn how to claim all your deductions, avoid math errors, leverage e-filing, respond to IRS notices, and keep proper records.
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By Krishna
Don't Get Audited! A Guide to Avoiding False Claims in Your ITR Filing
Filing your Income Tax Return (ITR) can be stressful, but making false claims can be even worse. This blog explores the importance of accurate ITR filing, the risks of misinformation, and offers valuable tips to ensure a smooth and compliant tax filing experience.
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By Krishna
A Deep Dive into Scrutiny Assessment under Income Tax (Section 143(3))
Filing your Income Tax Return can lead to a Scrutiny Assessment under Section 143(3). This blog explains what a Scrutiny Assessment is, why it might happen, and provides valuable tips for a smooth and successful assessment process.
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By Krishna