How to Check and Claim Your Income Tax Refund Online
Income Tax Refund: Meaning and Process An income tax refund is issued when a taxpayer pays more tax than their actual liability. This excess payment can arise under various heads like self-assessment tax, advance tax, TDS (Tax Deducted at Source), or foreign tax credit. Refunds are processed after the taxpayer files and verifies their Income Tax Return (ITR). If eligible, the taxpayer […]
How to Apply for TAN and Why It’s Important for Businesses
Every business that is responsible for deducting or collecting tax at source (TDS/TCS) is legally required to obtain a TAN (Tax Deduction and Collection Account Number). This unique 10-digit alphanumeric number is issued by the Income Tax Department of India and is essential for TDS compliance. Whether you’re a startup, a company, a partnership firm, or even an individual deducting […]
Form 16 Explained: Importance, Components & ITR Filing Guide (AY 2025–26)
Form 16 is a crucial document for salaried individuals in India. Issued by employers, it serves as proof of tax deducted at source (TDS) on salary income. For those looking to file their Income Tax Returns (ITR) accurately and efficiently, understanding Form 16 is essential. This comprehensive guide covers what Form 16 is, its structure, […]
Can’t Log into the Income Tax Portal? Here Are 3 Effective Ways to Regain Access
If you’re locked out of the Income Tax e-filing portal and none of the usual login methods are working, don’t panic. Many taxpayers face login issues due to mismatched contact details or forgotten credentials. Here are three reliable ways to regain access to your account on the Income Tax e-filing portal for FY 2025-26: ✅ Method 1: Login […]
AIS & TIS Mismatch: How to Correct Before Filing ITR (FY 2025–26)
With increasing digitization and data integration, the Income Tax Department of India has introduced robust tools to pre-fill and cross-verify taxpayer information — primarily through AIS (Annual Information Statement) and TIS (Taxpayer Information Summary). While these tools are extremely useful, they can sometimes contain errors or mismatches, which if left unchecked, may result in wrong tax filing, scrutiny, or […]
Advance Tax Payment Rules and Due Dates
Advance tax is a system where taxpayers pay income tax in advance rather than waiting for the financial year to end. It is calculated based on the taxpayer’s estimated income for the year. Any individual, business, or entity with a total tax liability exceeding ₹10,000 in a financial year is required to pay advance tax. It follows […]
Understanding Income Tax Deductions Under Section 80C to 80U
Tax planning is a crucial aspect of financial management. The Income Tax Act, 1961 provides various provisions to reduce tax liability through eligible deductions. Among these, Section 80C is the most commonly used tax-saving option. Additionally, other sections such as 80D, 80E, 80G, 80TTA, and more offer significant benefits when utilized effectively. Here’s a comprehensive overview of […]
TDS on Sale of Property by NRIs
Selling property in India as a Non-Resident Indian (NRI) involves several tax and legal obligations, with Tax Deducted at Source (TDS) being a key component. This article provides an in-depth overview of how TDS works on property sales by NRIs, how it differs from capital gains tax, and what steps can be taken to ensure smooth compliance. […]
Section 80C: Maximise Your Tax Savings Before March 31, 2025
Section 80C of the Income Tax Act, 1961, is one of the most widely used tax-saving provisions available to individual taxpayers and Hindu Undivided Families (HUFs). It allows a deduction of up to ₹1.5 lakh per financial year from your gross total income by investing in eligible instruments or incurring specific expenditures. However, corporate entities, […]
Income Tax Changes for FY 2025-26 (AY 2026-27)
The Union Budget 2025 introduced several key amendments under the Income Tax framework, effective from Financial Year 2025–26. These reforms are aimed at increasing tax efficiency, providing relief to taxpayers, and promoting ease of compliance. The most notable changes include revised tax slabs under the New Tax Regime, enhanced rebate limits, simplified TDS/TCS rules, and modifications to presumptive taxation schemes. […]