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Interest calculation becomes important when advance tax paid during the year is later adjusted against the final tax refund. The Income Tax Act uses specific rules under Sections 234B, 234C, and 244A to compute interest depending on whether the taxpayer paid excess advance tax, paid it late, or paid less than the required amount. Understanding these adjustments helps avoid unexpected interest liability and ensures accurate refund expectations. Many salaried taxpayers use pla

Advance tax payments often create confusion because taxpayers expect instant updates, yet the Income Tax system records these payments through multiple layers that take time to sync. Understanding where and how this information appears ensures that taxpayers can verify their payments confidently and avoid issues during ITR filing . The process involves checking the Annual Information Statement, challan status, and Form 26AS across official government portals. Reliable confir

Schedule 80G is the section in an Income Tax Return where donations made to approved charitable institutions are declared for deduction under Section 80G. The details entered in this schedule influence the deduction amount and directly impact taxable income. Accurate reporting ensures the donation is valid, eligible, and supported with proper documentation, especially under the old tax regime. With increased scrutiny and mandatory 80G verification norms, precise entry becomes

Section 80TTA allows a deduction of up to ₹10,000 on interest earned from savings bank accounts, and this benefit can be claimed directly inside ITR-1 under the Chapter VI-A deduction schedule. The rule applies to individuals and HUFs with interest income from savings accounts in banks, post offices, or cooperative societies. Interest from fixed deposits or recurring deposits is not covered under this section. Senior citizens use Section 80TTB instead. Accurate reporting of

Choosing between the old and new income tax regimes for FY 2024-25 depends on tax slabs, available deductions, and overall taxable income. The new regime offers lower slab rates with limited deductions, while the old regime retains popular exemptions like 80C, 80D, HRA, LTA, home loan interest, and standard deduction. Senior citizens also receive higher exemption thresholds under the old structure. The comparison chart for FY 2024-25 helps taxpayers understand differences in

Form 26AS acts as one of the most reliable tax documents for anyone preparing to file an Income Tax Return. It brings together every tax credit linked to a PAN, such as TDS, TCS, advance tax, and self-assessment tax. Since the TRACES system remains the official source for this information, downloading Form 26AS correctly ensures that tax filing happens without mismatches or refund delays. Whether the goal is to confirm TDS deductions, verify tax payments, or reconcile incom

Introduction When employees join a company, they are eligible for a number of advantages. One of them is a paid leave benefit that employees can use as a leave encashment in the event that it is not used. The possibility of exchanging unused leaves for cash provides employees with an additional safety net. The employer permits the employee to roll over any unused leave to the following year in such a situation. Instead of taking vacation time, employees can choose to be compe

Introduction Conjugal rights refer to the sexual rights and privileges that come with being in a marriage. Under the Hindu Marriage Act of 1955 (HMA), Section 9 offers a remedy for those seeking restitution of conjugal rights if their spouse has departed without cause. It means that if one partner has left the relationship without a reasonable excuse, the other partner can apply to have those rights restored. When someone feels their marital rights are under threat, they can

Introduction The necessity of paying taxes on income earned through hard work is a concern that many share. Therefore, we often seek strategies to decrease our tax obligations—this endeavor is termed tax planning. Tax planning is crucial as it promotes more effective money management, along with reducing the amount payable. The Income Tax Act of 1961 offers numerous provisions for both individuals and businesses to reduce their tax liabilities appropriately. Table of Contents

Section 270A of the Income Tax Act imposes heavy penalties when income is misreported or under-reported. A 200% penalty applies to misreporting, while a 50% penalty is levied for under-reporting, making accuracy in tax reporting essential. Many taxpayers face these penalties due to missing income, incorrect disclosures, poor documentation, or delays in filing. Preventing such outcomes requires a clear understanding of what qualifies as misreporting, how the tax department tr