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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 The profit made from the selling of capital assets, such as stocks, bonds, and real estate, among other investments, is referred to as capital gains. These capital gains  are subject to taxation based on a number of variables, such as the asset's holding time and the tax bracket of the individual. Nonetheless, a person may be able to lower their capital gains tax obligation by taking advantage of some exemptions and deductions. Investors and traders who want to m

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 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

AIS vs bank statement mismatches occur when the entries reported to the Income Tax Department differ from the actual transactions appearing in a taxpayer’s bank records. These mismatches are increasingly common because AIS aggregates data from banks, brokers, and other reporting entities, capturing interest, deposits, securities transactions, and high-value transfers. When this data does not align with the income declared in the ITR, automated systems may issue notices for cl

Introduction The deductors must create a challan in order to pay the TDS amount that is withheld from payments. When the government deducts TDS, the sum can be paid (via book entry) without creating a challan. This straightforward procedure is made possible by Form 24G, a compliance instrument. In order to pay the TDS amount to the relevant authority, prescribed government officials combine the payment details ( TDS-Salary /TDS-Non Salary/TDS-Non Salary Non Residents/TCS) in

Refund reissue requests often get denied when bank details fail validation, TDS entries do not match the Income Tax Department records, ITR verification is incomplete, or documents supporting deductions are missing. Denial simply means the system could not process the refund due to mismatches or unresolved issues. The Income Tax portal allows taxpayers to correct details, file rectification requests, or raise a grievance to get refunds reprocessed. Most cases are resolved by