About the Income Tax category
Practical guides, checklists, and updates on income tax from the FinTax24 team — covering registration, filings, compliance and procedures for Indian businesses and individuals.
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TDS on Property Purchase: Section 194IA Rates, Threshold and Common Mistakes | FinTax24
Section 194IA requires buyers to deduct 2% TDS on property purchases above ₹50 lakh, deposited by the 7th under challan 281 and reported in Form 26Q. Failure triggers Section 201 interest, Section 40(a)(ia) disallowance, and Section 271H penalty — even when the seller demands the full amount without mentioning TDS.
Rahul Dabhi · 19 Sept 2026 · 8 min read
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TDS on Purchase of Goods: Section 194Q Threshold and Rules | FinTax24
Section 194Q requires a buyer whose turnover exceeds ₹10 crore in the previous FY to deduct 0.1% TDS on purchases of goods from a resident seller once the aggregate value crosses ₹50 lakh in the FY. TDS is calculated on the amount above ₹50 lakh, deducted at credit or payment, deposited under challan 281 by the 7th of the next month, and reported in Form 26Q.
Rahul Dabhi · 17 Sept 2026 · 10 min read
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TCS on Foreign Remittance (Section 206C(1G)) | FinTax24
Section 206C(1G) collects TCS at 20% on most LRS foreign remittances, with lower or nil rates for education loans from specified Indian financial institutions and for remittances within RBI exemptions. The TCS paid in a financial year is allowed as a credit in your ITR — so the cash drag is real but the tax hit usually reverses at filing.
Rahul Dabhi · 16 Sept 2026 · 9 min read
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How to Check TDS Credit in Form 26AS and AIS
TDS appears as tax credit in Form 26AS only after your deductor deposits it and files the TDS statement. Before filing your ITR, match Form 16 / 16A against 26AS and AIS, fix mismatches with the deductor, and claim only verified credit.
Rahul Dabhi · 14 Sept 2026 · 9 min read
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Advance Tax on Other Income: How Salaried Employees with Freelance Work Must Pay
Salaried employees earning additional freelance income, interest, rent or capital gains above Rs 10,000 in a financial year must pay advance tax. This guide covers who must pay, how to calculate it and the quarterly deadlines for FY 2026-27.
Rahul Dabhi · 11 Sept 2026 · 9 min read
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Income Tax Notice Response: Section 143(1), 148 & 245
Most income tax notices are routine and reply-ready within 7 to 30 days. Identify the section number, classify the bucket — self-service, CA-led, or counsel-led — prepare the response within the stipulated window, and escalate only when the demand crosses ₹10 lakh.
Rahul Dabhi · 9 Sept 2026 · 11 min read
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TDS on Professional Fees: Section 194J Rates and Mistakes
Section 194J governs TDS on professional, technical, royalty, director and non-compete fees. The standard rate is 10% above ₹30,000 per payee per year, except 2% for call-centre-only businesses and 10% for royalty with no threshold for director fees. Deductors missing PAN attract 20%.
FinTax24 Editorial Team · 7 Sept 2026 · 8 min read
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TDS on Rent: Section 194I Rates and Common Mistakes | FinTax24
TDS on rent under Section 194I applies at 10% for land, building or furniture and 2% for plant or machinery when annual rent crosses ₹2,40,000. The deductor deducts at credit or payment, deposits by the 7th of next month, files Form 26Q, and issues Form 16A. Non-deduction triggers Section 40(a)(ia) disallowance and Section 201(1A) interest.
FinTax24 Editorial Team · 6 Sept 2026 · 9 min read
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Advance Tax: Who Must Pay and How to Compute It
Section 207 threshold, the 15/45/75/100 percent schedule, and penalties for non-payment under Section 234B and 234C.
FinTax24 Editorial Team · 13 May 2026 · 7 min read
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Capital Gains on Equity & Mutual Funds
LTCG exemption under Section 112A, STT requirement, and how to handle segregated portfolios and switches.
FinTax24 Editorial Team · 24 May 2026 · 7 min read
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House Property: Self-Occupied vs Let-Out
How to compute rental income, claim the 30 percent standard deduction, and treat home-loan interest.
FinTax24 Editorial Team · 17 May 2026 · 7 min read
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How to File a Revised Return under Section 139(5)
Time limit, scenarios where revision is permitted, and common mistakes that lock the original return.
FinTax24 Editorial Team · 10 May 2026 · 6 min read
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Old vs New Tax Regime: FY 2024-25 Math
The new regime gets the headlines, but the deduction stack under the old regime still wins for most salaried and small-business taxpayers. We ran the numbers for nine profiles.
FinTax24 Editorial Team · 3 Sept 2026 · 9 min read
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Old vs New Tax Regime: FY 2024-25
From FY 2024-25 onwards, the new tax regime is the default. You can opt for the old regime in any year — the choice is not locked. The break-even depends on your deduction stack: if you use 80C, 80D, HRA, and home loan interest, the old regime usually wins. If your deduction stack is small, the new regime wins.
FinTax24 Editorial Team · 28 May 2026 · 8 min read
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PAN-Aadhaar Link & ITR Processing
PAN must be linked to Aadhaar to file an income-tax return (with a few exceptions). Link on the e-filing portal via the Aadhaar OTP. After filing, e-verify within 30 days — using Aadhaar OTP, net-banking, or DSC. Once verified, processing typically completes in 20–30 days.
FinTax24 Editorial Team · 6 May 2026 · 6 min read
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Section 44AD Presumptive: Primer
Section 44AD lets resident individuals, HUFs, and partnership firms (other than LLPs) declare income at 8% of cash turnover and 6% of digital turnover when aggregate turnover is up to ₹3 crore. No books, no audit, single advance tax instalment by March 15. The companion trap-piece covers audit risk and deemed income.
FinTax24 Editorial Team · 3 May 2026 · 6 min read
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Section 44AD: Lower Tax, Higher Audit Risk
Presumptive taxation under 44AD looks like 8% of turnover for non-digital receipts — but cash-deposit mismatch, Section 44ADA scrutiny, and 50% deemed additions for unexplained credits make it risky past ₹1 Cr.
FinTax24 Editorial Team · 3 Sept 2026 · 8 min read
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Section 80G: Donations That Save Tax
100 percent vs 50 percent deduction, qualifying institutions, and the documentation you must keep.
FinTax24 Editorial Team · 29 Apr 2026 · 6 min read
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TDS on Contract Payments: Section 194C Rates, Exemptions and Common Mistakes
Section 194C requires deduators to withhold 1% (individual) or 2% (company) on contract payments above ₹30,000 per contract or ₹1,00,000 annually. The most common mistakes involve misclassifying workers as contractors, wrong PAN handling, and skipping the 5% presumption on small contracts.
FinTax24 Editorial Team · 5 Sept 2026 · 8 min read
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TDS on Salary: How Your Employer Calculates It
TDS on salary is deducted under Section 192 based on your estimated total income for the year. You submit investment declarations (HRA rent receipts, 80C proofs, 80D premiums) so the employer computes tax on the lower taxable income. Form 16 shows the TDS deducted each quarter.
FinTax24 Editorial Team · 21 May 2026 · 7 min read
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Which ITR Form Should You File for FY 2024-25?
ITR-1 (Sahaj) for salaried individuals with simple income up to ₹50 lakh. ITR-2 for individuals with capital gains, multiple houses, or foreign income. ITR-3 for individuals with business income. ITR-4 (Sugam) for presumptive taxation under 44AD, 44ADA, or 44AE. Choosing wrong is the most common cause of defective returns.
FinTax24 Editorial Team · 31 May 2026 · 7 min read
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