The Shubh Vibes

📘 Introduction: What is Advance Tax & Why It Matters? Advance Tax means paying income tax in parts during the financial year , instead of paying it all at once while filing the Income Tax Return (ITR). In India, income tax follows the “pay as you earn” principle. If you earn income throughout the year, the government expects you to pay tax during the year itself. Failing to pay advance tax on time can result in interest penalties under Sections 234B and 234C , even if you eventually pay full tax while filing ITR. ✅ Who Is Required to Pay Advance Tax? You must pay advance tax if: ·          Your total tax liability exceeds ₹10,000 in a financial year ·          You have income from: o     Business or profession o     Freelancing / consultancy o     Rent o     Capital gains o     Interest, dividend...

Introduction: Why Checking 26AS, AIS & TIS is a Must Before Filing ITR Before filing your Income Tax Return (ITR) for FY 2024–25, it is crucial to check your Form 26AS , AIS (Annual Information Statement) , and TIS (Taxpayer Information Summary) . These reports ensure: ✔ No mismatch between your income & tax credits ✔ Your TDS/TCS is fully captured ✔ You avoid errors that may result in notices under Section 143(1) or delayed refunds Even if you are salaried, self-employed, a freelancer, or retired — checking these reports is essential in 2025.   What are Form 26AS, AIS & TIS? Know the Difference Report Purpose Why Important? Form 26AS Tax credit statement: TDS, TCS, advance tax paid Shows total tax already deposited in your PAN AIS Detailed statement of all financial transactions (beyond TDS) Captures salary, interest, shares, property sale, M...