₹1 Crore Tax Notice — Don't Make This ITR Mistake | ITR 1 vs 2 vs 3 vs 4.
ITR Filing Complete Guide for FY 2025-26 (AY 2026-27) — Who should file ITR, which ITR form to use (ITR 1 vs ITR 2 vs ITR 3 vs ITR 4), common ITR filing mistakes that trigger tax notices, how to avoid 200% penalties, and how salaried employees earning up to ₹12 lakhs can legally pay zero tax. This is Part 1 of the complete ITR filing series by TSAIPRASANTH
________________________________________________________
📌 Follow TSPFINANCE
Telegram: https://t.me/tspfinance
Instagram: / tspfinance
Facebook: / tspfinance
________________________________________________________
⏱️ Timestamps:
[00:00 - 1:22] - Intro — ₹1 Crore tax notice story
[1:22 - 1:36] - Who should file ITR?
[1:37 - 1:59] - Reason 1: Refund waiting for you
[2:00 - 2:28] - Reason 2: Compulsory filing transactions
[2:29 - 3:04] - Reason 3: Filing helps even at zero tax
[3:05 - 3:32] - Reason 4: Income above exemption limit
[3:33 - 3:57] - Which ITR form is yours?
[3:58 - 4:24] - ITR 1 — Simple salaried income
[4:25 - 4:44] - ITR 2 — Selling shares, MFs, property
[4:45 - 5:01] - ITR 3 — Traders & business owners
[5:02 - 5:25] - ITR 4 — Presumptive taxation
[5:26 - 5:47] - Quick reference card
[5:48 - 6:24] - What's coming in Part 2
________________________________________________________
📖 About the Video
In this video, we explain who should file ITR, which ITR form to choose, and the real mistakes that trigger tax notices and 200% penalties. A salaried employee from Bengaluru got a ₹1 crore tax notice just for filing the wrong ITR form. Another taxpayer lost ₹55,000 in carry-forward losses because of a late filing. And someone received a government notice for not reporting just ₹5,000 of bank interest. These are real cases — and all were avoidable.
The Income Tax Department now uses AI to match data from banks, brokers, foreign transactions, and overseas accounts. You can no longer casually ignore tax filing.
This video covers everything — whether filing is mandatory for you, which ITR form applies to your income type, the basic exemption limits under old and new regime, and how to avoid the most common filing mistakes.
________________________________________________________
📋 In this video, we cover:
• Who should file ITR — even with zero tax liability
• How to claim TDS refunds by filing ITR
• Compulsory filing conditions (₹1 crore current account, ₹50 lakh savings, ₹2 lakh foreign travel)
• ITR as proof of income for loans, visa, insurance
• ITR 1 — Salaried income below ₹50 lakhs
• ITR 2 — Capital gains from shares, mutual funds, property
• ITR 3 — Business income, freelancing, intraday & F&O trading
• ITR 4 — Presumptive taxation for small businesses & professionals
• Old regime vs new regime exemption limits
• Common mistakes that trigger tax notices
________________________________________________________
⚠️ Disclaimer: This video is for educational purposes only. Consult a qualified CA or tax professional before making any tax-related decisions.
________________________________________________________
#ITRFiling #IncomeTax #ITR2026 #TaxFiling #IncomeTaxReturn #ITR1 #ITR2 #ITR3 #ITR4 #TaxNotice #TaxRefund #TSPFinance #SalariedTax #IncomeTaxReturn2026 #TaxPenalty4