Archive · 5 Dec 2025
Income Tax Queries: Mismatches, Advance Tax, and More
This article answers common questions about income tax in India.
It explains what to do if there's a mismatch between your income tax return and the annual information statement.
It also talks about when you need to pay advance tax if you have additional income like rent.
Another question is about whether you have to pay tax when you give mutual funds to your brother.
Lastly, it discusses taxes on gains from a unit-linked insurance plan (Ulip).
The article gives clear advice on each of these topics to help people understand their tax responsibilities.
A mismatch between ITR and AIS can be resolved by checking bank statements or Form 26AS and filing a revised return if necessary.
Advance tax must be paid in four installments if the total tax liability exceeds Rs 10,000 after deducting TDS and TCS.
Transferring mutual funds to a brother does not trigger capital gains tax, but proper documentation is required.
Tax on Ulip gains depends on when the Ulip was issued and the premium paid.
For Ulips issued after February 1, 2021, maturity proceeds are taxable as capital gains if certain conditions are met.
- Who
- Taxpayers with queries about income tax
- What
- Answers to common income tax questions
- When
- Not specified
- Where
- India
- Why
- To provide clarity on tax-related issues
- AIS
- Annual Information Statement
- ITR
- Income Tax Return
- Advance Tax Due Date
- 15th December
- Advance Tax Threshold
- Rs 10,000
- Ulip Tax Exemption
- Section 10(10D)
- Ulip Taxable Capital Gains
- 12.5% on excess of Rs 1.25 lakh