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Belated ITR filing allows taxpayers who missed the original deadline to still file their returns within a specified extended period. For FY 2024-25 (AY 2025-26), the belated filing deadline is 31st December 2025. Filing after this date is only possible through an updated return (ITR-U) , with restrictions and penalties. While filing late is possible, it attracts additional costs and may delay refunds. TaxBuddy , with its AI-driven filing and expert support, provides an effic

Missing the Income Tax Return (ITR) filing due date can lead to significant financial and procedural consequences under Indian tax laws. Late filing attracts penalties, interest on unpaid taxes, loss of certain benefits, and even restrictions on tax regime choice. While the Income Tax Department allows belated returns, the overall process becomes more expensive and restrictive if deadlines are missed. Choosing a reliable e-filing platform such as TaxBuddy helps taxpayers av

Calculating taxes under the old and new income tax regimes in India involves understanding slab rates, available deductions, and rebates to see which option reduces liability for FY 2025-26. The old regime allows multiple deductions and exemptions, while the new regime offers simplified slabs with limited reliefs but higher thresholds. For accuracy, both must be compared before making a choice. TaxBuddy simplifies this process through automated comparisons and expert-assisted

Section 234F of the Income Tax Act imposes a penalty on taxpayers who miss the due date for filing Income Tax Returns . This fee depends on the taxpayer’s total income and the timing of filing. For Assessment Year 2025-26, the penalty can be as high as Rs. 5,000 for incomes exceeding Rs. 5 lakh, while smaller incomes face reduced or no penalty. The provision is designed to ensure timely compliance, discourage delays, and streamline the return filing process. Table of Content

Missing the due date for filing an Income Tax Return often raises a critical question: can a refund still be claimed? For Assessment Year 2025-26 (Financial Year 2024-25), the answer is yes, but only under specific timelines and conditions laid out in the Income Tax Act, 1961. Refunds can be claimed if the return is filed as a belated return before the extended due date of December 31, 2025. However, once this date passes, taxpayers lose the right to claim any refund if the

Choosing between the old and new tax regimes is often the first major decision for a new taxpayer in India. The new tax regime, now the default option from FY 2023-24 onwards, offers concessional rates and simplicity but fewer deductions, while the old regime provides multiple exemptions at higher slab rates. For FY 2025-26, the government has revised slabs, raised the basic exemption limit, and enhanced rebates under the new regime, making the choice more significant than e

Assisted filing and DIY filing each offer distinct benefits when it comes to choosing the right income tax regime under the Indian Income Tax Act, 1961. The decision affects overall compliance, accuracy of reporting, and the ability to optimise deductions and exemptions. With evolving rules, adjusted tax slabs, and shortened compliance timelines, selecting between the old and new regimes is not just about saving tax but also about avoiding errors. Platforms like TaxBuddy h

The last date to file Income Tax Returns (ITR) for Financial Year (FY) 2024-25 and Assessment Year (AY) 2025-26 has been extended beyond its original deadline due to significant updates in tax forms and portal readiness. The Central Board of Direct Taxes (CBDT) finalized September 16, 2025, as the cut-off date for individuals, HUFs, and non-audit taxpayers. For audit cases, businesses with transfer pricing requirements, and those needing additional compliance, the deadlines

High-Net-Worth Individuals (HNIs) and high-income earners in India often face the dual challenge of higher tax rates and complex financial planning needs. Choosing between the old and new tax regime has a direct impact on wealth preservation, compliance, and future investment strategies. Effective regime planning allows these individuals to minimize tax liabilities, optimise returns, and maintain long-term financial stability by leveraging deductions, exemptions, and efficie

Understanding the differences between the Old and New Tax Regimes is crucial for taxpayers in FY 2025-26. The New Tax Regime, now the default option, offers simplified slabs, higher rebates, and fewer deductions, while the Old Regime allows extensive exemptions and deductions for strategic tax planning. Knowing which regime suits individual income, investments, and expenses can optimize tax liability and maximize refunds. TaxBuddy provides intuitive tools and calculators