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The belated ITR filing last date for FY 2024-25 is December 31, 2025, and this deadline applies to anyone who misses the original due date, which was extended to September 15, 2025 for most non-audit taxpayers. A belated return lets taxpayers file after the due date, but it comes with late fees, interest, and certain restrictions. Refunds may get delayed, losses may not be carried forward, and penalties under Section 234F can go up to ₹5,000. Platforms such as TaxBuddy pro

Form 26AS is the tax credit statement that records TDS, advance tax, and self-assessment tax reported against a PAN. Any mismatch between Form 26AS and documents like Form 16 or AIS can lead to refund delays, defective return notices, or incorrect tax calculations. Identifying inconsistencies before filing the return ensures smooth processing and prevents unnecessary tax scrutiny. A quick review of tax credits, deduction entries, and reported income helps eliminate errors t

Introduction Any cash transactions that do not align with your reported income can trigger the suspicion of the Income Tax authorities. To identify the discrepancy between your income and expenses, the Income Tax Department employs cutting-edge technologies like artificial intelligence and data analytics. Information is obtained from your workplace, travel agency, or stock exchange in addition to bank statements, investments, real estate transactions, and travel-related data.

Refunds credited twice by the Centralised Processing Centre (CPC) typically occur due to system glitches, duplicate processing, or mismatches in tax calculations under the Income Tax Act 1961. This situation can place taxpayers at risk of future demand notices, rectification orders, or penalty exposure if not handled correctly. Understanding why the duplicate refund occurred and how to report it promptly is essential, as CPC Bengaluru now has the authority to reverse excess r

With the Income Tax Department introducing the “Discard Return” feature for AY 2023–24 onwards, taxpayers can now withdraw an unverified ITR filed under Section 139(5). This option applies only to revised, original, or belated returns that remain unverified and need correction before submission. Once discarded, the return is permanently removed, allowing a fresh filing within the permitted timelines. This update aims to reduce filing errors and simplify the process of correct

Interest calculation becomes important when advance tax paid during the year is later adjusted against the final tax refund. The Income Tax Act uses specific rules under Sections 234B, 234C, and 244A to compute interest depending on whether the taxpayer paid excess advance tax, paid it late, or paid less than the required amount. Understanding these adjustments helps avoid unexpected interest liability and ensures accurate refund expectations. Many salaried taxpayers use pla

Advance tax payments often create confusion because taxpayers expect instant updates, yet the Income Tax system records these payments through multiple layers that take time to sync. Understanding where and how this information appears ensures that taxpayers can verify their payments confidently and avoid issues during ITR filing . The process involves checking the Annual Information Statement, challan status, and Form 26AS across official government portals. Reliable confir

Schedule 80G is the section in an Income Tax Return where donations made to approved charitable institutions are declared for deduction under Section 80G. The details entered in this schedule influence the deduction amount and directly impact taxable income. Accurate reporting ensures the donation is valid, eligible, and supported with proper documentation, especially under the old tax regime. With increased scrutiny and mandatory 80G verification norms, precise entry becomes

Section 80TTA allows a deduction of up to ₹10,000 on interest earned from savings bank accounts, and this benefit can be claimed directly inside ITR-1 under the Chapter VI-A deduction schedule. The rule applies to individuals and HUFs with interest income from savings accounts in banks, post offices, or cooperative societies. Interest from fixed deposits or recurring deposits is not covered under this section. Senior citizens use Section 80TTB instead. Accurate reporting of

Choosing between the old and new income tax regimes for FY 2024-25 depends on tax slabs, available deductions, and overall taxable income. The new regime offers lower slab rates with limited deductions, while the old regime retains popular exemptions like 80C, 80D, HRA, LTA, home loan interest, and standard deduction. Senior citizens also receive higher exemption thresholds under the old structure. The comparison chart for FY 2024-25 helps taxpayers understand differences in