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Mistakes in income tax returns, whether in the original or revised filing, can lead to incorrect reporting, missed deductions, or delayed refunds. ITR-U , the Updated Return under the Income Tax Act, 1961, provides a practical solution for taxpayers to self-correct errors and omissions. With the recent extension of the correction window to four years from the end of the relevant assessment year, ITR-U enables individuals and businesses to proactively amend returns, ensure com

The Income Tax Return-Update (ITR-U) is a key tool under Indian tax laws designed to help taxpayers correct errors or omissions in their originally filed returns. By filing ITR-U, even after the regular revised return deadline, individuals, professionals, and businesses can ensure accurate reporting of income, deductions, and TDS credits. Timely use of ITR-U reduces the chances of scrutiny notices, avoids penalties, and ensures full compliance with the Income Tax Act, 1961. T

When a revised income tax return is rejected, it can create confusion and concern for taxpayers. Understanding why the rejection happened, reviewing statutory deadlines, and knowing the correct steps to rectify the issue are crucial for compliance and avoiding penalties. Timely corrective measures can ensure the original return remains valid and prevent further complications, while platforms like TaxBuddy provide guidance to simplify the process and prevent common errors. Ta

Extra deductions can indeed be claimed in a revised income tax return if the taxpayer files within the prescribed timeline under Section 139(5) of the Income Tax Act, 1961. Missed deductions in the original return—such as under Sections 80C, 80D, or 80G —can be added in a revised return, provided all claims are legal, verifiable, and backed by appropriate documentation. Filing a revised return substitutes the original submission and ensures that the latest return is treated a

Filing an income tax return correctly is essential for compliance and avoiding penalties. Sometimes, errors or omissions are discovered after the deadline for a Revised Return, or no return was filed at all. In such cases, the Income Tax Department allows filing an ITR-U (Updated Return), which provides relief even after the assessment year ends. The ITR-U accommodates missed income, deductions, and exemptions but comes with specific timelines and additional taxes. Understand

Filing an Updated Income Tax Return (ITR-U) online allows taxpayers to correct or update previously filed returns without starting from scratch. With platforms like TaxBuddy , the process is simplified, automated, and accurate, ensuring compliance under Section 139(8A) of the Income Tax Act. TaxBuddy offers an intuitive interface, auto-filled forms, and real-time guidance, making it accessible even for first-time filers. The updated return process handles omitted income, und

Filing a revised income tax return online is essential to correct mistakes or omissions in your original ITR for FY 2024-25. The process is governed under Section 139(5) of the Income Tax Act, 1961, and allows taxpayers to replace their original return entirely. Filing a revised return ensures accurate reporting of income, deductions, and tax payments, helping to avoid notices or penalties. With a structured approach, including prerequisites, portal login, corrections, and e-

Filing income tax returns accurately is crucial for avoiding penalties and ensuring compliance with Indian tax laws. Mistakes in the original return can happen, but taxpayers have remedies through revised and updated returns. Revised returns allow corrections to errors in the original ITR, while updated returns provide an extended window to rectify issues beyond the revised return period. Understanding the exact time limits, eligibility, and procedural requirements under Sec

Income tax refunds are typically a welcome relief for taxpayers, but under Indian tax laws, these refunds can sometimes be adjusted against any outstanding tax liabilities from previous years. Section 245 of the Income Tax Act 1961 empowers the Income Tax Department to recover unpaid taxes by offsetting refunds due in the current year. Understanding this process, including taxpayer rights and procedural steps, is essential to ensure compliance and avoid surprises. Effective

Timely receipt of income tax refunds is crucial for taxpayers in India. Refund delays often arise from errors in TDS reporting, incorrect bank details, or mismanaged ITR filings . TaxBuddy offers a streamlined platform that combines AI-driven calculations, real-time tracking, and expert guidance to help taxpayers file accurately, validate bank accounts, and monitor refund status. By ensuring compliance with Income Tax Act 1961 provisions and minimising errors, TaxBuddy signif