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Correcting errors in filed Income Tax Returns is now easier with ITR-U under Section 139(8A) of the Income Tax Act, 1961. Taxpayers can update missed income, omitted deductions, or incorrect reporting even after the standard revised return deadline. ITR-U ensures compliance, avoids scrutiny, and prevents penalties while streamlining the correction process. Tools like TaxBuddy make it simple to detect discrepancies across income sources, calculate additional tax, and submit

Excess TDS occurs when the total tax deducted at source during a financial year exceeds the actual tax liability of a taxpayer. This often arises due to multiple employers, higher TDS on fixed deposits, or errors in calculation. Claiming a refund for excess TDS is straightforward once the correct procedure is followed, including filing an accurate Income Tax Return (ITR), verifying bank details, and monitoring the refund status. Understanding the step-by-step process helps en

Accurate tax filing is crucial for compliance with the Income Tax Act, 1961. Mistakes in your original income tax return can happen, and understanding whether a revised return can be filed after the deadline is essential for all taxpayers. Indian tax law provides structured provisions to correct errors, including revised returns under Section 139(5) and Updated Returns (ITR-U) under Section 139(8A), ensuring taxpayers have options to disclose missed income or rectify mistak

Revised returns under Section 139(5) of the Income Tax Act, 1961, give taxpayers a vital opportunity to correct errors in their originally filed ITRs. Common mistakes, such as incorrect bank account information, unreported income, missed deductions, or filing the wrong ITR form, can all be addressed through this process. Filing a revised return ensures compliance, avoids penalties, and helps taxpayers secure timely refunds. Platforms like TaxBuddy streamline this process, of

NRIs earning income in India must carefully select the correct ITR form to ensure compliance and avoid penalties. Choosing the wrong form can lead to processing delays, scrutiny, or fines. Income from property, capital gains, salary, business, or professional activity determines which ITR form is suitable. Recent updates for AY 2025-26 emphasize filing deadlines, e-verification, and DTAA applicability for NRIs. Proper reporting of Indian income and bank account details is ess

Employee Stock Option Plans (ESOPs) and Restricted Stock Units (RSUs) are popular forms of employee compensation in India, offering potential wealth creation alongside salary. Filing Income Tax Returns (ITR) for individuals holding ESOPs or RSUs requires careful reporting of perquisites, capital gains, and foreign assets to comply with the Income Tax Act, 1961. Choosing the correct ITR form is crucial to ensure accuracy, avoid penalties, and prevent delays in processing. Ac

Filing an Income Tax Return (ITR) for multiple sources of income—salary, freelance work, and investments—requires precise reporting and careful aggregation. Accurate declaration ensures compliance with the Income Tax Act, 1961, helps avoid notices or penalties, and enables proper calculation of tax liabilities. With the FY 2024-25 deadline set for September 15, 2025, taxpayers must ensure that all income sources are correctly captured, deductions are claimed appropriately, a

Late filing of income tax returns and receiving notices from the Income Tax Department can result in significant penalties and scrutiny....

Income tax notices are official communications sent by the Income Tax Department to taxpayers regarding discrepancies, verification, or...

Section 143(1) Intimation is an official communication from the Indian Income Tax Department after processing an individual’s Income Tax...