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GSTR-9 and GSTR-9C form the backbone of year-end GST compliance, bringing together the full record of outward supplies, inward supplies, ITC claims, and audited financial data for the financial year. These annual returns help businesses confirm whether their monthly and quarterly filings match the books, preventing mismatches that may trigger notices. As FY 2024–25 closes, accurate reconciliation becomes essential for avoiding penalties and ensuring transparent reporting. Ma

GSTR-1 and GSTR-3B sit at the heart of GST compliance, and both returns must mirror each other for accurate tax reporting. GSTR-1 captures outward supplies in detail, while GSTR-3B presents a monthly summary of tax liabilities and eligible input tax credit. When these two returns fall out of sync, automated notices, mismatches in ITC flow, and potential penalties begin to surface. Businesses rely on timely reconciliation to ensure that sales data, tax liability, and ITC clai

Choosing between monthly and quarterly GST filing affects compliance workload, cash flow, and Input Tax Credit timelines. Monthly filing suits businesses with higher turnover or frequent transactions that demand real-time reporting, while quarterly filing under the QRMP scheme benefits smaller taxpayers seeking reduced administrative effort. The right choice depends on turnover, transaction volume, and reporting needs. GST rules outline separate due dates, ITC patterns, and e

In-kind donations, such as clothes, food, books, or other non-monetary goods, hold significant value for charitable organisations, but they do not qualify for tax deductions under Indian income tax law. Section 80G of the Income Tax Act allows deductions only for monetary contributions made through cash (up to ₹2,000), cheque, draft, or digital payment methods. Tax deductions require verifiable financial transactions, supported by valid receipts from approved charitable insti

Rent deduction under House Rent Allowance (HRA) often hinges on one critical detail: the landlord’s PAN. Tax rules link HRA eligibility to proper documentation, and PAN becomes relevant when annual rent crosses a specific threshold. Most salaried individuals face confusion about when the PAN requirement applies, how to claim HRA without it, and what to do if the landlord does not hold a PAN or refuses to provide one. Clear guidelines exist within the Income Tax Act to help d

Foreign Tax Credit allows resident taxpayers in India to avoid double taxation on income earned abroad by offsetting tax already paid in another country. The process requires accurate reporting of foreign income, filing Form 67 , and submitting supporting evidence before filing the return . Income earned outside India must be declared in Schedule FSI and Schedule TR to compute the eligible credit under Indian tax rules. Each country’s tax payment is evaluated separately, and

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

Refund reissue requests often get denied when bank details fail validation, TDS entries do not match the Income Tax Department records, ITR verification is incomplete, or documents supporting deductions are missing. Denial simply means the system could not process the refund due to mismatches or unresolved issues. The Income Tax portal allows taxpayers to correct details, file rectification requests, or raise a grievance to get refunds reprocessed. Most cases are resolved by

Simplifying tax sections in India has become increasingly manageable through the synergy of artificial intelligence and expert guidance. Platforms like TaxBuddy enable taxpayers to accurately navigate the complexities of the Income Tax Act, 1961, automate data extraction from Form 16, Form 26AS , and other documents, and apply deductions correctly. This combination of AI-powered computation and expert review minimises errors, maximizes savings, and ensures compliance with th