One stop for everything related to taxes,
Our Blogs

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 ITR-U late can lead to significant penalties under the Indian Income Tax Act, 1961. Sections 234F and 140B outline structured fees and additional taxes based on how overdue the updated return is. Understanding these provisions is crucial, as they not only affect your tax liability but can also impact financial planning, loan approvals, and refunds. Recent amendments have extended the filing window for ITR-U up to 4 years from the end of the relevant assessment year, pr

Income escaping assessment arises when a taxpayer's income chargeable to tax is under-reported or undisclosed in the original return. The Income Tax Department is empowered to reassess such returns to ensure correct tax liability is paid. The Updated Income Tax Return, or ITR-U, is a dedicated form allowing taxpayers to disclose escaped income accurately. Filing ITR-U ensures compliance with reassessment notices under Sections 147 and 148 of the Income Tax Act, 1961, and prev

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

Income tax refunds are amounts owed to taxpayers when excess tax is paid through TDS, advance tax, or self-assessment tax. Knowing the exact time frame to claim these refunds ensures that taxpayers do not miss their entitlement. Recent changes effective from October 1, 2024, have reduced the refund claim period from six to five years from the end of the relevant assessment year. Understanding these timelines, along with condonation provisions, court-related exemptions, and pr