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Agricultural income in India enjoys a unique position under the Income Tax Act, 1961. While it is exempt under Section 10(1), accurate reporting in your Income Tax Return (ITR) is crucial to avoid scrutiny and maintain compliance. Whether derived from cultivation, rent, or the sale of produce, this income must be declared with proper documentation. The exemption applies only when the income genuinely arises from land used for agricultural purposes within India. The key lies i

Interest earned from fixed deposits (FDs) and savings bank accounts is fully taxable under the head “Income from Other Sources” as per the Income Tax Act, 1961. Many taxpayers often overlook this income or report it incorrectly, leading to mismatches in the Annual Information Statement (AIS). Whether the amount is small or substantial, it must be disclosed while filing your Income Tax Return (ITR) . Correct reporting ensures compliance, prevents penalty notices, and helps cla

The income tax return filing deadline for freelancers in India has been extended to 16th September 2025 for the financial year 2024-25 (assessment year 2025-26). This revised date, announced by the Central Board of Direct Taxes (CBDT), is critical for freelancers who need to stay compliant under the Income Tax Act, 1961. Missing the deadline can lead to penalties, interest charges, and additional compliance burdens, making it essential to prepare in advance. Freelancers must

Filing an Income Tax Return after the due date in India can bring financial and compliance consequences. Penalties under Section 234F, monthly interest on unpaid taxes, delayed refunds, and the loss of certain tax benefits are among the most common risks. However, taxpayers still have solutions such as filing a belated return before December 31, 2025, paying applicable fees, and using digital platforms like TaxBuddy to simplify the process. Knowing the risks and remedies is

The Income Tax Return (ITR) filing deadline for AY 2025–26 was extended twice this year. Initially set for July 31, 2025, the Central Board of Direct Taxes (CBDT) pushed it to September 15, and later to September 16 due to portal-related technical issues. As of September 29, 2025, there is no further extension announced. Taxpayers must note that September 16 marked the final date for most non-audit cases. Table of Contents Official Extension Notifications and Reasons Current

Switching between the old and new tax regime s while filing Income Tax Returns has become a key decision for taxpayers in India. For FY 2024-25 (AY 2025-26), the new regime is the default, but individuals can still opt for the old regime if it proves more beneficial. The process varies for salaried taxpayers compared to those with business or professional income, and the choice must be made before the ITR due date. Understanding the rules, deadlines, and filing procedures is

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

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