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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

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

Tax-saving fixed deposits (FDs) provide Indian investors a safe and tax-efficient way to save while claiming deductions under Section 80C...

Starting a first job brings excitement and a new set of responsibilities, including understanding and managing taxes. For first-time...

A spouse can be involved in a number of tax preparation strategies. On the other hand, some actions will not result in lower taxes. Money...

The average retirement age in India is between 58 and 60 years old, making it one of the lowest in the world. It covers differences...

Tax filing can often feel overwhelming, especially when it involves complex documentation and tight deadlines. For individuals and...

Filing taxes  can be a daunting task, especially for women entrepreneurs managing multiple aspects of their business. Accurate tax filing...