One stop for everything related to taxes,
Our Blogs

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

The last date to file Income Tax Returns (ITR) for salaried employees for FY 2024-25 (AY 2025-26) was September 16, 2025, extended from the usual July 31 deadline due to portal issues. Employees who missed this date still have the option to file belated returns until December 31, 2025, though penalties may apply. A frequent concern for many salaried taxpayers is receiving an incorrect or delayed Form 16. Since Form 16 serves as the key TDS certificate issued by employers, i

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

Employers in India now play a crucial role in managing how salaried employees declare their tax regime preference in Form 16 . From FY 2024–25, with the new regime set as the default under Section 115BAC, Form 16 has been revised to clearly reflect whether the employee chose the old or new regime. This impacts how deductions are considered, how TDS is calculated, and how final tax liability is reported. The updated reporting format reduces mismatches at the time of filing, gi

The New Tax Regime in India, introduced under Section 115BAC , offers simplified slab rates but restricts most commonly used Chapter VI-A deductions. While it reduces paperwork and compliance, taxpayers must weigh whether the Old Regime, with its wide range of exemptions, still provides greater benefits. The Finance Act 2024, applicable from FY 2025-26, revises standard deductions and clarifies which exemptions survive under the new system. Understanding this comparison is es

Taxpayers in India often wonder if they can switch their tax regime after filing their Income Tax Return (ITR) . The Income Tax Act provides two options: the old regime with deductions and exemptions, and the new regime under Section 115BAC with lower rates but limited exemptions. While salaried individuals may have flexibility through revised returns, business and professional taxpayers face tighter restrictions. Understanding these rules is essential to avoid mistakes, pena

Choosing the right tax regime in India is one of the most important financial decisions for any taxpayer. With two options available under the Income Tax Act, 1961—the old regime with multiple deductions and exemptions, and the new regime with lower tax rates but limited benefits—picking the right one can significantly impact overall tax liability. Many individuals make avoidable mistakes such as failing to compare both regimes, claiming ineligible deductions, or not informin

The choice between the old and new tax regime  for pensioners in India depends on how tax slabs, deductions, and exemptions align with individual income patterns. Pension income, senior citizen-specific benefits, and interest exemptions play a critical role in determining the right option. Pensioners with significant deductions often benefit from the old regime, while those with simpler incomes may find the new regime easier. Table of Contents Regime Choice for Pensioners: Ol

Freelancers and consultants in India must choose between the old tax regime, with its broad range of deductions, and the new regime, which offers lower rates but limited exemptions. The decision impacts tax liability, ease of filing, and long-term planning. Both regimes are available each year, allowing professionals to opt for whichever reduces their tax outgo most effectively. With recent updates in Budget 2025, including revised slabs and higher standard deductions, unders