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The choice between the old and new tax regime is one of the most important financial decisions for salaried professionals in India. The old regime allows multiple deductions and exemptions, such as HRA, 80C, and 80D, while the new regime offers reduced tax rates with fewer deductions. Deciding which regime is better depends on salary structure, investments, and tax-saving preferences. Both systems serve different types of taxpayers, and a detailed comparison ensures that sala

The debate between the old and new tax regimes has gained more importance in FY 2025-26 with changes in slabs, deductions, and rebates. The old regime continues to allow multiple exemptions and deductions such as HRA, 80C investments, and home loan interest, while the new regime offers lower slab rates, a higher standard deduction of ₹75,000, and a generous rebate of up to ₹60,000 for incomes up to ₹12 lakh. Choosing the right regime depends on income level, deductions claim

Non-Resident Indians (NRIs) often face confusion about whether they can access India’s new tax regime. For the financial year 2025-26, the revised framework provides an option for all individual taxpayers, including NRIs. The new regime offers lower tax rates with expanded slab limits but removes most exemptions and deductions. Understanding how this impacts taxable income, the availability of rebates, and the treatment of NRI-specific income like interest on NRO accounts is

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

The Income Tax Return-Update (ITR-U) is a key tool under Indian tax laws designed to help taxpayers correct errors or omissions in their originally filed returns. By filing ITR-U, even after the regular revised return deadline, individuals, professionals, and businesses can ensure accurate reporting of income, deductions, and TDS credits. Timely use of ITR-U reduces the chances of scrutiny notices, avoids penalties, and ensures full compliance with the Income Tax Act, 1961. T

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

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