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Filing a revised Income Tax Return (ITR) under Section 139(5) allows taxpayers to correct any mistakes or omissions made in their original return. Whether it’s an income not reported, a missed deduction, or a wrong ITR form used, Section 139(5) provides an opportunity to fix these errors without penalty if done within the specified time. This process ensures accurate tax computation and compliance with the Income Tax Act, 1961, especially for FY 2024–25 (AY 2025–26). Table

Filing an Income Tax Return (ITR) after the due date can still be done, but it comes with financial consequences and procedural limitations. Taxpayers who miss the original deadline — September 16, 2025, for most individuals — face penalties under Section 234F and interest under Sections 234A, 234B, and 234C. Late filing may also restrict loss carry-forwards and delay refunds. However, the Income Tax Act allows belated and revised returns within specific timelines, offering

Income tax refunds in India are facing noticeable delays in 2025 due to a mix of system updates, high filing volumes, and data mismatches across  Form 26AS , AIS, and bank accounts. With several portal improvements and revised validation rules introduced this year, even small errors can trigger processing holds. The good news is that most of these issues can be resolved quickly through updated refund tools and timely compliance actions, helping taxpayers receive their refunds

Understanding the difference between advance tax and self-assessment tax is crucial for every Indian taxpayer. Both terms may sound similar, but they apply at different stages of the tax cycle. Advance tax is paid during the financial year based on estimated income, while self-assessment tax is the balance paid before filing the return once actual income is known. Knowing when and how to pay each helps prevent interest charges under Sections 234A, 234B, and 234C, ensuring s

Section 234F of the Income Tax Act, 1961, sets out the penalty framework for filing Income Tax Returns after the due date. The late filing fee can range from ₹1,000 to ₹10,000 depending on total income and delay period. For FY 2024–25 (AY 2025–26), taxpayers must meet filing deadlines—July 31 for individuals and October 31 for audit cases—to avoid penalties. Understanding this section is crucial as it not only determines the fine but also affects eligibility for certain dedu

Belated ITR filing allows taxpayers who missed the original deadline to still file their returns within a specified extended period. For FY 2024-25 (AY 2025-26), the belated filing deadline is 31st December 2025. Filing after this date is only possible through an updated return (ITR-U) , with restrictions and penalties. While filing late is possible, it attracts additional costs and may delay refunds. TaxBuddy , with its AI-driven filing and expert support, provides an effic

Missing the Income Tax Return (ITR) filing due date can lead to significant financial and procedural consequences under Indian tax laws. Late filing attracts penalties, interest on unpaid taxes, loss of certain benefits, and even restrictions on tax regime choice. While the Income Tax Department allows belated returns, the overall process becomes more expensive and restrictive if deadlines are missed. Choosing a reliable e-filing platform such as TaxBuddy helps taxpayers av

Calculating taxes under the old and new income tax regimes in India involves understanding slab rates, available deductions, and rebates to see which option reduces liability for FY 2025-26. The old regime allows multiple deductions and exemptions, while the new regime offers simplified slabs with limited reliefs but higher thresholds. For accuracy, both must be compared before making a choice. TaxBuddy simplifies this process through automated comparisons and expert-assisted

Section 234F of the Income Tax Act imposes a penalty on taxpayers who miss the due date for filing Income Tax Returns . This fee depends on the taxpayer’s total income and the timing of filing. For Assessment Year 2025-26, the penalty can be as high as Rs. 5,000 for incomes exceeding Rs. 5 lakh, while smaller incomes face reduced or no penalty. The provision is designed to ensure timely compliance, discourage delays, and streamline the return filing process. Table of Content

Missing the due date for filing an Income Tax Return often raises a critical question: can a refund still be claimed? For Assessment Year 2025-26 (Financial Year 2024-25), the answer is yes, but only under specific timelines and conditions laid out in the Income Tax Act, 1961. Refunds can be claimed if the return is filed as a belated return before the extended due date of December 31, 2025. However, once this date passes, taxpayers lose the right to claim any refund if the