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Filing income tax returns accurately is crucial to avoid penalties, ensure correct TDS credits, and claim refunds when eligible. While taxpayers are familiar with the standard ITR, mistakes and omissions can occur, leading to the need for corrections. The Income Tax Act provides provisions like Revised Return and ITR-U to address such situations. Understanding their differences, timelines, and implications is essential to determine which return to file in a given scenario.

Accurate tax filing is crucial for compliance with the Income Tax Act, 1961. Mistakes in your original income tax return can happen, and understanding whether a revised return can be filed after the deadline is essential for all taxpayers. Indian tax law provides structured provisions to correct errors, including revised returns under Section 139(5) and Updated Returns (ITR-U) under Section 139(8A), ensuring taxpayers have options to disclose missed income or rectify mistak

Tracking your income tax refund has never been easier. Without logging into the e-filing portal, taxpayers can instantly check the status of refunds using their PAN and Assessment Year. This method is officially recognised by the Income Tax Department and applies to refunds processed through the “Refund Banker” system. It eliminates the need for portal credentials, making it convenient for individuals facing password issues, portal downtime, or simply seeking a faster check.

The Updated Income Tax Return (ITR-U) allows taxpayers to rectify errors or report omitted income for up to four years from the end of the relevant assessment year. While it is a crucial tool for maintaining compliance and avoiding penalties, taxpayers often wonder if filing an ITR-U also lets them claim a refund. Understanding the distinction between ordinary ITRs and ITR-U is essential to ensure accurate tax filing and proper management of refunds, while adhering to updat

Choosing between the old and new tax regimes significantly impacts tax savings for salaried and self-employed individuals in India. The old regime allows a wide range of deductions like 80C investments, 80D health insurance, HRA, and home loan interest, while the new regime offers lower tax rates but only permits a limited set of deductions such as the standard deduction and employer NPS contributions. Understanding which deductions are allowed under each regime is crucial fo

When a tax refund shows as “processed” on the Income Tax portal but does not appear in your bank account, it can be worrying. Such situations often arise due to incorrect account details, mismatches between PAN and bank information, or technical glitches in electronic fund transfers. Resolving this promptly requires understanding the process, verifying bank details, and, if necessary, filing refund reissue or rectification requests. TaxBuddy offers an efficient platform to t

Income tax refunds are a critical part of tax compliance, yet delays or non-crediting of refunds cause stress for taxpayers. The most common reasons for refund failures include incorrect bank details, mismatches in filing forms, or procedural issues under the Income Tax Act, 1961. Timely verification, accurate form selection, and responding to notices can ensure refunds are credited smoothly. Table of Contents Why Income Tax Refunds Are Delayed or Not Credited Incorrect or M

Filing an Income Tax Return (ITR) without Form 16 is entirely possible. Form 16 is a TDS certificate issued by employers, but it is not mandatory for ITR filing. Taxpayers can use salary slips, Form 26AS, and other supporting documents to accurately calculate their income, claim deductions, and file returns. The Income Tax Act, 1961 allows all eligible individuals to submit returns even without Form 16, provided they maintain proper documentation. Platforms like TaxBuddy sim

Startups and LLPs in India are required to file their Income Tax Returns (ITR) annually, irrespective of profits or revenue. This compliance ensures financial discipline, maintains credibility with investors, and keeps businesses eligible for tax benefits such as Section 80-IAC deductions for DPIIT-recognized startups. Filing correctly also prevents penalties, secures the ability to carry forward losses, and ensures compliance with statutory requirements under the Income Tax

NRIs earning income in India must carefully select the correct ITR form to ensure compliance and avoid penalties. Choosing the wrong form can lead to processing delays, scrutiny, or fines. Income from property, capital gains, salary, business, or professional activity determines which ITR form is suitable. Recent updates for AY 2025-26 emphasize filing deadlines, e-verification, and DTAA applicability for NRIs. Proper reporting of Indian income and bank account details is ess