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A defective return notice under  Section 139(9) is issued by the Income Tax Department when an Income Tax Return (ITR) contains missing details, inconsistencies, or mismatched data that prevent proper assessment. This notice gives taxpayers a chance to rectify such defects within a specified time to avoid their return being treated as invalid. The recent Budget 2025 and CBDT updates have improved the e-filing process, making it simpler for taxpayers to identify and correct th

The ITR-U  or Updated Income Tax Return allows taxpayers to correct or update previously  filed returns  within a specified window. For FY 2024-25 (AY 2025-26), the original return deadline has been extended to September 15, 2025, followed by a belated filing period until December 31, 2025. From April 1, 2026, taxpayers can file an ITR-U to make corrections until March 31, 2030—an extended 48-month period introduced under the Finance Act 2025. These changes make tax complianc

The Income Tax Department allows taxpayers to file their returns even after missing the due date through a belated return or to correct past mistakes through an updated return. Understanding the difference is crucial because the type of return you file affects your tax liability, penalties, and refund eligibility. Both options serve different purposes—while a belated return is about delayed compliance, an updated return is about rectification and transparency. Choosing the ri

Before filing your Income Tax Return (ITR) , verifying your Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) is essential. These statements consolidate your financial data, including income, investments, and TDS details, as reported to the Income Tax Department. Any mismatch between your AIS/TIS and actual income can lead to scrutiny, delayed refunds, or notices. Reviewing and reconciling them ensures every transaction is correctly captured—helping y

Taxpayers classified as Resident and Ordinarily Resident (ROR) in India are required to disclose all foreign income and assets in their Income Tax Return (ITR-2). This includes overseas bank accounts, shares, properties, and other financial interests held during the relevant calendar year. The reporting must be done in Schedule FA, covering assets and income from January 1 to December 31 of the previous year. The disclosure is mandatory even if such income is not taxable in I

Filing income tax returns in India as a Non-Resident Indian (NRI) involves specific rules, documents, and eligibility conditions. Taxation for NRIs depends on income earned or received fin India, and with recent updates under the Union Budget 2025, understanding these nuances is crucial for compliance. The process includes determining residential status, choosing the correct ITR form, claiming eligible deductions, and filing the return through the official e-filing portal. P

Section 245 of the Income Tax Act, 1961, empowers the Income Tax Department to adjust a taxpayer’s refund against any outstanding tax demand from previous years. Before such adjustment, the taxpayer receives an official intimation and a 30-day window to respond. This mechanism ensures recovery of unpaid dues while maintaining transparency and safeguarding taxpayer rights. With the Finance Act 2023 merging refund withholding provisions from Section 241A into Section 245, the

Filing Income Tax Returns (ITR)  can be a complex process, especially when dealing with specific sources of income, such as interest income. Interest income, whether from savings accounts, fixed deposits, or bonds, must be accurately reported to ensure tax compliance. Misreporting or underreporting interest income can lead to penalties, scrutiny, and delays in processing refunds. This section explores the key aspects of reporting interest income, how to stay updated with TDS

Section 142(1) notice  of the Income Tax Act grants the Income Tax Department the authority to issue notices to taxpayers for various reasons, primarily when they fail to file their Income Tax Returns (ITR) or fail to respond to earlier notices. A Section 142(1) notice serves as a formal communication from the tax authorities, prompting the taxpayer to submit their ITR, respond to a query, or provide additional information necessary for the completion of their tax assessment.

Receiving a notice under Section 143(2) of the Income Tax Act  can be an overwhelming experience for taxpayers. This notice indicates that the Income Tax Department is scrutinizing the information provided in your Income Tax Return (ITR) for a particular financial year. The scrutiny is typically aimed at verifying whether the income reported, deductions claimed, or tax calculations are correct and in compliance with the law. While receiving such a notice may cause anxiety, it