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Income tax refunds sometimes appear as “credited” on the CPC portal but fail to show up in bank statements, leaving taxpayers confused about what went wrong. The issue usually stems from incorrect bank details, PAN–bank mismatches, or delays in interbank settlement systems. With the latest refund rules, pre-validated bank accounts and correct IFSC details are essential for timely credit. Understanding these reasons helps identify whether the problem lies with the Income Tax D

AIS vs bank statement mismatches occur when the entries reported to the Income Tax Department differ from the actual transactions appearing in a taxpayer’s bank records. These mismatches are increasingly common because AIS aggregates data from banks, brokers, and other reporting entities, capturing interest, deposits, securities transactions, and high-value transfers. When this data does not align with the income declared in the ITR, automated systems may issue notices for cl

Introduction The deductors must create a challan in order to pay the TDS amount that is withheld from payments. When the government deducts TDS, the sum can be paid (via book entry) without creating a challan. This straightforward procedure is made possible by Form 24G, a compliance instrument. In order to pay the TDS amount to the relevant authority, prescribed government officials combine the payment details ( TDS-Salary /TDS-Non Salary/TDS-Non Salary Non Residents/TCS) in

Refund reissue requests often get denied when bank details fail validation, TDS entries do not match the Income Tax Department records, ITR verification is incomplete, or documents supporting deductions are missing. Denial simply means the system could not process the refund due to mismatches or unresolved issues. The Income Tax portal allows taxpayers to correct details, file rectification requests, or raise a grievance to get refunds reprocessed. Most cases are resolved by

Introduction Professional tax in Maharashtra is a state tax that targets individuals who earn income, whether through employment or self-employment. This tax affects salaried employees , freelancers, and business owners alike. Employers typically deduct it from their employees' salaries, while self-employed individuals are responsible for paying it directly. To avoid penalties, it's essential to stay on top of these payments. Table of Contents Introduction Professional Tax in

Introduction India provides corporations with a number of tax benefits, including incentives, deductions, and exemptions under Sections 10 , 80, 32, and more. Companies may, however, end up with a zero-tax burden on their profits after utilising these deductions, meaning they will not contribute to the national revenue. In response, Section 115JB of the Income Tax Act in India established the Minimum Alternate Tax (MAT) system. MAT guarantees that businesses with significant

The ITR-V , or Income Tax Return – Verification, is the official acknowledgement generated after filing your income tax return online. It serves as proof that your ITR has been successfully submitted on the Income Tax Department’s e-Filing portal. This document must be e-verified or sent physically to the Centralized Processing Centre (CPC) in Bengaluru within 30 days of filing. For the assessment year 2025-26, taxpayers can easily download their ITR-V and complete verifica

Clubbing of income applies when earnings of a spouse or minor child must be added to the taxpayer’s total income under Section 64 . This adjustment prevents tax avoidance through diversion of income and often becomes the basis for tax notices when clubbed income is not disclosed accurately. Minor’s interest income, spouse-related gifts, and transfers without adequate consideration fall under these rules, and mismatches frequently surface in AIS or Form 26AS. Many taxpayers se

Section 245 of the Income Tax Act empowers the Income Tax Department to adjust a taxpayer’s refund against any existing tax demand or outstanding dues. This mechanism ensures that before issuing a refund, the department verifies whether the taxpayer owes any amount for previous assessment years. With updates introduced in Budget 2025 and recent CBDT notifications, the process has become more transparent and taxpayer-friendly. Clear communication through online notices and pr

Reporting savings account interest income accurately is essential for ensuring full compliance with the Income Tax Act and avoiding mismatches during return processing. Savings interest is taxable and must be disclosed even when banks do not deduct TDS or when the income falls below the deduction limit. The Income Tax Return requires this income to be reported under the appropriate section, supported by bank statements and interest summaries. With updated thresholds and clea