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Simplifying tax sections in India has become increasingly manageable through the synergy of artificial intelligence and expert guidance. Platforms like TaxBuddy enable taxpayers to accurately navigate the complexities of the Income Tax Act, 1961, automate data extraction from Form 16, Form 26AS , and other documents, and apply deductions correctly. This combination of AI-powered computation and expert review minimises errors, maximizes savings, and ensures compliance with th

Introduction Although the Income Tax Act of 1961 permits professionals and enterprises to deduct a variety of reasonable expenses from their taxable income , not all expenses are eligible for this advantage. Even when expenses are spent solely for business purposes, they are subject to various limitations and disallowances under Section 40 of the Act. This means that some payments cannot be subtracted when calculating business profits for taxation , even if the business's out

Introduction It might be frightening to get an income tax notice, particularly if you're not familiar with the procedure. However, in order to prevent penalties or legal repercussions, it's imperative that you respond to these notices precisely and soon. For the government to ensure tax compliance and revenue collection, the Income Tax Department of India is essential. They may send different notices to taxpayers as part of their duties, asking for more details, providing cla

Tax filing in India is becoming faster, smarter, and more reliable with the rise of AI-assisted platforms. In 2025, the key challenge is not just speed but also ensuring error-free compliance with the Income Tax Act, 1961. TaxBuddy addresses this challenge by combining the efficiency of artificial intelligence with the assurance of human expertise. AI handles the data gathering, real-time validation, and auto-calculations, while tax professionals cross-check every return fo

Introduction Making mistakes when filing your income tax returns (ITRs) is a typical occurrence. In these cases, the income tax department sends out letters to fix the mistakes. There are numerous reasons why income tax letters are sent out, and each one calls for a unique answer. Income tax notices might be sent to you via email or the mail, but you have to respond to them in a certain way. For a variety of reasons, including incomplete or delayed ITR filing, unpaid self-ass

Generic FAQs often fall short when taxpayers face the intricacies of Income Tax Return (ITR) filing, especially with multiple income sources, varying deductions, and evolving tax laws. For individuals with salary, business income, capital gains, crypto investments, or foreign assets, relying solely on FAQs can lead to errors, delays, or notices from the Income Tax Department. Understanding form selection, linking bank accounts correctly, and meeting deadlines requires precise

Income tax notices can unsettle even the most diligent taxpayer. With AI-powered platforms transforming routine filing, many assume the same technology can manage notices. The reality is different: responding to notices requires interpretation of the Income Tax Act, 1961, awareness of the latest amendments, and professional judgment that AI cannot replicate. Understanding why technology falls short in this area helps taxpayers avoid penalties and handle notices effectively. T

Introduction It is usual for married couples to switch cash, but doing so without considering the tax implications may draw unwanted attention from the Income Tax Department. The Indian income tax regulations do not explicitly prohibit cash transfers between spouses . However, there are some special requirements and criteria to be aware of. While these transactions may not directly generate tax liabilities, a lack of awareness can cause financial problems. According to tax ex

The future of tax consulting in India is being reshaped by Artificial Intelligence. No longer limited to routine automation, AI is emerging as a force that enhances compliance, strengthens fraud detection, and drives smarter decision-making across the tax ecosystem. For a country governed by the Income Tax Act, 1961, this shift is crucial as taxpayers demand speed, accuracy, and reliability. With platforms like TaxBuddy already integrating AI features to simplify filing, the

Filing an income tax return (ITR) after the due date is known as a belated return. For business owners and professionals, missing the original deadline can lead to penalties, interest, and restricted benefits. However, the Income Tax Act allows taxpayers to file a belated ITR under Section 139(4). Understanding how and when to file ensures compliance while minimizing losses. This guide explains the complete process, from eligibility and documentation to filing on time throug