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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

Income tax refunds arise when taxes paid exceed the actual tax liability after deductions and exemptions. Timely filing, accurate income reporting, and validated bank accounts are critical to ensure a smooth refund process. Both salaried employees and freelancers must carefully follow ITR rules and compliance requirements to avoid delays. Using verified platforms like TaxBuddy helps manage filing, e-verification, and refund tracking efficiently, minimizing errors and ensurin

Revised returns under Section 139(5) of the Income Tax Act, 1961, give taxpayers a vital opportunity to correct errors in their originally filed ITRs. Common mistakes, such as incorrect bank account information, unreported income, missed deductions, or filing the wrong ITR form, can all be addressed through this process. Filing a revised return ensures compliance, avoids penalties, and helps taxpayers secure timely refunds. Platforms like TaxBuddy streamline this process, of

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

Chapter VI-A of the Income Tax Act provides taxpayers with significant opportunities to reduce taxable income through various deductions. TaxBuddy helps users seamlessly identify and claim these deductions, ensuring every eligible investment, expense, or contribution is utilized effectively. By leveraging AI-driven analysis, personalized recommendations, and automated document tracking, TaxBuddy maximizes tax savings for salaried individuals, freelancers, and business owners

Chapter VI-A deductions are a critical part of tax planning for salaried individuals, self-employed professionals, and investors. Mistakes in claiming deductions under sections 80C to 80U frequently result in claim rejections, scrutiny, or penalties. Accurate reporting, adherence to statutory limits, and proper documentation are essential to ensure claims are accepted and tax benefits maximized. Awareness of common errors and systematic checking can safeguard against unnecess

Section 80IBA of the Income Tax Act, 1961 provides a significant incentive for developers of affordable housing projects, offering a 100% deduction on profits derived from eligible projects. This deduction promotes affordable housing in India while ensuring compliance with specific timelines, unit sizes, and commercial limits. Developers who meet these criteria can substantially reduce their tax liabilities, making Section 80IBA a crucial tool in project planning and financia

Section 245 of the Income Tax Act, 1961, allows the Income Tax Department to adjust any refund due to a taxpayer against pending tax demands from previous years. When the department identifies such outstanding dues, it sends a formal intimation under Section 245 specifying the amount to be adjusted and the assessment years concerned. Timely understanding and response to this intimation are crucial, as failure to act may result in automatic adjustment of refunds without recour

Income tax refunds are a vital aspect of tax compliance, and in 2025, checking your refund status has become faster and fully digital. With multiple official platforms available, taxpayers can track refunds in real time without visiting tax offices. Ensuring that your PAN is linked to Aadhaar and your bank account is pre-validated is essential for a smooth refund process. Online tracking provides clarity on whether a refund has been processed, transferred, or requires additi

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