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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

Income tax refunds are crucial for taxpayers, yet delays are common in FY 2024-25 due to stricter compliance, verification processes, and system checks. Refunds can be stalled because of mismatched bank details, discrepancies in Form 26AS or AIS, outstanding dues, or returns selected for scrutiny. Delays not only frustrate taxpayers but also affect financial planning. Understanding the reasons behind these delays and taking corrective measures can help ensure timely credit o

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

Non-Resident Indians (NRIs) earning income in India can claim selected deductions under Chapter VI-A of the Income Tax Act, 1961, to reduce taxable income. While the options are limited compared to resident taxpayers, NRIs remain eligible for key deductions such as Section 80C, 80D, 80E, 80G, and 80TTA. Understanding these allowances is essential to maximize tax savings, avoid penalties, and maintain compliance. Using a reliable tax filing platform like TaxBuddy can stream

It is important to thoroughly evaluate the services and features before selecting an online platform through which ITR filing services...

A belated return is the return that is filed after the due date. Section 139(4) of the Income Tax Act empowers the taxpayer to submit a...

ITR-U, or Income Tax Return - Updated, was introduced in the Union Budget 2022. This new provision under Section 139(8A)  of the Income...