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When an Income Tax Return (ITR) is filed with incomplete information, incorrect details, or without fulfilling mandatory requirements, it can be flagged as defective under Section 139(9)  of the Income Tax Act, 1961. The notice is issued by the Assessing Officer (AO) to allow the taxpayer to rectify these errors within a specified period. Common reasons include wrong ITR form selection, missing schedules, mismatched income and TDS data, or non-submission of audit reports. Und

A TDS mismatch between Form 26AS and the Annual Information Statement (AIS) can lead to refund delays, inaccurate tax credit claims, and even income tax notices. The Income Tax Department uses both documents to verify reported income and tax deductions, so even minor differences must be resolved quickly. For Assessment Year 2025–26, the emphasis on reconciling TDS data across Form 26AS  and AIS has increased, as Form 26AS remains the official record of TDS credits, while AIS

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

Filing an Income Tax Return (ITR) for crypto income under Section 115BBH in India involves specific reporting rules, fixed tax rates, and detailed compliance steps. Income from Virtual Digital Assets (VDAs) like cryptocurrencies and NFTs is taxed at a flat 30% rate, with no deductions or loss set-off permitted. Every crypto transaction must now be reported in the ITR under a dedicated “Schedule VDA,” ensuring transparency and compliance with Income Tax Department guidelines.

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 an Updated Income Tax Return (ITR-U) allows taxpayers to correct mistakes or declare missed income after submitting their original or belated return. Introduced under Section 139(8A) of the Income Tax Act, this provision enables individuals to file or revise their returns within 24–48 months from the end of the relevant assessment year. It’s designed to promote voluntary compliance while avoiding penalties for non-disclosure of income. Table of Contents What Is an Upda

For correcting mistakes in your Indian Income Tax Return (ITR), both ITR-U (Updated Return) and Revised Return serve as valid mechanisms. Each caters to different circumstances depending on when the error is discovered and the type of correction required. A Revised Return is suitable for timely corrections within the assessment year, while ITR-U is meant for older or missed returns discovered much later. Understanding the differences between these two ensures compliance, pr

When a refund fails due to bank validation issues, the Income Tax Department holds the amount until the correct details are provided. This usually happens when the taxpayer’s bank account is not pre-validated, inactive, or mismatched with the PAN. To reissue your income tax refund after a bank validation failure, update and revalidate your bank details on the Income Tax e-filing portal, then submit a “Refund Reissue Request.” The process ensures your refund is credited secure