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Filing Income Tax Returns in India requires precision, compliance with evolving laws, and careful handling of sensitive financial information. While AI tools like ChatGPT can provide general guidance, they lack real-time updates, document validation, and expert review essential for accurate ITR filing. TaxBuddy, on the other hand, combines AI-driven automation with Chartered Accountant oversight, ensuring every return is compliant, secure, and optimized for deductions and ex

Filing an income tax return after receiving a condonation of delay approval follows a specific process under Section 119(2)(b) of the Income Tax Act. This approval allows taxpayers who missed the deadline due to genuine reasons to file their return without facing late-filing penalties. The tax authority’s order acts as a formal clearance to proceed with filing for the relevant assessment year, ensuring compliance and enabling the processing of refunds or carry-forward of los

Pension income in India is taxable under the Income Tax Act, 1961, but several exemptions and deductions ensure financial relief for retirees. The tax treatment differs depending on whether the pension is commuted (received as a lump sum) or uncommuted (received monthly), and whether the individual is a government or non-government employee. The 2025 Union Budget refined these rules further, increasing the standard deduction and simplifying the structure for pensioners. With

ITR-6 is the income tax return form designated for companies under the Indian Income Tax Act, 1961, except those claiming exemption under Section 11 . For Assessment Year 2025-26, the form has been updated with several crucial changes that affect audit compliance, MAT calculations, and disclosure requirements. With new reporting fields, revised due dates, and integration of updated Finance Act amendments, corporate taxpayers must stay informed to ensure timely and error-fre

Mistakes in an Income Tax Return (ITR) are more common than most taxpayers realise — whether it’s an omitted income, a missed deduction, or an incorrect bank detail. Once the return is processed, many assume nothing can be done, but Indian tax laws provide specific remedies. Under Sections 139(5) and 154 of the Income Tax Act, errors can be corrected through a revised return or a rectification request, depending on the type of mistake. These legal provisions ensure fair com

The Updated Income Tax Return (ITR-U) allows taxpayers to voluntarily correct errors or disclose missed income after filing the original or belated return. However, confusion often arises when assessment proceedings or notices have already been issued. Budget 2025 refined these provisions under Section 139(8A) by extending the filing window to 48 months while tightening restrictions around assessments and notices. Understanding when and how ITR-U can be filed post-assessmen

When an Income Tax Return (ITR) is filed, it doesn’t end there. The return moves through multiple automated checks before it is officially processed by the Centralized Processing Centre (CPC) under the Income Tax Act, 1961. Each stage — from filing and verification to processing and final intimation — reflects how accurately the return aligns with the taxpayer’s financial data, TDS records, and Form 26AS . Understanding these stages ensures taxpayers remain informed about the

Savings account interest is taxable under the head ‘Income from Other Sources,’ even though it appears small. Many taxpayers missreport it in their Income Tax Return (ITR), leading to AIS mismatches or notices from the Income Tax Department. Understanding how to disclose it correctly ensures transparency and prevents penalties. Whether the interest is from a single account or multiple banks, it must be included before claiming deductions under Section 80TTA. Table of Contents

Under the Income Tax Act, 1961, taxpayers can carry forward losses such as business, capital gains, or speculative losses to future years, but only if their income tax return is filed within the due date specified under Section 139(1). Filing a belated ITR, which is done after the due date, usually disqualifies these losses from being carried forward. However, losses like house property loss and unabsorbed depreciation remain eligible for carry forward even in a belated retur

Cash rent transactions are common across India, but failing to report them correctly can invite scrutiny or penalties from the Income Tax Department. Rent received in cash must be declared as part of the landlord’s taxable income under “Income from House Property.” Maintaining proper rent receipts, adhering to transaction limits under Section 269SS, and ensuring TDS compliance are crucial to avoid legal issues. Tenants claiming HRA must also provide valid proof of rent paid.