One stop for everything related to taxes,
Our Blogs

A yearly compliance checklist safeguards taxpayers from mismatch-driven income tax notices by aligning financial records with what the Income Tax Department receives from banks, employers, brokers and other reporting entities. AIS, TIS, Form 26AS, bank interest, Form 15G/15H declarations, KYC details and high-value transactions are now monitored through automated analytics, meaning even small inconsistencies can lead to e-campaign alerts and scrutiny notices. A structured ann

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

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

Filing an Income Tax Return (ITR) after the due date can still be done, but it comes with financial consequences and procedural limitations. Taxpayers who miss the original deadline — September 16, 2025, for most individuals — face penalties under Section 234F and interest under Sections 234A, 234B, and 234C. Late filing may also restrict loss carry-forwards and delay refunds. However, the Income Tax Act allows belated and revised returns within specific timelines, offering

Income tax refunds in India are facing noticeable delays in 2025 due to a mix of system updates, high filing volumes, and data mismatches across  Form 26AS , AIS, and bank accounts. With several portal improvements and revised validation rules introduced this year, even small errors can trigger processing holds. The good news is that most of these issues can be resolved quickly through updated refund tools and timely compliance actions, helping taxpayers receive their refunds

Filing Income Tax Returns (ITR)  can be a complex process, especially when dealing with specific sources of income, such as interest income. Interest income, whether from savings accounts, fixed deposits, or bonds, must be accurately reported to ensure tax compliance. Misreporting or underreporting interest income can lead to penalties, scrutiny, and delays in processing refunds. This section explores the key aspects of reporting interest income, how to stay updated with TDS

Section 142(1) notice  of the Income Tax Act grants the Income Tax Department the authority to issue notices to taxpayers for various reasons, primarily when they fail to file their Income Tax Returns (ITR) or fail to respond to earlier notices. A Section 142(1) notice serves as a formal communication from the tax authorities, prompting the taxpayer to submit their ITR, respond to a query, or provide additional information necessary for the completion of their tax assessment.