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Section 80TTA allows a deduction of up to ₹10,000 on interest earned from savings bank accounts, and this benefit can be claimed directly inside ITR-1 under the Chapter VI-A deduction schedule. The rule applies to individuals and HUFs with interest income from savings accounts in banks, post offices, or cooperative societies. Interest from fixed deposits or recurring deposits is not covered under this section. Senior citizens use Section 80TTB instead. Accurate reporting of

Choosing between the old and new income tax regimes for FY 2024-25 depends on tax slabs, available deductions, and overall taxable income. The new regime offers lower slab rates with limited deductions, while the old regime retains popular exemptions like 80C, 80D, HRA, LTA, home loan interest, and standard deduction. Senior citizens also receive higher exemption thresholds under the old structure. The comparison chart for FY 2024-25 helps taxpayers understand differences in

Income tax refunds sometimes appear as “credited” on the CPC portal but fail to show up in bank statements, leaving taxpayers confused about what went wrong. The issue usually stems from incorrect bank details, PAN–bank mismatches, or delays in interbank settlement systems. With the latest refund rules, pre-validated bank accounts and correct IFSC details are essential for timely credit. Understanding these reasons helps identify whether the problem lies with the Income Tax D

Refund reissue requests often get denied when bank details fail validation, TDS entries do not match the Income Tax Department records, ITR verification is incomplete, or documents supporting deductions are missing. Denial simply means the system could not process the refund due to mismatches or unresolved issues. The Income Tax portal allows taxpayers to correct details, file rectification requests, or raise a grievance to get refunds reprocessed. Most cases are resolved by

Reporting savings account interest income accurately is essential for ensuring full compliance with the Income Tax Act and avoiding mismatches during return processing. Savings interest is taxable and must be disclosed even when banks do not deduct TDS or when the income falls below the deduction limit. The Income Tax Return requires this income to be reported under the appropriate section, supported by bank statements and interest summaries. With updated thresholds and clea

An income tax notice for non-disclosure of income is issued when the Income Tax Department identifies earnings that do not appear in your filed return. Such mismatches often arise from bank deposits, AIS data, Form 26AS , TDS records, or high-value financial transactions flagged through automated reporting systems. The goal of the notice is to correct discrepancies, seek clarification, or request additional disclosure to ensure accurate assessment. Understanding the reason be

Schedule OS in the Income Tax Return is the section where interest income and dividend income must be disclosed for accurate tax reporting. Every taxpayer earning from savings accounts, fixed deposits, recurring deposits, listed shares, or mutual funds is required to report this income under the “Other Sources” category. The Income Tax Department uses this schedule to match disclosures with Form 26AS, AIS, and AIS dividend data, making correct filing essential for avoiding no

Reprocessing of Income Tax Returns (ITR) occurs when the Income Tax Department reviews a taxpayer’s return again due to errors or omissions in the initial processing. This often happens when deductions, tax credits, or income details submitted by the taxpayer were not considered correctly by the Central Processing Centre (CPC). The reprocessing request allows the department to re-evaluate the return based on the original data furnished, ensuring that genuine claims are proper

Interest income mismatch between the Annual Information Statement and the Income Tax Return is one of the most frequent issues flagged during tax processing in India. Banks, NBFCs, and other entities often report interest at different times, causing figures in AIS to differ from what appears in the taxpayer’s ITR. These discrepancies commonly trigger notices under sections 143(1) or 139(9) , delay refunds, or lead to incorrect tax calculations. Early reconciliation helps avoi

When your Income Tax Return (ITR) is processed and an outstanding tax demand appears, it signals a difference between the tax paid and the tax the department believes you owe. This usually arises due to mismatched TDS credits, unreported income, incorrect data entry, or selection of the wrong ITR form. The key is not to panic but to review, verify, and act quickly using the Income Tax e-filing portal. The process has been made simpler in 2025, with faster rectification and i