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Capital gains reporting in ITR-2 for FY 2024-25 involves detailed disclosure of every asset sold, including shares, mutual funds, bonds, property, or any other capital asset. The Income Tax Department now requires separate reporting of gains earned before and after 23 July 2024 because the Finance Act 2024 introduced revised rules, making accuracy more critical than ever. Each transaction must be captured with cost, sale consideration, ISIN (where applicable), holding perio

Updating the communication address in an Income Tax profile is essential for ensuring every notice, refund update, and official correspondence reaches the correct location. The Income Tax Department sends critical updates through email, SMS, and postal communication, making it necessary for taxpayers to maintain accurate profile details on the e-filing portal. The update takes only a few minutes and prevents missed deadlines or compliance issues. The process follows a simple

In-kind donations, such as clothes, food, books, or other non-monetary goods, hold significant value for charitable organisations, but they do not qualify for tax deductions under Indian income tax law. Section 80G of the Income Tax Act allows deductions only for monetary contributions made through cash (up to ₹2,000), cheque, draft, or digital payment methods. Tax deductions require verifiable financial transactions, supported by valid receipts from approved charitable insti

Linking multiple bank accounts on the Income Tax Portal ensures smooth tax filing , accurate income reporting, and error-free refund processing. The portal allows taxpayers to add, validate, and manage several accounts at once, which is essential for anyone earning interest from different banks or using separate accounts for salary, investments, and refunds. The process is straightforward but requires precise matching of PAN, mobile, and account details. When these details al

When an Income Tax Return shows the status “Processed” but the refund still hasn’t arrived, it usually means the tax department has completed verification and computed the refund, but the credit has not reached the bank account. This delay often arises from incorrect bank details, a mismatch in tax records, or pending verification at the Centralised Processing Centre. Refunds can also be held up due to a failed transaction at the bank’s end, even when everything appears corre

Tracking a rectification request on the Income Tax Portal has become significantly easier after the 2025 system enhancements that now allow both CPC-processed and AO-processed rectifications to be monitored online. The portal displays real-time updates regarding errors corrected under Section 154 of the Income Tax Act, 1961, ensuring clarity on whether a request is submitted, in progress, completed, or rejected. With the upgraded dashboard and streamlined navigation, taxpaye

Refund mismatches occur when the amount credited by the Income Tax Department does not align with the refund shown in the processed ITR. This usually happens due to errors in TDS claims, mismatches in Form 26AS or AIS, adjustments against outstanding dues, or mistakes in computation made during processing under Section 143(1) . The issue can be corrected through a structured rectification process on the Income Tax Portal, ensuring the correct refund is reissued. Platforms lik

Refund status showing failure usually indicates that the Income Tax Department could not credit the refund because the bank account details in the return do not match PAN records, lack pre-validation, or belong to an inactive or closed account. Refund failure is primarily a banking information mismatch issue, not an error in the ITR itself. Correcting the bank details, validating the account, and initiating a refund reissue request typically resolves the problem. With stricte

Errors in income tax returns are common, and the Income Tax Act provides two specific ways to correct them: revised returns and rectification requests. Both serve different purposes and apply in different scenarios, depending on the type of error and when it is discovered. Revised returns help correct missing income, wrong deduction claims, incorrect personal details, or even mistakes in the ITR form used. Rectification applies only to clear, apparent errors found in the proc

The belated ITR filing last date for FY 2024-25 is December 31, 2025, and this deadline applies to anyone who misses the original due date, which was extended to September 15, 2025 for most non-audit taxpayers. A belated return lets taxpayers file after the due date, but it comes with late fees, interest, and certain restrictions. Refunds may get delayed, losses may not be carried forward, and penalties under Section 234F can go up to ₹5,000. Platforms such as TaxBuddy pro