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High-value transaction income tax notices are issued when financial activity reported by banks, mutual funds, registrars, or credit card companies does not match the information declared in an income tax return. The Income Tax Department reviews data received through the Statement of Financial Transactions (SFT) and Automated Information Systems to flag cash deposits, property deals, investments, and large payments that cross specific thresholds. When inconsistencies arise, n

Form 26AS is the primary record the Income Tax Department uses to verify every tax credit linked to a PAN—TDS, TCS, advance tax, and self-assessment tax. When any of these entries appear incorrect, missing, or mismatched, the return may face delays, reduced refunds, or automated adjustments under section 143(1). Most discrepancies arise due to wrong PAN entries, inaccurate challan details, or deductors failing to file updated TDS statements. Correcting these entries early en

Filing an Income Tax Return that includes dividend income and capital gains requires selecting the correct ITR form and reporting each income category accurately. Dividend income from domestic companies is fully taxable, and capital gains from shares, mutual funds, and property must be declared under their respective schedules. Proper classification of short-term and long-term gains is essential to ensure correct tax calculation and avoid notice-driven corrections. With upda

Reporting interest from multiple fixed deposit accounts requires a clear, consolidated approach so the Income Tax Return reflects accurate income and tax deductions. Every rupee of interest from all banks—whether credited quarterly, annually, or on maturity—must be combined and shown under the correct income head. Mismatches between bank data, AIS, and Form 26AS often trigger tax notices, making proper reporting essential. Correct disclosure ensures smooth processing, prevent

FD interest earned by homemakers is fully taxable and must be reported each year, even if the amount is small or not withdrawn. Under the Income Tax Act, interest from fixed deposits falls under “Income from Other Sources,” making accurate reporting essential. Choosing the correct ITR form, reconciling TDS through Form 26AS , and identifying applicable deductions help maintain proper tax compliance. Homemakers must also ensure PAN details, KYC information, and interest certif

A Section 143(1) intimation often highlights mismatches in income, deductions, or tax credits, prompting many taxpayers to recheck their original filing. When the numbers in the intimation differ from what was reported, a revised return under Section 139(5) becomes the corrective tool to ensure accuracy. Filing it on time helps prevent unnecessary tax demands, interest, or scrutiny. Platforms like TaxBuddy naturally simplify this journey by identifying discrepancies and guidi

Generic FAQs often fall short when taxpayers face the intricacies of Income Tax Return (ITR) filing, especially with multiple income sources, varying deductions, and evolving tax laws. For individuals with salary, business income, capital gains, crypto investments, or foreign assets, relying solely on FAQs can lead to errors, delays, or notices from the Income Tax Department. Understanding form selection, linking bank accounts correctly, and meeting deadlines requires precise

TaxTech is reshaping how salaried employees in India approach tax filing in 2025. With evolving tax laws, revised income tax slabs, and the growing importance of compliance, traditional filing methods often fall short. Technology now plays a central role in providing accuracy, reducing effort, and optimizing financial outcomes. By integrating AI-driven planning, real-time data, and simplified filing tools, TaxTech ensures employees can manage taxes efficiently without gettin

Filing income tax in India has evolved beyond paper forms and manual calculations. Taxpayers now have access to AI-driven assistants like ChatGPT, which provide instant answers and guidance on deductions, document preparation, and ITR sections. Meanwhile, traditional platforms such as TaxBuddy offer end-to-end filing solutions with auto-filled forms, government portal integration, error-checking, and real-time compliance updates. Understanding the benefits and limitations

Filing an Income Tax Return (ITR) in India involves more than simply inputting numbers into a form. The process requires understanding complex tax laws, identifying eligible deductions, and ensuring compliance with updated regulatory changes. While conversational AI can guide taxpayers through basic queries and pre-fill forms, it cannot fully replace the expertise required to handle personalized financial situations, exceptions, or errors that could trigger penalties. Assist