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Salary mismatches from previous employers often trigger income tax notices when the total salary reported in multiple Form 16s does not match the figures reflected in AIS or Form 26AS. These discrepancies commonly arise after job switches, employer reporting errors, or delayed TDS filings. Notices under Section 143(1) frequently appear when income from a previous employer is missing or incorrectly reported. Automated platforms such as TaxBuddy simplify the process by reconcil

HRA , LTA , and perquisite mismatches in salary deductions often trigger income tax notices when the claimed exemptions do not align with Form 16 , salary slips, or transaction records reported to the Income Tax Department. Most errors stem from incorrect calculations, missing documents, inflated claims, or discrepancies between rent receipts, travel proofs, employer valuations, and bank statements. These are flagged through Section 143(1) intimation or scrutiny notices, requ

When salary arrears are paid in a lump sum, the sudden jump in income often pushes a taxpayer into a higher tax slab, resulting in an unfair tax burden. Section 89 of the Income Tax Act helps correct this imbalance by allowing tax relief on arrears and advance salary through a year-wise comparison of tax liability. The provision ensures that income meant for earlier years is not taxed at today’s higher rates. With many employers issuing arrears after pay revisions or settleme

Section 115BAC forms the core of India’s new tax regime, designed to simplify taxation by offering lower slab rates in exchange for fewer deductions. Recent updates under the Union Budget FY 2025-26 have significantly changed how taxpayers calculate benefits, especially around the higher standard deduction of ₹75,000 and the increased Section 87A rebate of up to ₹60,000. These changes push the effective tax-free income threshold to ₹12.75 lakh for salaried individuals and pe

When a property transaction in India exceeds ₹50 lakhs, the buyer must deduct tax at source before making payment to the seller. This deduction, governed by Section 194IA  of the Income Tax Act, ensures tax compliance in high-value real estate transactions. The rule applies to residential and commercial properties, excluding agricultural land. By mandating TDS on such sales, the government ensures transparency and curbs tax evasion in real estate deals. Table of Contents Unde

Section 44AB  of the Income Tax Act, 1961 mandates certain taxpayers to get their accounts audited by a Chartered Accountant to ensure accuracy and compliance in financial reporting. This audit verifies that income, deductions, and turnover details are correctly reported and align with tax laws. Businesses, professionals, and certain entities exceeding specified turnover or receipt limits must comply with this audit requirement. The provision promotes financial transparency a

Filing an Income Tax Return (ITR)  that includes both salary and capital gains income requires careful selection of the correct form and accurate disclosure of each income type. For Assessment Year 2025-26, the Finance Act 2024 introduced new thresholds, tax rate revisions, and enhanced capital gains reporting requirements. With these updates, salaried individuals earning from shares, property, or mutual funds must ensure compliance with the revised filing rules. Proper class

Missed claiming deductions like  80C , 80D , or 80G  in your income tax return? The Income Tax Act, 1961 allows taxpayers to correct such omissions by filing a revised return under Section 139(5). This ensures you can still claim eligible deductions, correct income details, or update bank information before the assessment year ends. Filing a revised ITR helps maintain accurate compliance, minimizes refund delays, and prevents avoidable penalties — making it essential for anyo

Filing Income Tax Return (ITR)  without Form 16 is entirely possible under Indian tax laws if other supporting documents are used correctly. Form 16 is a TDS certificate issued by employers that summarizes salary and tax deducted. However, many salaried individuals face delays or non-receipt of Form 16 due to job changes or employer issues. In such cases, alternate documents like salary slips, Form 26AS, bank statements, and investment proofs can help compute taxable income a

When salary income is received from more than one employer in a financial year, the income tax return (ITR) process requires extra attention. Each employer deducts TDS separately, which can lead to double taxation or underpayment if not reported correctly. To ensure accurate reporting, it’s essential to consolidate all salary details, check Form 26AS for tax credits, and file the correct ITR form under the Income Tax Act, 1961. With the help of platforms like TaxBuddy , taxp