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Section 270A of the Income Tax Act, 1961, lays down penalties for taxpayers who fail to accurately report their income. Introduced through the Finance Act, 2016, this provision differentiates between underreporting—caused by errors or omissions—and misreporting, which involves deliberate concealment or falsification. The law imposes a penalty of 50% of the tax on underreported income and up to 200% for misreporting. With tighter digital monitoring through AIS and Form 26AS,

A notice under Section 142(1) of the Income Tax Act, 1961, is sent by the Assessing Officer when additional information or documents are required before completing your income tax assessment. It may be issued whether a return has been filed or not, and is meant to verify income details, deductions, or transactions. Receiving this notice does not always imply an error or wrongdoing; it’s often a standard verification step to ensure accuracy and compliance with tax laws. Table

Section 148A of the Income Tax Act, 1961, introduced through the Finance Act, 2021, redefined how reassessment proceedings are initiated by ensuring fairness, transparency, and accountability. Before issuing a reassessment notice under Section 148 , the Assessing Officer must conduct an inquiry, verify evidence, and offer the taxpayer an opportunity to respond. This change strengthens taxpayer protection, ensuring no reassessment is initiated arbitrarily and that income disc

The Annual Information Statement (AIS) serves as a consolidated record of your income and financial transactions reported by employers, banks, and financial institutions. However, discrepancies like unreported income or incorrect TDS entries can disrupt your income tax return filing process. Correcting these issues before filing ensures accuracy, prevents penalties, and helps maintain compliance with the Income Tax Act, 1961. Filing accurate returns begins with ensuring tha

The Annual Information Statement (AIS) is a detailed record of your financial transactions, including income, investments, and TDS details, reported to the Income Tax Department. Submitting accurate feedback on AIS ensures that your financial data is correctly reflected in your income tax records, minimising errors during return filing . The process can be completed easily online through the e-filing portal, where users can review, correct, and verify details in just a few s

Form 26AS  and Form 16  are two key documents under the Indian Income Tax Act that ensure transparency and accuracy in income tax filing. Both serve as crucial records of taxes deducted and deposited, but they differ in purpose, structure, and scope. Form 26AS reflects the total tax deducted, collected, or paid under your PAN, while Form 16 certifies the tax deducted on your salary by your employer. Understanding their differences helps prevent tax mismatches, avoid defective

Failure to verify your Income Tax Return (ITR) within the prescribed 30 days can invalidate your filing under the Income Tax Act, 1961. The return is treated as unfiled, leading to penalties, refund denials, and potential scrutiny from the Income Tax Department. With e-verification being the final step in the tax filing process, missing this deadline can disrupt financial planning, delay refunds, and even affect your compliance history. Understanding the implications and corr

E-verification is the final and most crucial step after filing your Income Tax Return (ITR) . Under the Income Tax Act, 1961, the return remains unprocessed until it is verified by the taxpayer. For the financial year 2025, the Income Tax Department has introduced simplified and secure methods to complete this process online. Taxpayers can choose from multiple modes such as Aadhaar OTP, Net Banking, Bank EVC, Demat account, or Digital Signature Certificate (DSC). These option

E-verification is the final and most critical step after filing your Income Tax Return (ITR) . Without it, the return remains invalid under the Income Tax Act, 1961. The Central Board of Direct Taxes (CBDT) mandates that every return must be verified within 30 days from the date of submission. This process confirms the authenticity of your filing, ensuring that it reaches the Centralized Processing Centre (CPC) for assessment. With the updated 2025 e-filing system, taxpayers

Section 244A of the Income Tax Act ensures that taxpayers are compensated when their tax refunds are delayed beyond a reasonable period. If excess tax has been paid through TDS, advance tax, or self-assessment, the law mandates that the Income Tax Department must pay interest on the delayed refund amount. This provision not only promotes accountability but also assures taxpayers that delays won’t go uncompensated. By setting clear rules for calculation and payment, Section 24