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Filing income tax returns accurately is crucial for avoiding penalties and ensuring compliance with Indian tax laws. Mistakes in the original return can happen, but taxpayers have remedies through revised and updated returns. Revised returns allow corrections to errors in the original ITR, while updated returns provide an extended window to rectify issues beyond the revised return period. Understanding the exact time limits, eligibility, and procedural requirements under Sec

Income tax refunds are typically a welcome relief for taxpayers, but under Indian tax laws, these refunds can sometimes be adjusted against any outstanding tax liabilities from previous years. Section 245 of the Income Tax Act 1961 empowers the Income Tax Department to recover unpaid taxes by offsetting refunds due in the current year. Understanding this process, including taxpayer rights and procedural steps, is essential to ensure compliance and avoid surprises. Effective

Timely receipt of income tax refunds is crucial for taxpayers in India. Refund delays often arise from errors in TDS reporting, incorrect bank details, or mismanaged ITR filings . TaxBuddy offers a streamlined platform that combines AI-driven calculations, real-time tracking, and expert guidance to help taxpayers file accurately, validate bank accounts, and monitor refund status. By ensuring compliance with Income Tax Act 1961 provisions and minimising errors, TaxBuddy signif

Income tax refunds are amounts owed to taxpayers when excess tax is paid through TDS, advance tax, or self-assessment tax. Knowing the exact time frame to claim these refunds ensures that taxpayers do not miss their entitlement. Recent changes effective from October 1, 2024, have reduced the refund claim period from six to five years from the end of the relevant assessment year. Understanding these timelines, along with condonation provisions, court-related exemptions, and pr

Income tax compliance often involves two crucial processes that taxpayers encounter: refund and rectification. A refund arises when a taxpayer pays more tax than their actual liability, whereas rectification addresses mistakes apparent in tax orders, which can affect both tax dues and refunds. Understanding the differences between these two processes ensures taxpayers act timely and avoid unnecessary complications. Accurate bank details, correct filing, and awareness of timel

Filing an Income Tax Return (ITR) correctly ensures all deductions and exemptions are claimed, and any eligible refund is received. Often, taxpayers discover after filing that some deductions were missed or errors were made, leading to a missed refund. Under Section 139(5) of the Income Tax Act, taxpayers can file a revised return to correct mistakes and claim any additional refund due. The process is straightforward, does not attract penalties, and can be done multiple time

If your income tax refund status shows “Failed,” it indicates a problem with validating the bank account details provided in your return. Prompt action is essential, as delays could postpone your refund credit. Ensuring bank account details match PAN records, pre-validating accounts, and submitting a refund reissue request can help resolve this efficiently. Following the correct procedures under the Income Tax Act ensures refunds are processed without unnecessary waiting, an

Refunds for NRIs under the Indian Income Tax Act, 1961, ensure that non-resident taxpayers recover excess taxes paid through TDS or advance payments. NRIs are only taxed on income earned or accrued in India, and the refund process is structured to verify NRI status, calculate Indian-sourced income, file the correct ITR, and complete e-verification for smooth crediting of refunds. Understanding the step-by-step procedure helps NRIs avoid errors, delays, and missing deductions

Income Tax refunds are meant to return excess tax paid, but many taxpayers face rejection without clear guidance. Refund rejections by the Income Tax Department (ITD) often arise due to invalid bank accounts, mismatched TDS details, unresolved tax demands, or incomplete documentation. Timely resolution requires understanding the exact cause and following the proper correction process. Taxpayers can prevent delays and reduce stress by ensuring pre-validation of bank details,

Taxpayers in India can still claim refunds even after missing the original ITR deadline, provided the belated return is filed by December 31 of the assessment year. Section 139(4) of the Income Tax Act permits belated filings, but late fees and increased scrutiny may apply. Correct bank account validation is crucial to ensure a refund credit. Filing beyond this deadline as an Updated Return (ITR-U) disqualifies any refund claims. Platforms like TaxBuddy simplify this process