One stop for everything related to taxes,
Our Blogs

Interest earned from fixed deposits (FDs) and savings bank accounts is fully taxable under the head “Income from Other Sources” as per the Income Tax Act, 1961. Many taxpayers often overlook this income or report it incorrectly, leading to mismatches in the Annual Information Statement (AIS). Whether the amount is small or substantial, it must be disclosed while filing your Income Tax Return (ITR) . Correct reporting ensures compliance, prevents penalty notices, and helps cla

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

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

Receiving a notice under  Section 143(2) of the Income Tax Act, 1961, means your Income Tax Return has been selected for detailed scrutiny by the Assessing Officer. This is part of the government’s regular assessment process to verify the accuracy of income, deductions, and claims made in your return. Such scrutiny doesn’t imply wrongdoing—it simply ensures your filings align with available data and compliance norms. A timely and accurate response is crucial to avoid penaltie

ITR-6 is the prescribed income tax return form for all companies in India, except those claiming exemption under Section 11. Applicable for Assessment Year 2025-26, this form must be filed electronically, typically using a digital signature, to ensure statutory compliance. Companies, whether Indian or foreign, must disclose income, deductions, and other mandatory details accurately to avoid penalties. Proper adherence to ITR-6 requirements helps businesses maintain transparen

Missing the income tax return (ITR) deadline can lead to penalties, interest, and the loss of certain benefits under the Income Tax Act, 1961. However, filing after the deadline is still possible, and modern platforms like TaxBuddy simplify this process with AI-powered automation, expert guidance, and secure document handling. With its mobile app, TaxBuddy ensures accuracy and compliance while reducing stress for taxpayers who have missed the due date. Table of Contents Under

Filing income tax returns late is generally considered better than not filing at all, but both come with consequences. A belated return attracts penalties and interest, while complete non-filing can trigger prosecution, heavy fines, and legal complications. Updated provisions under the Income Tax Act, 1961, clearly distinguish between these two scenarios, making it vital for taxpayers to understand the risks before missing deadlines. Choosing to file late keeps compliance int

The Income Tax Department has set clear deadlines for filing original, revised, belated, and updated returns. For FY 2024-25 (AY 2025-26), the due date for non-audit taxpayers was extended to 16th September 2025. Taxpayers who missed this deadline can still file belated or revised returns until 31st December 2025. Beyond this, the updated return option (ITR-U) allows corrections or delayed filing up to four years later, but with additional costs. Understanding these timelines

Startups and LLPs in India must adhere to strict timelines for income tax return filing to maintain compliance and avoid penalties. For the financial year 2024-25 (assessment year 2025-26), the government has issued updated deadlines covering both audited and non-audited entities. Filing on time is not only a legal requirement but also essential for credibility with banks, investors, and regulators. Let's explain the ITR filing deadlines for startups and LLPs in 2025, the app

The last date to file Income Tax Returns (ITR) for salaried employees for FY 2024-25 (AY 2025-26) was September 16, 2025, extended from the usual July 31 deadline due to portal issues. Employees who missed this date still have the option to file belated returns until December 31, 2025, though penalties may apply. A frequent concern for many salaried taxpayers is receiving an incorrect or delayed Form 16. Since Form 16 serves as the key TDS certificate issued by employers, i