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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

Freelancers and consultants in India must choose between the old tax regime, with its broad range of deductions, and the new regime, which offers lower rates but limited exemptions. The decision impacts tax liability, ease of filing, and long-term planning. Both regimes are available each year, allowing professionals to opt for whichever reduces their tax outgo most effectively. With recent updates in Budget 2025, including revised slabs and higher standard deductions, unders

Non-Resident Indians (NRIs) often face confusion about whether they can access India’s new tax regime. For the financial year 2025-26, the revised framework provides an option for all individual taxpayers, including NRIs. The new regime offers lower tax rates with expanded slab limits but removes most exemptions and deductions. Understanding how this impacts taxable income, the availability of rebates, and the treatment of NRI-specific income like interest on NRO accounts is

Filing ITR-U late can lead to significant penalties under the Indian Income Tax Act, 1961. Sections 234F and 140B outline structured fees and additional taxes based on how overdue the updated return is. Understanding these provisions is crucial, as they not only affect your tax liability but can also impact financial planning, loan approvals, and refunds. Recent amendments have extended the filing window for ITR-U up to 4 years from the end of the relevant assessment year, pr

Income escaping assessment arises when a taxpayer's income chargeable to tax is under-reported or undisclosed in the original return. The Income Tax Department is empowered to reassess such returns to ensure correct tax liability is paid. The Updated Income Tax Return, or ITR-U, is a dedicated form allowing taxpayers to disclose escaped income accurately. Filing ITR-U ensures compliance with reassessment notices under Sections 147 and 148 of the Income Tax Act, 1961, and prev

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