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Excess TDS occurs when the total tax deducted at source during a financial year exceeds the actual tax liability of a taxpayer. This often arises due to multiple employers, higher TDS on fixed deposits, or errors in calculation. Claiming a refund for excess TDS is straightforward once the correct procedure is followed, including filing an accurate Income Tax Return (ITR), verifying bank details, and monitoring the refund status. Understanding the step-by-step process helps en

ITR-U , introduced under Section 139(8A) of the Income Tax Act, 1961, allows taxpayers to voluntarily file an updated return beyond the standard deadlines. This mechanism encourages transparent reporting of additional income or correction of errors in previously filed returns, while reducing disputes and litigation. The updated return is distinct from belated or revised returns, focusing solely on disclosing extra income and paying the due tax along with interest. With the ex

A Revised Return under Section 139(5) of the Indian Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their originally filed ITR. It ensures accurate reporting of income, deductions, exemptions, and bank details while staying compliant with tax regulations. Filing a Revised Return helps prevent issues like delayed refunds, notices, or penalties due to misreported income or wrong deductions. Taxpayers can file multiple revisions before the due date, maki

Filing income tax returns accurately is crucial to avoid penalties, ensure correct TDS credits, and claim refunds when eligible. While taxpayers are familiar with the standard ITR, mistakes and omissions can occur, leading to the need for corrections. The Income Tax Act provides provisions like Revised Return and ITR-U to address such situations. Understanding their differences, timelines, and implications is essential to determine which return to file in a given scenario.

Accurate tax filing is crucial for compliance with the Income Tax Act, 1961. Mistakes in your original income tax return can happen, and understanding whether a revised return can be filed after the deadline is essential for all taxpayers. Indian tax law provides structured provisions to correct errors, including revised returns under Section 139(5) and Updated Returns (ITR-U) under Section 139(8A), ensuring taxpayers have options to disclose missed income or rectify mistak

Revised returns under Section 139(5) of the Income Tax Act, 1961, give taxpayers a vital opportunity to correct errors in their originally filed ITRs. Common mistakes, such as incorrect bank account information, unreported income, missed deductions, or filing the wrong ITR form, can all be addressed through this process. Filing a revised return ensures compliance, avoids penalties, and helps taxpayers secure timely refunds. Platforms like TaxBuddy streamline this process, of

Chapter VI-A deductions are a critical part of tax planning for salaried individuals, self-employed professionals, and investors. Mistakes in claiming deductions under sections 80C to 80U frequently result in claim rejections, scrutiny, or penalties. Accurate reporting, adherence to statutory limits, and proper documentation are essential to ensure claims are accepted and tax benefits maximized. Awareness of common errors and systematic checking can safeguard against unnecess

Section 80IBA of the Income Tax Act, 1961 provides a significant incentive for developers of affordable housing projects, offering a 100% deduction on profits derived from eligible projects. This deduction promotes affordable housing in India while ensuring compliance with specific timelines, unit sizes, and commercial limits. Developers who meet these criteria can substantially reduce their tax liabilities, making Section 80IBA a crucial tool in project planning and financia

Section 245 of the Income Tax Act, 1961, allows the Income Tax Department to adjust any refund due to a taxpayer against pending tax demands from previous years. When the department identifies such outstanding dues, it sends a formal intimation under Section 245 specifying the amount to be adjusted and the assessment years concerned. Timely understanding and response to this intimation are crucial, as failure to act may result in automatic adjustment of refunds without recour

Income tax refunds are a vital aspect of tax compliance, and in 2025, checking your refund status has become faster and fully digital. With multiple official platforms available, taxpayers can track refunds in real time without visiting tax offices. Ensuring that your PAN is linked to Aadhaar and your bank account is pre-validated is essential for a smooth refund process. Online tracking provides clarity on whether a refund has been processed, transferred, or requires additi