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Section 234F of the Income Tax Act, 1961, sets out the penalty framework for filing Income Tax Returns after the due date. The late filing fee can range from ₹1,000 to ₹10,000 depending on total income and delay period. For FY 2024–25 (AY 2025–26), taxpayers must meet filing deadlines—July 31 for individuals and October 31 for audit cases—to avoid penalties. Understanding this section is crucial as it not only determines the fine but also affects eligibility for certain dedu

Belated ITR filing allows taxpayers who missed the original deadline to still file their returns within a specified extended period. For FY 2024-25 (AY 2025-26), the belated filing deadline is 31st December 2025. Filing after this date is only possible through an updated return (ITR-U) , with restrictions and penalties. While filing late is possible, it attracts additional costs and may delay refunds. TaxBuddy , with its AI-driven filing and expert support, provides an effic

Missing the Income Tax Return (ITR) filing due date can lead to significant financial and procedural consequences under Indian tax laws. Late filing attracts penalties, interest on unpaid taxes, loss of certain benefits, and even restrictions on tax regime choice. While the Income Tax Department allows belated returns, the overall process becomes more expensive and restrictive if deadlines are missed. Choosing a reliable e-filing platform such as TaxBuddy helps taxpayers av

Calculating taxes under the old and new income tax regimes in India involves understanding slab rates, available deductions, and rebates to see which option reduces liability for FY 2025-26. The old regime allows multiple deductions and exemptions, while the new regime offers simplified slabs with limited reliefs but higher thresholds. For accuracy, both must be compared before making a choice. TaxBuddy simplifies this process through automated comparisons and expert-assisted

Section 234F of the Income Tax Act imposes a penalty on taxpayers who miss the due date for filing Income Tax Returns . This fee depends on the taxpayer’s total income and the timing of filing. For Assessment Year 2025-26, the penalty can be as high as Rs. 5,000 for incomes exceeding Rs. 5 lakh, while smaller incomes face reduced or no penalty. The provision is designed to ensure timely compliance, discourage delays, and streamline the return filing process. Table of Content

Missing the due date for filing an Income Tax Return often raises a critical question: can a refund still be claimed? For Assessment Year 2025-26 (Financial Year 2024-25), the answer is yes, but only under specific timelines and conditions laid out in the Income Tax Act, 1961. Refunds can be claimed if the return is filed as a belated return before the extended due date of December 31, 2025. However, once this date passes, taxpayers lose the right to claim any refund if the

The last date to file Income Tax Returns (ITR) for Financial Year (FY) 2024-25 and Assessment Year (AY) 2025-26 has been extended beyond its original deadline due to significant updates in tax forms and portal readiness. The Central Board of Direct Taxes (CBDT) finalized September 16, 2025, as the cut-off date for individuals, HUFs, and non-audit taxpayers. For audit cases, businesses with transfer pricing requirements, and those needing additional compliance, the deadlines

The Income Tax Return Updated (ITR-U) is a special form designed for taxpayers to correct mistakes or declare omitted income after the original return has been filed. While it allows updates to income and tax-related details, it cannot be used to claim or increase refunds. Refund timelines for FY 2024-25 have been affected by increased verification, AI-driven scrutiny, and complex income checks, with interest payable at 6% per annum for delays. Understanding how ITR-U works

The ITR-U (Updated Income Tax Return) form allows taxpayers to rectify errors or omissions in previously filed returns under Section 139(8A) of the Income Tax Act, 1961. Introduced to enhance tax compliance, ITR-U can be filed for up to four years from the end of the relevant assessment year. It provides a one-time opportunity per assessment year to report additional income, correct mistakes, or revise deductions and carried forward losses. Filing ITR-U ensures that taxpayer

The Indian Government, through the Income Tax Act 2025, is actively encouraging taxpayers to adopt the New Tax Regime. Simplified slabs, reduced exemptions, and lower compliance burdens make the system transparent, predictable, and easier to navigate. By removing most deductions and offering direct tax reductions, the government aims to reduce disputes, errors, and administrative costs while promoting voluntary compliance. Salary earners, pensioners, and small businesses bene