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Filing an Updated Income Tax Return (ITR-U) allows taxpayers to correct mistakes or declare missed income after submitting their original or belated return. Introduced under Section 139(8A) of the Income Tax Act, this provision enables individuals to file or revise their returns within 24–48 months from the end of the relevant assessment year. It’s designed to promote voluntary compliance while avoiding penalties for non-disclosure of income. Table of Contents What Is an Upda

For correcting mistakes in your Indian Income Tax Return (ITR), both ITR-U (Updated Return) and Revised Return serve as valid mechanisms. Each caters to different circumstances depending on when the error is discovered and the type of correction required. A Revised Return is suitable for timely corrections within the assessment year, while ITR-U is meant for older or missed returns discovered much later. Understanding the differences between these two ensures compliance, pr

When a refund fails due to bank validation issues, the Income Tax Department holds the amount until the correct details are provided. This usually happens when the taxpayer’s bank account is not pre-validated, inactive, or mismatched with the PAN. To reissue your income tax refund after a bank validation failure, update and revalidate your bank details on the Income Tax e-filing portal, then submit a “Refund Reissue Request.” The process ensures your refund is credited secure

Filing a revised Income Tax Return (ITR) under Section 139(5) allows taxpayers to correct any mistakes or omissions made in their original return. Whether it’s an income not reported, a missed deduction, or a wrong ITR form used, Section 139(5) provides an opportunity to fix these errors without penalty if done within the specified time. This process ensures accurate tax computation and compliance with the Income Tax Act, 1961, especially for FY 2024–25 (AY 2025–26). Table

Income tax refunds in India are facing noticeable delays in 2025 due to a mix of system updates, high filing volumes, and data mismatches across  Form 26AS , AIS, and bank accounts. With several portal improvements and revised validation rules introduced this year, even small errors can trigger processing holds. The good news is that most of these issues can be resolved quickly through updated refund tools and timely compliance actions, helping taxpayers receive their refunds

Understanding the difference between advance tax and self-assessment tax is crucial for every Indian taxpayer. Both terms may sound similar, but they apply at different stages of the tax cycle. Advance tax is paid during the financial year based on estimated income, while self-assessment tax is the balance paid before filing the return once actual income is known. Knowing when and how to pay each helps prevent interest charges under Sections 234A, 234B, and 234C, ensuring s

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