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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

Choosing between the old and new tax regimes is often the first major decision for a new taxpayer in India. The new tax regime, now the default option from FY 2023-24 onwards, offers concessional rates and simplicity but fewer deductions, while the old regime provides multiple exemptions at higher slab rates. For FY 2025-26, the government has revised slabs, raised the basic exemption limit, and enhanced rebates under the new regime, making the choice more significant than e

Assisted filing and DIY filing each offer distinct benefits when it comes to choosing the right income tax regime under the Indian Income Tax Act, 1961. The decision affects overall compliance, accuracy of reporting, and the ability to optimise deductions and exemptions. With evolving rules, adjusted tax slabs, and shortened compliance timelines, selecting between the old and new regimes is not just about saving tax but also about avoiding errors. Platforms like TaxBuddy h

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

High-Net-Worth Individuals (HNIs) and high-income earners in India often face the dual challenge of higher tax rates and complex financial planning needs. Choosing between the old and new tax regime has a direct impact on wealth preservation, compliance, and future investment strategies. Effective regime planning allows these individuals to minimize tax liabilities, optimise returns, and maintain long-term financial stability by leveraging deductions, exemptions, and efficie

The new tax regime under Section 115BAC , introduced to simplify taxation, offers lower tax rates but limits most deductions and exemptions that were traditionally available. While the old tax regime allows a wide range of benefits under sections such as 80C, 80D, and HRA, the new regime restricts taxpayers to only a handful of deductions, such as the standard deduction, employer’s NPS contribution, family pension deduction, and a few others. Taxpayers must weigh these restr

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 choice between the Old and New Tax Regime in 2025 depends heavily on individual income, deductions, and investment habits. The New Tax Regime offers lower slab rates and a higher standard deduction, making it attractive for middle-income earners with minimal deductions. The Old Tax Regime , with multiple exemptions and tax-saving deductions, can significantly reduce taxable income for individuals with large investments, home loans, or health insurance premiums. Understand

Income mismatches in business filings can trigger notices, penalties, and compliance complications. ITR-U, or Updated Income Tax Return, provides taxpayers with a straightforward solution to rectify under-reported business income, interest income, or other discrepancies without filing a completely new return. Filing ITR-U ensures compliance, allows inclusion of additional tax liabilities, and helps avoid scrutiny from the Income Tax Department. Business owners and taxpayers c