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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

Correcting errors in filed Income Tax Returns is now easier with ITR-U under Section 139(8A) of the Income Tax Act, 1961. Taxpayers can update missed income, omitted deductions, or incorrect reporting even after the standard revised return deadline. ITR-U ensures compliance, avoids scrutiny, and prevents penalties while streamlining the correction process. Tools like TaxBuddy make it simple to detect discrepancies across income sources, calculate additional tax, and submit

Filing a revised return can often feel complicated, time-consuming, and prone to errors, especially when dealing with multiple income sources or mismatched TDS entries. TaxBuddy simplifies this process by combining AI-powered automation, mobile-first accessibility, and expert support, ensuring accurate and timely submissions under the Income Tax Act, 1961. Taxpayers can now complete their revised return filings efficiently, with minimal manual effort, while staying fully com

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

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

Tracking your income tax refund has never been easier. Without logging into the e-filing portal, taxpayers can instantly check the status of refunds using their PAN and Assessment Year. This method is officially recognised by the Income Tax Department and applies to refunds processed through the “Refund Banker” system. It eliminates the need for portal credentials, making it convenient for individuals facing password issues, portal downtime, or simply seeking a faster check.

The Updated Income Tax Return (ITR-U) allows taxpayers to rectify errors or report omitted income for up to four years from the end of the relevant assessment year. While it is a crucial tool for maintaining compliance and avoiding penalties, taxpayers often wonder if filing an ITR-U also lets them claim a refund. Understanding the distinction between ordinary ITRs and ITR-U is essential to ensure accurate tax filing and proper management of refunds, while adhering to updat