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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

Tax saving options under the old and new income tax regimes in India differ sharply, especially for FY 2025–26. The old regime continues to allow a wide range of deductions and exemptions such as Section 80C, 80D, home loan benefits, and HRA, which significantly reduce taxable income. The new regime, on the other hand, offers lower tax rates and a higher exemption threshold but with minimal deductions beyond the standard deduction. Understanding these differences is crucial

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

Refunds for NRIs under the Indian Income Tax Act, 1961, ensure that non-resident taxpayers recover excess taxes paid through TDS or advance payments. NRIs are only taxed on income earned or accrued in India, and the refund process is structured to verify NRI status, calculate Indian-sourced income, file the correct ITR, and complete e-verification for smooth crediting of refunds. Understanding the step-by-step procedure helps NRIs avoid errors, delays, and missing deductions

Taxpayers in India can still claim refunds even after missing the original ITR deadline, provided the belated return is filed by December 31 of the assessment year. Section 139(4) of the Income Tax Act permits belated filings, but late fees and increased scrutiny may apply. Correct bank account validation is crucial to ensure a refund credit. Filing beyond this deadline as an Updated Return (ITR-U) disqualifies any refund claims. Platforms like TaxBuddy simplify this process

Filing income tax returns (ITR) early in India ensures faster refunds, reduces errors, and prevents last-minute filing stress. Returns processed and e-verified ahead of the deadline are prioritized by the Income Tax Department, allowing direct credit to bank accounts sooner. Early filing also provides adequate time for verifying bank details, avoiding system slowdowns, and ensuring compliance. Taxpayers can carry forward losses efficiently and minimize penalties, all contrib

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