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A rejected Income Tax Return (ITR) can disrupt the entire filing process and delay refunds. Rejections typically occur due to errors in personal details, TDS mismatches, or validation issues during e-filing. However, the Income Tax Act, 1961, provides clear mechanisms to correct these errors through rectification under Section 154 or revision under Section 139(5). Understanding the nature of rejection and choosing the correct rectification method ensures smooth compliance and

Filing TDS returns online ensures transparency, compliance, and timely credit of taxes deducted at source. Every deductor, whether an employer, business, or individual, must report tax deductions accurately using the Income Tax Department’s e-filing portal. The process involves registration, preparation, validation, and electronic submission of quarterly statements. The Income Tax Department has refined its e-filing system for FY 2025-26, making it easier for deductors to com

Section 194H of the Income Tax Act, 1961 governs the deduction of tax at source on commission or brokerage payments made to residents. It ensures that income earned through intermediary services is reported accurately and taxed at the source itself. From 1 April 2025, the threshold limit has been raised to ₹20,000 and the TDS rate reduced to 2 percent, simplifying compliance for businesses and individual payers. TaxBuddy helps taxpayers understand such provisions and stay c

Section 194N of the Income Tax Act regulates cash withdrawals beyond prescribed limits to promote transparency and discourage unaccounted cash transactions. Introduced to drive the shift toward digital payments, this section requires banks, co-operative societies, and post offices to deduct TDS when withdrawals exceed ₹1 crore annually. Budget 2025 has refined thresholds, exemptions, and compliance processes, making it vital for both individuals and entities to stay informed

When a property transaction in India exceeds ₹50 lakhs, the buyer must deduct tax at source before making payment to the seller. This deduction, governed by Section 194IA  of the Income Tax Act, ensures tax compliance in high-value real estate transactions. The rule applies to residential and commercial properties, excluding agricultural land. By mandating TDS on such sales, the government ensures transparency and curbs tax evasion in real estate deals. Table of Contents Unde

Missed claiming deductions like  80C , 80D , or 80G  in your income tax return? The Income Tax Act, 1961 allows taxpayers to correct such omissions by filing a revised return under Section 139(5). This ensures you can still claim eligible deductions, correct income details, or update bank information before the assessment year ends. Filing a revised ITR helps maintain accurate compliance, minimizes refund delays, and prevents avoidable penalties — making it essential for anyo

Form 10-IEA is a key filing document under the Income Tax Act that enables taxpayers to choose or change between the old and new tax regimes. It provides an official mechanism for declaring regime preference, ensuring the choice is valid for the financial year. Introduced to bring transparency and flexibility, this form is especially crucial for individuals and businesses with professional or business income who wish to opt out of the default new regime or re-enter it later.

A domicile certificate is a crucial document that certifies a state's citizens' place of abode. For this reason, getting a copy of this document is crucial since it's required when using a number of government services. Applying for government jobs, state quota admissions, scholarships, and welfare programs all require it. Maharashtra residents can apply for a domicile certificate online using the Aaple Sarkar portal or in person at the offices of the Tehsildar, Sub-Divisiona

The World Customs Organisation (WCO) created the Harmonised System Nomenclature (HSN) Code, an internationally standardised system for classifying commodities. The HSN Code, which offers a methodical and rational framework for categorising items, is essential to international trade. This approach makes it easier to identify products and apply the appropriate taxes and levies. Additionally, the HSN Code guarantees adherence to international trade laws and facilitates the gathe

Capital gains tax on mutual funds is determined by how long the investment is held and the type of fund—equity or debt. The Income Tax Act, 1961, categorizes these gains into short-term and long-term, each attracting distinct tax rates. Budget 2025 has introduced clarity on holding periods, tax slabs, and exemption limits, making compliance easier for investors. With automation-led tax filing platforms like TaxBuddy , reporting capital gains has become simpler and more accur