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Introduction The Income Tax Department has intensified its examination of individuals who transfer large sums of money overseas. The department is thoroughly reviewing Form 15CC, a quarterly disclosure statement submitted by Authorised Dealer (AD) Banks for foreign remittances, due to inconsistencies between reported income and foreign payments, raising concerns about possible tax evasion. Problems with tax deducted at source (TDS) on outbound remittances have been recognise

Filing income tax returns in India has evolved into a largely digital experience, with multiple tax filing apps offering tailored solutions for diverse taxpayer needs in 2025. These apps simplify filing through automation, expert support, pre-filled forms, and mobile integration. TaxBuddy, a leading AI-powered platform, provides both self-filing and expert-assisted options, making it suitable for salaried individuals, freelancers, and business owners alike. Comparing featur

Filing Income Tax Returns in India demands precision, compliance, and up-to-date knowledge of the Income Tax Act, 1961. Taxpayers face a choice: rely on AI-powered bots for speed and automation or consult human tax experts for nuanced guidance and complex case handling. While AI bots efficiently handle simple returns and reduce manual errors, human professionals provide strategic advice, error detection, and post-filing support, especially for multiple income sources, capita

Section 143(1) of the Income Tax Act pertains to the preliminary processing of Income Tax Returns (ITRs) filed by taxpayers. It is often the first stage in the tax assessment process where the Income Tax Department checks for discrepancies in the returns, such as misreported income, discrepancies in tax payments, or mismatches in TDS (Tax Deducted at Source) credits. If the department finds any issues, it can issue a notice under Section 143(1) to the taxpayer, highlighting

Introduction Filing your Income Tax Return (ITR) can sometimes lead to errors that result in scrutiny notices under Section 142(1) of the Income Tax Act. These letters request more information or documents to clarify any discrepancies or missing information in your return. When such disparities are discovered, the Income Tax Department issues a Section 142(1) notice indicating that your return is under examination. This examination may cause delays in your tax filing process

Misreporting TDS credits often results in income tax notices under Section 143(1) when the details claimed in an ITR do not match Form 26AS, AIS, or the deductor’s filings. These discrepancies arise from incorrect entries, delays in TRACES updates, or deductor errors, and taxpayers must respond quickly to avoid penalties or refund delays. Understanding why the mismatch occurred, verifying information online, and submitting either a revised return or rectification request help

Errors in an already filed Income Tax Return (ITR) can occur due to missed deductions, incorrect income details, or wrong bank information. The good news is that under the Income Tax Act, 1961, such mistakes can be corrected without penalties if addressed within the prescribed timelines. Taxpayers can use provisions like revised returns under Section 139(5) , rectification requests under Section 154, or updated returns (ITR-U) under Section 139(8A) to fix these errors. Under

Missing capital gains while filing an income tax return can lead to inaccurate reporting and unnecessary scrutiny. Fortunately, the Income Tax Act, 1961, allows taxpayers to correct such errors through a revised return under Section 139(5). This provision enables individuals to include omitted capital gains, ensuring that income statements reflect accurate details and compliance remains intact. With the government’s latest updates for AY 2025-26, taxpayers now have a more str

Filing Income Tax Returns (ITR) in India no longer always requires a Digital Signature Certificate (DSC). Most individual taxpayers with simple income sources—like salary, pension, or interest—can file their returns online and e-verify using Aadhaar OTP, net banking, or other digital methods. However, certain taxpayer categories such as companies, LLPs, and those subject to tax audits are still mandated to use a DSC. Understanding these distinctions is crucial to ensure your

The transition from XML to JSON format for Income Tax Return (ITR) filing has redefined how taxpayers in India prepare and submit returns. Starting from Assessment Year (AY) 2021-22, the Income Tax Department shifted to JSON—a lightweight, modern format that ensures faster uploads, reduced errors, and better compatibility with e-filing utilities. While XML served as the foundation for many years, JSON now provides an improved experience, simplifying the process for individua