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Choosing the right TDS form is essential for accurate tax compliance under the Indian Income Tax Act. Both Form 24Q and Form 26Q serve as quarterly TDS return statements but apply to entirely different types of payments. Form 24Q is used for salary-based deductions under Section 192 , while Form 26Q applies to payments like rent, commission, and professional fees under Section 200(3). The right form ensures proper tax reporting and helps avoid penalties for incorrect filing

When an Income Tax Return (ITR) is marked as “processed” but the refund hasn’t reached your account, it signals a gap between approval and credit. The reasons could range from mismatched bank details to verification delays at CPC or NSDL. With the rise of automated e-filing systems, most refunds are credited within weeks — yet a growing number of taxpayers face such delays. Understanding the cause and knowing where to act can help resolve the issue faster. After processing, r

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

Incorrect or outdated bank account details can delay or even block income tax refunds. Fortunately, the Income Tax Department allows taxpayers to correct or update their bank information after filing their ITR . Using the e-filing portal, one can revalidate, update, or nominate a new account linked with PAN to ensure refunds are credited seamlessly. The process is entirely online and can be completed before the return is processed. Table of Contents Why Correcting Bank Accoun

If your Income Tax Return (ITR) verification is still pending, your filing isn’t complete yet. The Income Tax Department treats an unverified return as invalid, meaning it’s as if the return was never filed. This can cause refund delays, interest on taxes, or even notices from the department. The verification step confirms that the details you filed are accurate and genuine. Fortunately, completing ITR verification takes just a few minutes through Aadhaar OTP, net banking, or

ncome Tax Return (ITR) rejection continues to be a recurring issue for taxpayers under the Income Tax Act, 1961. Even minor mismatches or incomplete filings can result in rejection, leading to refund delays and compliance troubles. The Income Tax Department’s system cross-verifies every detail from Form 16, Form 26AS, AIS, and bank data — any inconsistency can halt processing. Most rejections stem from incomplete information, failure to e-verify, or incorrect form selection.

Form 16B is a crucial TDS certificate issued to property sellers when tax is deducted at source under Section 194IA of the Income Tax Act, 1961. It confirms that the buyer has deducted and deposited TDS on the sale of property with the government. This document is downloaded from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal by the buyer and shared with the seller. The process requires basic details like PAN, acknowledgment number of Form 26QB

Section 194A of the Income Tax Act, 1961 governs the deduction of Tax Deducted at Source (TDS) on interest income other than interest on securities. It primarily applies to interest earned from fixed deposits, recurring deposits, loans, and advances by Indian residents. The provision ensures that tax is deducted at the source before payment, promoting timely compliance and minimizing evasion. Tax on interest income is deducted when the amount exceeds specified limits, and the

When the tax deducted at source (TDS) exceeds your actual income tax liability, the excess amount becomes refundable under the Income Tax Act, 1961. To receive this refund, a taxpayer must file an Income Tax Return (ITR) for the respective financial year, ensuring all income, deductions, and exemptions are correctly reported. The process involves filing, verification, and refund credit to the taxpayer’s registered bank account. Understanding the steps and timelines helps avo

Section 195 of the Income Tax Act, 1961 mandates deduction of Tax Deducted at Source (TDS) on payments made to non-residents such as NRIs and foreign companies. It ensures that tax is collected at the source when income arises from India, covering payments like interest, royalty, professional fees, rent, and capital gains. This mechanism prevents tax evasion and secures government revenue by holding the payer accountable for deduction and remittance of tax to the government