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Section 80IBA of the Income Tax Act, 1961 provides a significant incentive for developers of affordable housing projects, offering a 100% deduction on profits derived from eligible projects. This deduction promotes affordable housing in India while ensuring compliance with specific timelines, unit sizes, and commercial limits. Developers who meet these criteria can substantially reduce their tax liabilities, making Section 80IBA a crucial tool in project planning and financia

Section 245 of the Income Tax Act, 1961, allows the Income Tax Department to adjust any refund due to a taxpayer against pending tax demands from previous years. When the department identifies such outstanding dues, it sends a formal intimation under Section 245 specifying the amount to be adjusted and the assessment years concerned. Timely understanding and response to this intimation are crucial, as failure to act may result in automatic adjustment of refunds without recour

Income tax refunds are a vital aspect of tax compliance, and in 2025, checking your refund status has become faster and fully digital. With multiple official platforms available, taxpayers can track refunds in real time without visiting tax offices. Ensuring that your PAN is linked to Aadhaar and your bank account is pre-validated is essential for a smooth refund process. Online tracking provides clarity on whether a refund has been processed, transferred, or requires additi

When a tax refund shows as “processed” on the Income Tax portal but does not appear in your bank account, it can be worrying. Such situations often arise due to incorrect account details, mismatches between PAN and bank information, or technical glitches in electronic fund transfers. Resolving this promptly requires understanding the process, verifying bank details, and, if necessary, filing refund reissue or rectification requests. TaxBuddy offers an efficient platform to t

Income tax refunds are a critical part of tax compliance, yet delays or non-crediting of refunds cause stress for taxpayers. The most common reasons for refund failures include incorrect bank details, mismatches in filing forms, or procedural issues under the Income Tax Act, 1961. Timely verification, accurate form selection, and responding to notices can ensure refunds are credited smoothly. Table of Contents Why Income Tax Refunds Are Delayed or Not Credited Incorrect or M

Startups and LLPs in India are required to file their Income Tax Returns (ITR) annually, irrespective of profits or revenue. This compliance ensures financial discipline, maintains credibility with investors, and keeps businesses eligible for tax benefits such as Section 80-IAC deductions for DPIIT-recognized startups. Filing correctly also prevents penalties, secures the ability to carry forward losses, and ensures compliance with statutory requirements under the Income Tax

NRIs earning income in India must carefully select the correct ITR form to ensure compliance and avoid penalties. Choosing the wrong form can lead to processing delays, scrutiny, or fines. Income from property, capital gains, salary, business, or professional activity determines which ITR form is suitable. Recent updates for AY 2025-26 emphasize filing deadlines, e-verification, and DTAA applicability for NRIs. Proper reporting of Indian income and bank account details is ess

Filing Income Tax Returns (ITR) is essential for pensioners to ensure compliance, claim rightful deductions, and maintain a clear financial record. For AY 2025-26 (FY 2024-25), pensioners enjoy specific benefits under Indian tax laws, including higher exemption limits, standard deductions, and eligibility for certain exemptions like 80TTB. Selecting the correct ITR form, reporting pension income accurately, and e-verifying the return are crucial steps. Leveraging simplified

Filing income tax returns for complex financial scenarios involves navigating multiple income sources, deductions, and ever-changing rules under the Income Tax Act 1961. Mistakes during self-filing can result in penalties, delayed refunds, or scrutiny by the Income Tax Department. Assisted filing connects taxpayers with qualified professionals and AI-powered platforms, reducing errors, ensuring compliance, and optimizing eligible tax benefits. Platforms like TaxBuddy combin

Choosing the right tax regime while filing Income Tax Returns (ITR) in India can significantly impact your tax liability. The old tax regime allows multiple exemptions and deductions, whereas the new tax regime offers lower rates and simplicity but restricts most deductions. Understanding which regime benefits you requires evaluating income, investments, eligible deductions, and filing flexibility. TaxBuddy’s mobile app simplifies this process by comparing liabilities under