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Income from other sources often goes unnoticed, but it plays a crucial role in determining total taxable income. For FY 2024-25 (AY 2025-26), taxpayers must correctly report earnings such as interest from deposits, dividends, or winnings under the “Income from Other Sources” category as per Section 56 of the Income Tax Act, 1961. Reporting this income ensures compliance, prevents mismatches in AIS or Form 26AS, and helps claim eligible deductions. Platforms like TaxBuddy simp

Filing Income Tax Returns (ITR) is a crucial responsibility for every startup founder and entrepreneur in India. Even if a startup records losses or hasn’t begun generating revenue, filing ITR is mandatory under the Income Tax Act, 1961. It helps establish financial credibility, ensures compliance, and enables startups to carry forward losses for future tax benefits. With updated rules under Budget 2025 and simplified e-filing procedures, startups can now manage tax filing m

Interest on missed advance tax payments  in India is governed by Sections 234B and 234C of the Income Tax Act, 1961. Any delay or shortfall in paying advance tax attracts mandatory interest, which can significantly increase your total tax outgo if ignored. The Income Tax Department requires advance tax to be paid in instalments across the year once your estimated annual liability exceeds ₹10,000 after TDS adjustments. Understanding how this interest is computed helps taxpayer

ITR refund reissue delays are often caused by data mismatches, incomplete verification, or bank-related errors. Even after timely filing, refunds can get stuck if the information in your ITR doesn’t match the details in Form 26AS or AIS, or if your bank account isn’t properly pre-validated on the Income Tax portal. Sometimes, old IFSC codes after bank mergers or using an ineligible account type such as an NRE account can prevent successful credit. Understanding these issues h

Section 111A of the Income Tax Act, 1961, governs the taxation of short-term capital gains (STCG) arising from the sale of listed equity shares and equity-oriented mutual funds. These gains occur when securities are sold within 12 months of purchase, making them subject to a specific tax rate designed to regulate short-term trading profits. The section ensures fair taxation while encouraging active participation in the stock market through concessional rates. With the latest

Section 80D of the Income Tax Act, 1961, offers a tax deduction on preventive health check-ups, encouraging individuals to prioritise early diagnosis and regular medical screenings. The government introduced this provision to promote proactive healthcare while providing tax relief. Taxpayers can claim up to ₹5,000 annually for check-up expenses for themselves and family members, including parents. This benefit supports preventive healthcare practices and helps reduce future

Claiming false or inflated deductions in your Income Tax Return (ITR) can trigger severe financial and legal consequences under Indian tax law. Section 270A of the Income Tax Act imposes strict penalties—ranging from 50% to 200% of the tax payable—on taxpayers who under-report or misreport income. Whether it’s fake rent receipts, fabricated donations, or non-existent investments, the Income Tax Department’s advanced data verification systems can easily detect discrepancies. U