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How to File Form 67 for Foreign Tax Credit Claim
Form 67 is a mandatory declaration for Indian residents claiming Foreign Tax Credit (FTC) under the Income Tax Act, 1961. It allows taxpayers to avoid double taxation by offsetting tax paid abroad against the tax payable in India on the same income. To secure this benefit, the form must be submitted electronically before filing the Income Tax Return (ITR) . The process ensures that international income, such as salary, dividends, or capital gains earned overseas, is taxed f
Rajesh Kumar Kar
Nov 27, 20258 min read
How to Find Revised Return Acknowledgement Number Online
Locating the revised return acknowledgement number is essential for validating a corrected or updated income tax return, especially when filing under the timelines set for FY 2024-25. The number helps confirm that the revised return is successfully submitted and e-verified on the income tax portal. It appears in both the filed returns dashboard and the ITR-V sent to the registered email. Understanding where and how to check this number ensures compliance and prevents issues
Rajesh Kumar Kar
Nov 27, 20258 min read
How to Report Missed TDS Entries and Avoid Penalties
Missed TDS entries can cause serious discrepancies in your income tax records, often leading to refund delays, penalty notices, or incorrect tax assessments. Under the Income Tax Act, 1961, every TDS deduction must be accurately reported and matched with Form 26AS. A mismatch or omission can attract penalties or even block refunds. Ensuring all TDS credits are correctly reflected is essential to maintain compliance and prevent financial losses. To report missed TDS entries a
Nimisha Panda
Nov 27, 20259 min read
How to Check and Verify TDS Details in Form 26AS
Form 26AS is the central record of all taxes deducted or collected under a PAN, and verifying these details is essential before filing an income tax return. Every TDS entry—whether from salary, bank interest, property transactions, or professional payments—must appear correctly in Form 26AS for the refund or tax credit to be approved. Mismatches, missing entries, or incorrect deductor information often lead to delayed refunds, demand notices, or defective return classificati
PRITI SIRDESHMUKH
Nov 26, 20258 min read
Income Tax Scrutiny Checklist for Salaried and Business Taxpayers
The Income Tax Department selects returns for scrutiny to ensure income has been accurately reported and taxes have been duly paid. For FY 2025-26, the Central Board of Direct Taxes (CBDT) has refined the scrutiny process, emphasising document verification, digital submissions, and risk-based case selection. Salaried and business taxpayers must prepare comprehensive records to respond effectively to notices under Section 143(2) , ensuring compliance under the faceless assessm
Dipali Waghmode
Nov 25, 20259 min read
Section 147 Reassessment Notice: Process and Response Guide
A reassessment notice under Section 147 of the Income Tax Act is issued when the Income Tax Department believes income has escaped assessment in a previously filed return. Such notices often arise due to unreported transactions, mismatches in AIS or Form 26AS, or newly obtained information indicating underreported income. The objective is not to penalize immediately but to reassess income correctly. Taxpayers must act within the prescribed timelines to avoid further complic
Rashmita Choudhary
Nov 25, 20258 min read
Income Tax Notice for Underreported Income: What to Do Next
An income tax notice for underreported income is issued when the amount you declare in your return doesn’t align with data reported by banks, employers, or other financial institutions. The Income Tax Department uses automated systems to cross-check income sources through Form 26AS, AIS, and TIS. When inconsistencies appear, the system generates a notice to verify your income and tax liability. These notices ensure transparency and prevent tax evasion under Section 270A of th
Nimisha Panda
Nov 25, 20259 min read
How to Correct Errors in Filed ITR Without Penalties
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
Nimisha Panda
Nov 24, 20259 min read
How to File Revised Return for Missed Capital Gains Reporting in India
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
Rashmita Choudhary
Nov 24, 20259 min read
Can You File ITR Without a Digital Signature?
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
PRITI SIRDESHMUKH
Nov 24, 20259 min read
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