In a major relief for thousands of taxpayers, the Central Board of Direct Taxes (CBDT) has extended the deadline for processing electronically filed income tax returns (ITRs) that were incorrectly marked as invalid. This crucial move aims to fix long-standing issues caused by technical errors at the Centralised Processing Centre (CPC), Bengaluru, which led to … Read more
How One Taxpayer Beat a ₹1.46 Lakh Penalty After False Deductions Imagine this: You trust your tax consultant to handle your ITR, only to discover they’ve drastically under-reported your income with bogus deductions. That’s exactly what happened to Mr. Shinde, a salaried employee who faced a hefty ₹1.46 lakh penalty from the Income Tax Department. … Read more
The ITR-3 form is now live on the Income Tax Department’s e-filing portal for the Assessment Year (AY) 2025-26. This is great news for individuals and Hindu Undivided Families (HUFs) who earn income from a business or profession, as they can now file their returns completely online. Who Should Use ITR-3? This form is specifically … Read more
Missed Your ITR for AY 2021-22 or 2022-23? Last Chance to File! Good news for taxpayers who either missed filing their Income Tax Returns (ITR) for Assessment Years (AY) 2021-22 or 2022-23, or need to correct past errors! The Income Tax Department has officially opened the window for filing Updated Returns (ITR-U). This is your … Read more
It’s tax season, and for the first time, the Income Tax Department has a dedicated category for social media influencers! If you’re a content creator, blogger, online coach, or any digital gig worker, here’s what you need to know about filing your Income Tax Return (ITR) this year. New Profession Code: 16021 Good news – … Read more
Income Tax Department Extends Deadline for Erroneously Invalidated ITRs to March 2026! New Delhi, July 29, 2025 – Good news for taxpayers! The Income Tax Department, through the Central Board of Direct Taxes (CBDT), has extended the deadline for processing Income Tax Returns (ITRs) that were wrongly invalidated due to technical glitches. This significant relief, … Read more
Reporting capital gains accurately in your Income Tax Return (ITR) is more critical than ever, given the Income Tax Department’s intensified monitoring. With advanced data-matching systems, the IT Department is closely scrutinizing disclosures of income from equities, mutual funds, and even buyback transactions. To avoid notices and penalties, diligent documentation and professional guidance are no … Read more
It’s ITR filing season again, and there’s some important news you need to know, especially regarding the tax rebate and deadlines for the Financial Year 2024-25 (Assessment Year 2025-26). Deadline Extended for FY2024-25! Good news! The income tax department has extended the ITR filing deadline for FY2024-25 from July 31, 2025, to September 15, 2025. … Read more
Got an income tax notice after filing your return? Don’t panic! While it can be unsettling, it’s often a routine matter that can be resolved with a few simple steps. The digital nature of today’s tax system means even a minor discrepancy can trigger an automatic alert. Here’s what to check and do next: 1. … Read more
In India, a recent case highlighted a significant issue with the Annual Information Statement (AIS): duplicate reporting of income. A tax professional discovered that a client’s AIS showed ₹4.1 lakh in interest income, while the actual amount was only ₹2.2 lakh. This was due to the same income being reported twice from different sources. Such … Read more