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
Tax season is here, and the Income Tax Department isn’t playing around. They’re using data analytics and AI to sniff out fake deduction claims, and if you’re caught, the consequences are severe: up to 7 years in jail and a 200% penalty! The taxman has already flagged over Rs 1,045 crore in wrongful deductions, with … Read more
Correct Your ITR Errors by December 31, 2025, or Face Serious Consequences! Did you spot a mistake in your Income Tax Return (ITR) for Assessment Year (AY) 2025-26? Whether it’s incorrect income, missed deductions, or outdated personal information, time is running out to fix it. The final deadline to file a revised or belated return … Read more
Hundreds of thousands of taxpayers are filing updated Income Tax Returns (ITR-U) in 2025. This surge is largely due to increased vigilance and enforcement by the Income Tax Department, which is cracking down on those who previously made false claims or hid income. In the last four months alone, roughly 40,000 taxpayers have voluntarily withdrawn … Read more
The Income Tax Department has rolled out TAXASSIST, a new initiative designed to help taxpayers with questions about deductions claimed for political donations under Section 80GGC of the Income Tax Act, 1961. This move comes amid growing concerns about the misuse of this provision. Understanding Section 80GGC Section 80GGC allows individuals (but not businesses) to … Read more
Income Tax Department Nudges Crypto Investors: Declare Your Virtual Digital Assets (VDAs) Now The Indian Income Tax Department (ITD) is intensifying its focus on cryptocurrency gains, urging thousands of investors who haven’t declared their Virtual Digital Assets (VDAs) to rectify their income tax filings. This proactive measure is part of the ITD’s “NUDGE” campaign, emphasizing … Read more
You can now file missed Income Tax Returns (ITRs) for up to four years after the relevant assessment year ends! The Union Budget 2025 has extended the deadline for filing an Updated Income Tax Return (ITR-U) from two years to four years. This is a huge relief for taxpayers who need to correct past filings. … Read more