Tax News & Updates

Understanding Tax Penalties and Interest in India The Indian income tax system imposes various penalties and interest charges for non-compliance, late filing, underreporting of income, and other defaults. These provisions serve as deterrents against tax evasion and encourage timely compliance. Understanding these penalties helps taxpayers avoid unnecessary costs and plan their tax compliance effectively. The […]

Understanding Income Tax Refunds An income tax refund arises when the total tax paid (through TDS, advance tax, and self-assessment tax) exceeds your actual tax liability for the financial year. Common reasons include excess TDS deducted by employers or banks, advance tax overpayment, claiming deductions that weren’t considered in TDS computation, and loss declarations that

What is a Revised Income Tax Return? A revised return under Section 139(5) of the Income Tax Act allows taxpayers to correct mistakes, omissions, or wrong statements in their original income tax return. Whether you forgot to report an income source, claimed an incorrect deduction, or made a data entry error, filing a revised return

Introduction to the Income Tax E-Filing Portal The Income Tax Department’s e-filing portal (incometax.gov.in) is the primary platform for all tax-related activities in India. From filing income tax returns to checking refund status, paying taxes, and responding to notices, almost every interaction with the tax department happens through this portal. The portal underwent a complete

Receiving an income tax notice can be stressful, but it is more common than you think. Most notices are routine — requesting clarification, additional information, or addressing minor discrepancies. Understanding the different types of notices and how to respond properly can save you from penalties and unnecessary anxiety. Types of Income Tax Notices Section 143(1):