The Updated Income Tax Return (ITR-U) is a provision introduced by the Indian government to allow taxpayers to rectify errors or omissions in their previously filed Income Tax Returns (ITRs). This initiative aims to enhance tax compliance by providing an opportunity for individuals and businesses to voluntarily disclose any undisclosed income or correct inaccuracies without […]
Income Tax
Income Tax Refund
An Income Tax Refund arises when the tax amount paid by an individual or business exceeds their actual tax liability for a financial year. This excess amount is refunded by the Income Tax Department upon processing the Income Tax Return (ITR). Checking Income Tax Refund Status To monitor the status of your refund, you can […]
ITR Filing Due Date – Financial Year 2025–26 (Assessment Year 2026–27)
Introduction Every taxpayer need to understand the Income Tax Return (ITR) filing due dates to ensure timely compliance and avoid penalties. The Income Tax Department prescribes specific deadlines based on the nature of the taxpayer and audit applicability. Therefore, knowing the correct due date for Financial Year 2025–26 (Assessment Year 2026–27) is essential for individuals, […]
Income Tax Slab Rate For FY 2024-25 and FY 2025-26
SLAB RATE FOR THE FY 2024-25 – Individual taxpayers have two options to select either new regime or old regime. Let us discuss it step by step. The new tax regime, introduced in Budget 2020, offers lower tax rates but does not allow most deductions and exemptions (e.g., Section 80C, HRA, etc.). It is expected […]
How to Claim TDS Refund by Astrologers
Astrologers in India, like other professionals, are subject to Tax Deducted at Source (TDS) if their income exceeds certain thresholds. TDS is deducted by clients or organizations when they make payments to astrologers for services rendered.