Blogs

Updated Return (ITR-U)-The landscape of direct taxation in India has progressively shifted toward voluntary compliance and litigation reduction. A landmark step in this direction was the introduction of the Updated Return via the Finance Act, 2022. Governed by Section 139(8A) of the Income-tax Act, 1961, this provision offers taxpayers a window to rectify omissions or [...]

Penalty for Late Filing of ITR :Timely filing of the Income Tax Return (ITR) is a statutory obligation under Section 139(1) of the Income-tax Act, 1961. Failure to file the return within the prescribed due date attracts monetary penalties, interest, loss of benefits, and prosecution exposure in certain cases. Applicability of Section 234F Section 234F[.....]

ITR filing for salaried employees-In the evolving landscape of Indian taxation, the Financial Year 2025-26 (Assessment Year 2026-27) marks a significant shift for the salaried class, characterized by a substantially "sweetened" New Tax Regime. With the standard deduction enhanced to ₹75,000 and the tax rebate threshold under Section 87A extended to cover taxable income up[.....]

What is a Belated Return? A Belated Return refers to an Income Tax Return filed after the due date prescribed under Section 139(1) of the Income-tax Act, 1961 but within the time permitted under Section 139(4). It provides an opportunity to taxpayers who missed the original due date to regularize compliance and avoid prosecution for[.....]

Income Tax Return (ITR) Due Date FY 2025-26 Ensuring timely compliance with the Income Tax Act, 1961, is critical for maintaining fiscal discipline and avoiding the financial impact of interest and penalties. As we transition into Assessment Year (AY) 2026-27, taxpayers must align their financial reporting with the statutory deadlines prescribed under Section 139(1). This[.....]