# income
12 posts in `income` tag
Tax Alert: TRACES Portal Sets 2-Year Limit for TDS/TCS Corrections
The Income Tax Department has shortened the correction window for TDS/TCS statements to just 2 years via the TRACES portal. This change affects deductors, collectors, and taxpayers alike. Corrections for older financial years (FY 2018-19 to FY 2023-24) must be filed by March 31, 2026. After that, no changes will be accepted. Learn what this means for you and how to act now.
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By Krishna
Refund Adjusted Against Outstanding Demand: What You Need to Know
If your income tax refund is adjusted against an old tax demand, it’s likely due to Section 245 of the Income Tax Act. This blog explains what the notice means, how to respond within 30 days, and what options you have. Learn how to protect your refund and keep your tax records clean.
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By Krishna
ITR E-Verification Made Easy: Your 2025 Guide Using Demat or Bank Account
A complete 2025 guide on how to e-verify your Income Tax Return (ITR) quickly and securely using your pre-validated Bank Account or Demat Account on the e-Filing portal. Learn the prerequisites and the step-by-step Electronic Verification Code (EVC) generation process.
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By Krishna
Difference Between Refund Issued and Refund Credited in Income Tax
This guide clarifies the distinction between the two common income tax refund statuses, "Refund Issued" and "Refund Credited." Learn what each status means, the complete refund timeline, key differences, and how to check your refund status for a smoother tax experience
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By Krishna
Income Tax Return & Audit Report Deadlines Extended for AY 2025–26
The Central Board of Direct Taxes (CBDT) has extended the deadlines for filing Income Tax Returns and audit reports for the Assessment Year 2025–26. This move offers relief to taxpayers and professionals by giving them more time to complete their filings.
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By Krishna
Difference Between Original, Revised, and Updated ITR A Complete Guide
This blog explains the differences between Original, Revised, and Updated Income Tax Returns (ITR) in India. It covers filing timelines, applicable sections, fees, and practical examples to help taxpayers choose the right return type and avoid penalties.
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By Krishna
Tax Refunds Can’t Be Denied for Form 26AS Mismatch: High Court Ruling
The Allahabad High Court has ruled that tax refunds cannot be denied just because TDS is missing from Form 26AS. If a taxpayer provides valid Form 16A certificates, the Income Tax Department must verify the claim with the deductor instead of rejecting it outright. This protects honest taxpayers from delays caused by clerical errors.
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By Krishna
Income Tax Benefits for Individuals and HUFs A.Y. 2026–27
A simplified guide to income tax benefits available to Individuals and Hindu Undivided Families (HUFs) for A.Y. 2026–27. Covers exemption limits, rebates, popular deductions, and simplified tax schemes to help taxpayers plan better and save legally.
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By Krishna
Important Statutory Deadlines for October to December 2025
A concise compliance calendar covering all major statutory deadlines from October to December 2025. Includes GSTR 3B, Tax Audit, ITR filings, TDS Q2, DIR 3 KYC, TP Audit, Advance Tax, ROC filings, and GST annual returns. Stay ahead and avoid penalties with this quick reference guide.
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By Krishna
Default Isn’t Always Best: How to Choose the Right Tax Regime in 2025–26
India's income tax system has undergone a major shift for FY 2025–26, with the New Tax Regime now set as the default. This blog breaks down the differences between the New and Old Regimes, compares tax slabs, and helps taxpayers decide which option suits them best. Whether you're a young professional or a seasoned investor, understanding these changes is key to smarter tax planning.
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By Krishna
ITR Filing Deadline Extended: Relief for Tax Audit Cases
The Gujarat High Court has directed the CBDT to extend the Income Tax Return (ITR) filing deadline for tax audit cases from October 31 to November 30, 2025. This move provides much-needed relief to taxpayers and professionals, allowing more time for accurate filing and reducing stress.
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By Krishna
Compliance Calendar October 2025 – Key Tax and Regulatory Deadlines
October 2025 is packed with critical tax and regulatory deadlines. This blog highlights key dates for income tax, GST, MCA filings, EPF/ESI contributions, and audit-related submissions to help you stay compliant and avoid penalties.
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By Krishna