If you’ve filed your income tax return and are still waiting for your refund, you’re not alone. Many taxpayers in India experience refund delays even months after filing. The good news is that under Section 244A of the Income Tax Act, 1961, the government must pay interest on delayed refunds provided the delay isn’t caused by the taxpayer. The interest rate is fixed at 0.5% per month or 6% per annum, calculated as simple interest on the refundable amount. Interest begins from

The clock is ticking for taxpayers who are required to file their income tax audit reports for the financial year 2024–25. The deadline has been set for September 30, 2025, and unlike in some past years, the Income Tax Department has not announced any extension. For companies, proprietorships, and firms whose accounts must be audited, filing the audit report on time is not just a compliance requirement—it is essential to avoid hefty penalties unde

The government extended the Income Tax Return (ITR) filing deadline for Assessment Year 2025–26 by one day, from September 15 to September 16, 2025. However, many taxpayers still missed this revised cut-off. If you are among them, there is no need to panic, as the Income Tax Department allows belated returns to be filed until December 31, 2025. A belated return refers to an ITR filed after the due date. Accord

The Income Tax Department extended the ITR filing deadline for Assessment Year 2025–26 by one day, moving it from September 15 to September 16, 2025. The announcement came after the e-filing portal suffered major technical glitches, including login failures and frozen screens, leaving lakhs of taxpayers stranded. By the original deadline, 7.3 crore returns were filed, crossing last year’s record, but at least 1.5–2 crore taxpayers were still

The Income Tax (No 2) Bill, aimed at replacing the six-decade-old Income Tax Act of 1961, has been passed in the Lok Sabha, introducing a ‘S.I.M.P.L.E’ framework Streamlined structure and language, Integrated and concise, Minimised litigation, Practical and transparent, Learn and adapt, and Efficient tax reforms. Presented by Finance Minister Nirmala Sitharaman, the bill has been reworked based on 285 recommendations from a select committee led by

For Non-Resident Indians (NRIs) juggling financial commitments in both India and the United States, tax filing often becomes a yearly stress point. Each country has distinct regulations, reporting formats, and deadlines. The slightest oversight can lead to penalties or double taxation. That’s where Artificial Intelligence (AI) is proving to be a game-changer. Today, AI-powered tax tools are helping NRIs simplify,

In a significant legal ruling, the Income Tax Appellate Tribunal (ITAT) has dismissed the Congress party's appeal against an income tax demand of Rs 199 crore for the financial year 2018-19. The tax demand relates to party funds and stems from allegations of late filing of income tax returns and violations of cash donation limits. The ITAT ruled that the Congress party's return filed on February 2, 2019, was

Many errors occur when taxpayers fail to complete all parts of the Excel utility properly. According to Mihir Tanna, Associate Director at S.K Patodia LLP, a common mistake is forgetting to fill in the last row of the Capital Gains schedule row F. It’s essential to enter the quarter-wise details and click the ‘Validate’ button at the top of the sheet. Without this step, your tax details, including capital gains and taxes, may not show up cor

Paying income tax every year can be burdensome for many, but did you know that, under the new tax rules, you may qualify to pay zero tax? The latest updates in India’s tax policies provide an opportunity for taxpayers to reduce their tax liabilities, potentially to zero, with proper planning. Finance Minister Nirmala Sitharaman’s 2025 Budget announcement revealed a significant change in the tax system that could benefit many taxpayers. Here’s

If you’re wondering whether filing your Income Tax Return (ITR) early will help you get your tax refund faster, the answer is generally yes as long as your return is correct, complete, and verified on time. Filing early ensures that your return is processed smoothly, especially during the less congested period before the September 15, 2025 deadline. Why Early Filing Increases Your Chances of a Quicker R

A Bay Area couple is facing stress and frustration after a costly mistake nearly caused them to overpay $30,000 to the Internal Revenue Service. The error, made while attempting to submit their estimated 2025 tax payment early, has led to bounced checks, a financial penalty, and weeks of confusion with no clear resolution in sight. Joy and Kenneth Hays, residents of Livermore, California, were trying to make an early payment on their taxes, expecting to pay $3,360. But a simple mi

If you're a tenant paying more than ₹50,000 in monthly rent, you could be sitting on a potential tax penalty without realizing it. As per Section 194-IB of the Income Tax Act, even salaried individuals not just business entities are required to deduct 2% Tax Deducted at Source (TDS) from the rent and deposit it with the government. This provision applies to anyone paying high-value rent and is often overlooked, leading to costly mistakes.

Filing your income tax return (ITR) for the first time is a milestone in financial responsibility, but it also comes with its share of confusion and potential pitfalls. From choosing the correct form to verifying the return, a few missteps can delay refunds or even invite scrutiny from the Income Tax Department. With the ITR filing season for Financial Year 2024–25 now open, new taxpayers must stay alert and informed.

Starting July 1, 2025, several important changes in the financial sector will come into effect, impacting individual taxpayers, bank customers, and railway travelers. These changes include new regulations for Aadhaar-PAN linking, increased banking fees, and adjustments in railway ticket prices. Below are some of the key updates that individuals should be aware of: Aadhaar-PAN Linking

Filing your Income Tax Return (ITR) can be a complex task, especially if you're doing it without professional help. For salaried individuals, Form 16 is a crucial document that simplifies the process by providing details of salary earned and the tax deducted at source (TDS). If you've received your Form 16 and are preparing to file your ITR, it's important to first review the form thoroughly to ensure accuracy.

Pre-filled Income Tax Return (ITR) forms, introduced by the Income Tax Department, are designed to make tax filing simpler for individuals by auto-filling key financial details. These forms collect data from reliable sources such as your PAN, Aadhaar, Form 16 issued by employers, Form 26AS, and the Annual Information Statement (AIS) to pre-load income, tax paid, deductions claimed, and bank account information. However, despite the convenience, these pre-fille

 In a major policy development, the Indian government has initiated high-level talks to overhaul the Goods and Services Tax (GST) framework. According to a report by The Economic Times, the discussions aim to streamline the current slab structure, reduce business complexities, and prepare Indian industries for greater global competitiveness. The GST overhaul talks come amid broader tax reform efforts, including the introduction of an income tax simplification bill earl

Determining what qualifies as a good salary in 2025 can be surprisingly complicated. With inflation, economic shifts, and evolving work environments, income levels are influenced by far more than just job titles or years of experience. Geography, cost of living, industry norms, and the rise of remote work all play major roles in defining how far a paycheck goes. Recent data shows that the real median household income in the United States was $80,610 in 2023. While this number offe

Millions of borrowers with defaulted federal student loans will soon face renewed consequences as the U.S. government resumes collections. The Department of Education has confirmed that, beginning May 5, it will refer defaulted loans to the Treasury Department’s offset program. This program allows the government to garnish wages, withhold tax refunds, and seize portions of Social Security checks to collect unpaid student debt. These measures officially end the collections pause introduced

The Income Tax Department has officially released the Income Tax Return (ITR) forms 1 and 4 for the assessment year 2025–26, enabling individual taxpayers, Hindu Undivided Families (HUFs), and firms (excluding LLPs) with total income up to ₹50 lakh to begin filing their income tax returns. This marks the beginning of the tax season for income earned during the financial year April 1, 2024, to March 31, 2025. Taxpayers must submit their returns by the due date of July 31, 2025, to avoid l