A revised return can be filed before assessment or notice, while an updated return may be filed thereafter. “Once proceedings ...

You don’t need to own any shares to open a Demat account, and you can even keep it at zero balance. Behind the scenes, two big organisations, National Securities Depository Limited (NSDL) and Central ...

Amend Section 486 to read: “Irrespective of anything contained in this Chapter, no person shall be prosecuted for any offence ...

Even though you only have to file a federal income tax return once per year, you generally must make tax payments to the IRS ...

Income tax refunds are delayed this year due to stricter verification, AIS–26AS mismatches, high filing volumes, and bank detail issues. Taxpayers are urged to verify data, respond to notices, and ...

A key rule is that the giver is responsible for any tax, not the recipient. But most people never owe any gift tax because of ...

Tribunal held that freight amounts collected and passed on to airlines are mere reimbursements, not income. Only the assessee’s service margin is ...

Income-tax refunds for 2024–25 face delays due to stricter CBDT checks. CA Shefali Mundra shares tips to help taxpayers speed ...

Many taxpayers expected quick refunds, but the processing has slowed down. CBDT Chairman Ravi Agrawal recently clarified that ...

If the TDS you’ve claimed in your return is higher than what appears in Form 26AS or AIS, the system immediately flags it — ...

Filing ITR can be a daunting task, and mistakes are common. In case someone is still waiting for their tax refund, it's ...

Many taxpayers are still wondering why they have not received their ITR refund even though the deadline to file your income ...