Finance Buddy

NEW DELHI: The income tax department will deny tax deducted at source (TDS) credit and flag your income tax return (ITR) if it detects any discrepancies between the TDS information reported in the ITR and the data provided by the TDS deductor.When a TDS deductor deducts the tax, they are required to file a TDS return, which the tax department then reconciles with the data reported. "It may be noted a taxpayer will not get a tax credit for tax deductions that are not reflected in the Form 26AS," said the income tax department, which means that if one has any outstanding taxes after filing the ITR, they will be required to pay the tax debt and won't be able to offset TDS credit that is not reflected in Form 26AS, according to the Economic Times report. For example, If the deductor makes an error in reporting the data, such as a bank deducting a certain amount as TDS on FD investment but failing to report it accurately in their TDS return, the income tax department will dis...

The tax department will flag your income tax return (ITR) and disallow tax deducted at source (TDS) credit if it detects any mismatch in TDS data reported by you in the ITR and by the TDS deductor. This is because when a TDS deductor deducts the tax, they need to file a TDS return, which the tax department reconciles with the data reported by you. For example, if you invested in FDs and the bank deducted Rs 10,000 as TDS, then the bank must report this transaction in their TDS return. If, for  any reason, the bank makes an error in reporting this data, then the income tax department will disallow your TDS claim and may even issue a tax notice for this. "It may be noted a taxpayer will not get a tax credit for tax deductions that are not reflected in the Form 26AS," said the income tax department. This implies that if you owe any taxes after submitting your ITR, you will need to settle the tax debt because you won't be able to offset TDS credit that doesn't show up in...

New Delhi: ITR refund processing is in full swing with the Income Tax department having decided to process ITRs at a faster clip this year. However, some ITR refunds may have been delayed. The deadline for filing ITRs for assessment year 2024-25 was July 31, 2024. While several taxpayers filed their ITR ahead of this deadline, many are yet to file the same and can do so before December 31, 2024, by paying a late fee based on their taxable income. Why ITR refund processing has been delayed  Your ITR refund processing may have been delayed due to the following reasons: ITR not verified ITR amount dispute Belated ITR filing  Incorrect bank details Most of the times, reason for delay in refund is incorrect bank details. All of us have already filed our ITRs. Please check whether bank account details have been filed correctly. If not, don't worry... Relax.... Just revise ITR at the earliest and file correct bank account... - Sujit Bangar (@sujit_bangar) August 7, 2024 How long d...

Taxpayers have to file their income tax returns (ITR) and wait for the  income tax department  to process these to know if they have to pay more tax or they will get an  income tax refund . This is because only after processing an ITR will the tax department inform the taxpayer whether he/she has to pay additional income tax or a tax refund (if a claim has been filed) is due to him/her or if the tax calculations have been accepted without any refund or claim for additional tax. If you have filed an ITR during July and are awaiting an income tax refund, it's important to know how long the income tax department can legally take to process the tax return. Sujit Bangar, a former Indian Revenue Service officer and founder of TaxBuddy.com , says, "Income tax laws allow the income tax department to process the ITR within 9 months from the end of the assessment year for which the ITR was filed. This means that for an individual who has filed an ITR for FY 2023-24 (AY 2024-25), t...

It appears that the number of taxpayers getting or likely to get 'Defective  ITR ' notices from the income  tax  department is higher than in previous years. There are many possible reasons why an   income tax return  (ITR) may get tagged as 'defective'. For instance, if your name in your PAN card does not match the name given in the  ITR  filed by you or if you have claimed TDS credit without reporting the corresponding income, etc. The reasons are endless, but ultimately, if your ITR is tagged as 'defective', then a notice under section 139(9) will follow. After receiving this notice, you have to fix the defect within the given timeline, which is usually 15 days. This year defective ITR notices are being received in larger numbers than before Chartered accountants report that many of their clients have received  defective ITR  notices this year and the number of such notices received is more than last year. Chartered accountant Abhishek So...

T axpayers have to file their income tax returns (ITR) and wait for the income tax department to process these to know if they have to pay more tax or they will get an income tax refund. This is because only after processing an ITR will the tax department inform the taxpayer whether he/she has to pay additional income tax or a tax refund (if a claim has been filed) is due to him/her or if the tax calculations have been accepted without any refund or claim for additional tax. If you have filed an ITR during July and are awaiting an income tax refund, it's important to know how long the income tax department can legally take to process the tax return. Sujit Bangar, a former Indian Revenue Service officer and founder of TaxBuddy.com , says, "Income tax laws allow the income tax department to process the ITR within 9 months from the end of the assessment year for which the ITR was filed. This means that for an individual who has filed an ITR for FY 2023-24 (AY 2024-25), the incom...

Mumbai, India – 16th July 2024 – TaxBuddy, a leading provider of expert-assisted Income Tax Return (ITR) filing services, has announced the launch of its special "Filing Mahotsav" campaign. From 13th to 25th July, taxpayers can take advantage of a 25% discount on all assisted ITR filing services, making tax season more manageable and affordable. As the deadline for ITR filing approaches, TaxBuddy aims to ease the stress and complexity associated with tax filing by offering professional assistance at a reduced cost. This limited-time offer is part of \ TaxBuddy's commitment to providing seamless, expert-supported tax solutions to its customers. Key Features of TaxBuddy’s Services: Expert-Assisted Filing: Our team of professionals ensures accurate and efficient tax return filing. No Upfront Payment: Pay only after your ITR is successfully filed. On-Demand Support: Receive timely assistance and support throughout the filing process. Handling Tax Notices: Get help with mana...