What Is a Belated Return? How to File, Penalty & Due Date Explained?
In simple words, a belated return is the income tax return you file after the original deadline has passed but before the final cut-off date allowed by law. It is governed by Section 139(4) of the Income Tax Act, which specifically deals with belated itr filing income tax return cases.
Income Tax Refund: How to Claim & Track Status? FY 2025-26
In simple words, an Income Tax Refund is the money the government returns to you when you have paid more tax than what you actually owe. For example, if your employer deducted TDS of Rs 25,000 during the year, but your actual tax liability turns out to be only Rs 18,000, then the difference of Rs 7,000 becomes your tax refund income.
New Tax Regime vs Old Tax Regime — Which Is Better for You?
A tax regime is basically the set of rules the government gives you to calculate how much income tax you have to pay. The government introduced the new regime in Budget 2020 and made it the default regime from FY 2023–24. So if you don't actively choose, you're already on the new regime.