Faq ITR U After Reassessment
India-specific preparation guide
Faq ITR U After Reassessment concerns Indian direct tax rules. Reconcile returns with Form 26AS, AIS/TIS, and CBDT notifications for the applicable assessment year.
Post Your Requirement - FreeWhat this page helps you decide
For Faq ITR U After Reassessment, check standard deductions, slab tax limits, and eligible exemptions (like Section 80C/80D). Reconcile bank statements and prior year returns on WorkIndex.
- Identify the exact assessment year or tax year, income category, and residential status before applying Faq ITR U After Reassessment.
- Reconcile source data such as AIS/TIS, Form 26AS, books, bank statements, invoices, notices and prior returns.
- Ask the expert to flag regime choice, deduction limits, disclosure schedules, penalty exposure and expected deliverables.
- Do not rely on old blog summaries where forms, deadlines, sections or portal utilities have changed.
Accuracy notes before you act
- Check the active assessment year or tax year, the Income Tax Department utility, AIS/TIS, Form 26AS, TRACES and the latest notification before filing or advising.
- If a competitor page gives a fixed rate, penalty, date or exemption, verify it against the official source and your facts before copying it into a filing position.
Documents and facts to keep ready
- PAN, Aadhaar, GSTIN, CIN/LLPIN, TAN or registration details where applicable.
- Relevant financial year, assessment year, tax year, return period, due date and notice number.
- Books, invoices, payroll, bank statements, contracts, prior filings and portal screenshots.
- Expected output: filing, registration, correction, advisory memo, notice response, audit report or recurring compliance.
Common mistakes to avoid
- Using an old due date, old section number or old form without checking the live portal.
- Posting a vague requirement without period, entity type, city, documents and deadline.
- Comparing quotes without clarifying government fee, professional fee and exclusions.
- Skipping reconciliation with AIS/TIS, books, Form 26AS, GST data or bank records.
- Treating explanatory SEO content as final tax, legal, audit or investment advice.
Frequently Asked Questions
1. How is cryptocurrency and VDA income taxed in India?
Under Section 115BBH, crypto/VDA income is taxed at a flat rate of 30% (plus surcharge and cess). No deductions or expenses are allowed except acquisition cost.
2. Can I set off crypto losses against other business or capital gains income?
No. Losses from crypto/VDA transactions cannot be set off against any other income (including other crypto profits).
3. Which ITR form is used to report crypto/VDA transactions?
You must file ITR-2 (for investors) or ITR-3 (if trading as a business) and report details in Schedule VDA.
4. Is there a TDS on cryptocurrency transactions?
Yes, under Section 194S, 1% TDS is deducted on transfer of VDAs if transaction value exceeds ₹10,000 (or ₹50,000 for specified persons).
5. How is a crypto gift taxed?
Crypto received as a gift is taxable in the hands of the recipient under 'Income from Other Sources' if the aggregate value exceeds ₹50,000.
6. Can I file an Updated Return (ITR-U) for crypto income?
Yes, under Section 139(8A) to declare undisclosed crypto income, paying additional tax of 25% or 50%. You cannot file ITR-U to claim a crypto loss refund.
7. What is the deadline for filing ITR with crypto income?
The deadline is July 31, 2026 (non-audit/investors) or August 31, 2026 (business traders).
8. What details are required in Schedule VDA?
You must report dates of acquisition and transfer, cost of acquisition, consideration received, and computed gains for each transaction.
9. Is cryptocurrency classified as a capital asset or business stock?
It depends on intention. If held for long-term appreciation, it is a capital asset. If traded frequently, it is business inventory. But the 30% tax rate applies to both.
10. What happens if I fail to report crypto transactions in my ITR?
Non-disclosure can lead to search/seizure, heavy penalties (up to 60% of value plus interest), and potential prosecution.
11. What happens if I miss the ITR filing deadline? What is the late filing fee?
If you file after the deadline (belated return under Section 139(4)), a late filing fee is charged under Section 234F: ₹5,000 if your total income exceeds ₹5,00,000, and ₹1,000 if your income is ₹5,00,000 or below. The final deadline to file a belated return for FY 2025-26 is December 31, 2026.
12. What are the tax slabs for the default New Tax Regime in FY 2025-26?
The default New Tax Regime slabs are: Up to ₹4,00,000 (Nil), ₹4,00,001 to ₹8,00,000 (5%), ₹8,00,001 to ₹12,00,000 (10%), ₹12,00,001 to ₹16,00,000 (15%), ₹16,00,001 to ₹20,00,000 (20%), ₹20,00,001 to ₹24,00,000 (25%), and Above ₹24,00,000 (30%). Salaried employees get an enhanced standard deduction of ₹75,000.
13. How much time do I have to e-verify my ITR after filing?
For returns filed for FY 2025-26 (AY 2026-27), you must e-verify your ITR within 30 days of filing. If you fail to verify it via Aadhaar OTP, net banking, or physical signature (speed post to CPC Bengaluru) within 30 days, your return will be treated as invalid and not filed.
14. What is the difference between Form 26AS, AIS, and TIS?
Form 26AS is a statement showing tax deducted (TDS), tax collected (TCS), advance tax paid, and tax refunds. AIS (Annual Information Statement) captures all financial transactions (shares, mutual funds, interest, dividends, property, etc.). TIS (Taxpayer Information Summary) is a simplified version of AIS. You must reconcile your ITR figures with all three to avoid mismatch notices.
15. Can I file a revised return to correct mistakes in my ITR? What is the deadline?
Yes, under Section 139(5), you can file a revised return to correct any errors or omissions in your original filing. The deadline to file a revised return for FY 2025-26 is March 31, 2027.