₹21,300 left every month
TaxSavvy for updated return
Missed income in an old year? Fix it quietly.
We file ITR-U, compute the extra tax and close the gap before a notice.
If you wait: Extra tax of 25% to 70% of tax and interest, by delay (Sec 267, old 140B)
How we get it done
Four steps, the same for every job. You see each one ticked.
Information
Assessment year to update. Earlier return acknowledgement, if any
Discussion
Has any search, survey, scrutiny, reassessment or prosecution started for that year?. Will the update lower tax or raise a refund?
Forms
Check eligibility under Sec 263(6) (old Sec 139(8A)) provisos and that the update raises tax. Compute tax, interest and additional tax on the updated income
Deliverables
ITR-U acknowledgement. Additional tax computation and challan
See what you get, free
Real formats, made with dummy data.
Sample Sample ₹36,280 less tax in the new regime
Sample Net worth ₹14.9 lakh
Questions, answered the CA way
Facts, Provisions and law, Analysis, Conclusion.
Schedule FA, Foreign Asset Disclosure in ITR: What, When, How
- Facts
- Every ROR (Resident Ordinarily Resident) must disclose ALL foreign assets in Schedule FA of their ITR, bank accounts, property, shares, ESOPs, signing authority. Missing even one account: Black Money Act. Penalty: ₹10L per undisclosed asset. No time limit for IT to reopen. This is the one compliance you cannot skip.
- Provisions and law
- Black Money Act 2015; Schedule FA, ITR-2/3; FATCA / CRS; Sec 263 (old 139), mandatory filing
- Analysis
- FATCA is real and it works: Indian IT department receives automatic data from USA, UK, Canada, Australia, UAE (from 2024), Singapore, and 100+ countries annually. Foreign banks report Indian customers. If you haven't disclosed: IT already knows. What must be disclosed: Any bank account where you are owner OR signing authority. ESOPs of foreign company (even unvested, even zero value). Foreign property. Shares in foreign company (even a startup equity grant worth $1). Trust as beneficiary. What details are needed: For each bank account: peak balance during year (highest balance on any single day), closing balance (March 31), interest earned, account number, SWIFT/IBAN, country. For ESOPs: company name, number of shares, acquisition date, cost, value.
- Conclusion
- List every foreign bank account (checking, savings, FD, brokerage), include closed ones (peak balance year still needed)
- List all foreign property: residential, commercial, land
- List all ESOPs/RSUs from foreign company employers, even unvested
- List signing authority in any foreign entity (director, trustee, authorized signatory)
ITR for HNI: what Schedule AL requires and why it matters
- Facts
- Individuals with income above ₹50L must file Schedule AL (Assets and Liabilities) in their ITR. This discloses all assets, immovable property, financial assets, jewellery, vehicles, and liabilities.
- Provisions and law
- IT Act, Sec 263 (old 139) | ITR-2/3 Schedule AL
- Analysis
- What to include: All property at cost of acquisition (not market value). Listed investments at cost. Unlisted equity at cost. Bank deposits balance as of March 31. Gold and jewellery at cost. Loans taken. Why it matters: Schedule AL is now cross-referenced with property registration data, banking data, and MCA filings. Significant discrepancies between listed assets and known transactions trigger notices. Under-reporting assets in Schedule AL is as dangerous as under-reporting income.
Which ITR Form to File
- Facts
- Selecting the correct ITR form is the most common source of defective return notices. Wrong form = return treated as invalid.
- Provisions and law
- Sec 263(1) (old 139(1)); Rule 164 (old Rule 12); Sec 263(7) (old 139(9)); CBDT Notif
- Analysis
- ITR-1 (Sahaj): Salary from one employer + FD interest + one house property. Income below ₹50L. Cannot have capital gains, business income, or foreign assets. ITR-2: Salary from multiple employers, capital gains (MF/shares/property), foreign income, more than one house property, director in company, unlisted shares. ITR-3: Business or profession income + any other income. Partnership firms also use ITR-3 equivalent. F&O traders must use ITR-3. ITR-4 (Sugam): Presumptive income under Sec 58, Income-tax Act 2025 (old Sec 44AD; business, ₹3Cr limit), Sec 58 (old Sec 44ADA; professionals, ₹75L limit), Sec 58 (old Sec 44AE; transport). Cannot have capital gains or foreign assets. ITR-5: Partnership firms, LLPs, AOPs, BOIs, not for individuals. ITR-6: Companies (not claiming 11/12 exemption). ITR-7: Trusts, political parties, research associations.
- Conclusion
- Identify ALL income sources for the year, salary, FD interest, MF redemptions, property sale, freelance
- Download AIS, check if any income shown that you did not know about
- Check if you are director in any company or hold unlisted shares (ITR-2 mandatory if yes)
- Check if F&O trading happened during year (ITR-3 mandatory)
Section 124 (old 80CCD(2)): Employer NPS Contribution (Both Regimes)
- Facts
- The only deduction available in BOTH old and new tax regime. Employer contributes to your NPS on your behalf. You pay zero, and get a ₹45,000 to ₹1.05L annual deduction. The most underused tax saving move for salaried professionals.
- Provisions and law
- Sec 124 (old 80CCD(2)); Finance Act 2024; Sec 202 (old 115BAC); Sec 80CCD(1B); PFRDA Regulations
- Analysis
- How Sec 124, Income-tax Act 2025 (old Sec 80CCD(2)) works in practice: Your basic salary is ₹50,000/month. Employer contributes 14% of ₹50K = ₹7,000/month to your NPS. That ₹7,000 is NOT counted as your income. Annual NPS contribution by employer = ₹84,000. Deduction under Sec 124 (old Sec 80CCD(2)) = ₹84,000. Your in-hand salary is unchanged. But your taxable income falls by ₹84,000. Two-step benefit: Step 1, Lower taxable income now (immediate tax saving). Step 2, NPS corpus grows tax-free. At retirement: 60% lump sum withdrawal tax-free. 40% in annuity (taxable as salary in retirement, but typically at lower rate). New regime taxpayers especially benefit: In new regime, Sec 123, 126 (old Sec 80C, 80D), home loan interest are all gone. But Sec 124 (old Sec 80CCD(2)) REMAINS. For a new regime taxpayer at 30% bracket with basic salary ₹50K/month: ₹84,000 × 30% = ₹25,200 saved annually. Zero investment required from them.
- Conclusion
- Check if NPS account (PRAN) exists, if not, open via eNPS portal (enps.nsdl.com)
- Inform employer HR to activate NPS employer contribution (Form KYC to employer)
- Request CTC restructuring, move portion of special allowance to NPS employer contribution
- Confirm the contribution percentage: private sector max 14% of (basic + DA)
Missed income in an old year? Fix it quietly.
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