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The Latest Breaking News from Tax Return

What happens if you miss July 31, 2026, ITR filing deadline? Why you should not miss this due date

The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can result in losing tax refunds and incurring penalties. Late filing fees of up to Rs 5,000 will apply to delayed submissions. Failure to file can impact loan and visa applications significantly. Filing…

The Economic Times

Will filing your ITR early get you a faster income tax refund? Here's what really determines the processing time

Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Successful e-verification and matching tax records are crucial for timely refund processing. Pre-validating bank accounts and avoiding complex disclosures expedite the refund process. Mismatched information and unverified returns can significantly delay refund issuance. Accurate details and…

The Economic Times

How to check Annual Information Statement (AIS) before filing ITR: Step-by-step guide

Taxpayers must review their Annual Information Statement before filing their Income Tax Return. This statement details financial transactions linked to a taxpayer's PAN for a specific year. Information is dynamically updated throughout the year as reports are processed by various entities.

The Economic Times

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Confused about ITR forms? Check the right ITR for salaried, pensioners, students and other taxpayers

Salaried individuals, pensioners, and students must select the appropriate ITR form for AY 2026-2027. Taxpayers not requiring an audit can use ITR-1, ITR-2, or ITR-3 for their filings. The due date for filing income tax returns is July 31, 2027. Certain transactions necessitate filing an ITR even below basic exemption…

The Economic Times

Claiming Section 80G tax deduction? You must report these additional details when filing your ITR for AY 2026-2027

ITR Filing 2026: Income Tax Return forms now require additional details for Section 80G deductions. Taxpayers must report transaction reference numbers and bank IFSC codes for donations. Schedule 80GGC also mandates providing the political party's name and PAN. These enhanced disclosures apply to AY 2026-2027 filings. The changes aim to…

The Economic Times

ITR filing 2026: NRIs need to file Schedule FA in ITR to declare foreign asset for AY 2026-2027 in this case

Resident and ordinarily resident individuals must report foreign assets. This disclosure is required in Schedule FA of the income tax return. Non-resident Indians and resident but not ordinarily resident individuals are exempt. Schedule FA requires reporting peak values and beneficial ownership details. Failure to comply can lead to significant penalties…

The Economic Times

Filing ITR for easy loans, visas, and scholarships - sounds strange? Know why filing ITR is more important than you think

Consistently filing Income Tax Returns creates a verifiable financial document. Banks often request these returns to assess loan applicant income stability. ITRs also help demonstrate financial capacity for visa and study abroad applications. Landlords and businesses may seek ITRs for tenancy and partnership evaluations. Preserving complete tax records is crucial…

The Economic Times

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ITR filing 2026: Is AIS enough to report stock and mutual fund capital gains?

Taxpayers should verify Annual Information Statement data for capital gains. Relying solely on AIS may lead to incorrect income reporting for AY 2026-27. Download broker P&L statements and reconcile them with AIS information. Independent capital gains computation is crucial before filing income tax returns. This ensures accurate reporting and compliance…

The Economic Times

ITR utility updated: New 'other income' column added under exempt income schedule; here's what it means

Income Tax Return (ITR) filing for the assessment year 2026-2027 sees a significant update with a new 'Other Income' column under the Exempt Income Schedule. This allows taxpayers to voluntarily disclose non-taxable receipts that don't fit specific categories, like rural agricultural land sales or gifts from relatives. Experts advise this…

The Economic Times

Rs 17 lakh income tax refund claim was denied as taxpayer did not e-verify ITR since he was busy taking care of late father; ITAT Delhi allows refund for this reason

A Delhi landlord, busy caring for his ailing father, missed the deadline to e-verify his income tax return, leading to a denied Rs 17 lakh refund. The Income Tax Appellate Tribunal (ITAT) Delhi intervened, ruling that withholding the refund on a technicality would amount to unjust enrichment. The tribunal emphasized…

The Economic Times

Made less than Rs 1.25 lakh LTCG from equities this year, do you need to file ITR?

Even if your long-term capital gains from stocks are under Rs 1.25 lakh, you must still file your Income Tax Return for AY 2026-27. While this amount is tax-exempt, the Income Tax Department requires you to report these gains. Failure to disclose can lead to issues. Learn how to correctly…

The Economic Times

Think you don't need to file an ITR for FY 25-26? These 8 benefits may change your mind

ITR filing: Filing your Income Tax Return (ITR) offers significant advantages beyond just tax payment. It's crucial for claiming refunds, carrying forward losses to reduce future tax, and enhancing loan and visa application prospects. Even if your income is below taxable limits, filing might be mandatory under certain conditions.

The Economic Times

Zero income tax in Form 16? You may still have to file an ITR in these cases

Even if your Form 16 shows zero tax payable due to the Section 87A rebate, filing an Income Tax Return (ITR) might still be mandatory. Certain income levels, high-value transactions like significant bank deposits, foreign travel, or owning foreign assets can trigger a filing requirement.

The Economic Times

SC lays down guidelines on computation of income of motor accident victims

The Supreme Court has established new guidelines for determining motor accident compensation based on Income Tax Returns. For salaried individuals, only the previous year's ITR will be considered, while self-employed persons will have their average income from the last three years used. This aims to bring uniformity to compensation awards…

The Economic Times

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The Economic Times

ITR filing deadline 2026: From July 31 ITR filing to TDS due dates; key forms you can't afford to miss

July marks crucial income tax deadlines for Indian taxpayers. The major deadline is July 31 for salaried individuals and pensioners to file their Income Tax Returns (ITR), alongside numerous other compliance forms.

The Economic Times

Didn’t report FD interest in your ITR? Here’s how you can still correct the mistake

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional…

Kiplinger

Ask the Tax Editor, June 26: Amended Returns and Late-Filed Returns

In this week's Ask the Editor Q&A, Joy Taylor answers tax questions on amended returns and penalties for filing your tax return late.

The Economic Times

Will the ITR filing deadline for AY 2026-27 be extended? Here's what taxpayers need to know

Taxpayers can breathe easy as the Income Tax Return (ITR) filing deadline for AY 2026-27 is unlikely to be extended. Unlike last year's technical glitches and delayed form releases, this year's process has been smooth, with utilities available on time. Experts advise against banking on an extension and urge prompt…

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The Economic Times

Rs 17.25 lakh income of an employee was added as taxable salary despite working in UK; ITAT Delhi gives him relief under India-UK DTAA

The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual has received any ‘per-diem’ payments from his Indian employer due to his overseas work, then this payment is not taxable under Article 16 of India-UK Double Tax Avoidance Treaty (DTAA).

The Economic Times

Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief

When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption…

The Economic Times

ITR filing due dates for AY 2026-27: July 31 is not the deadline for every taxpayer; check 5 other tax filing due dates

The Income Tax Department has set July 31, 2026, as the deadline for most individual taxpayers, including the salaried class, to file their Income Tax Returns (ITR) for AY 2026-27. However, different due dates apply based on income sources and audit requirements, with some non-audit businesses and professionals now having…

The Economic Times

Do you need to file ITR if you only incurred losses from equities or mutual funds? Check the details

Individuals earning below basic exemption limits (Rs 2.5 lakh old, Rs 4 lakh new regime) generally don't need to file ITR. However, mandatory filing applies if you have capital losses to carry forward, trade in Futures & Options, or incur specific expenses like high credit card bills or foreign travel.

Kiplinger

How to Learn to Stop Worrying About the Gift Tax and Give Your Kids Money Already

You have to let the IRS know about large gifts, but tax consequences aren't a concern for most families.

The Economic Times

Salaried employees beware! These 5 mistakes during ITR filing can trigger unexpected tax demands

With the ITR filing season for AY 2026-27 now underway, many salaried taxpayers who faced TDS shocks in the last quarter of FY 2025-26 are now encountering self-assessment tax and interest liability while preparing to file their income tax returns. This article outlines five practical ways, including the use of…

Kiplinger

I'm a CPA: These Are the Q2 Tax Moves Every Business Owner Should Be Making Now

Don't wait until Q4 to talk to your tax adviser or CPA. Business owners and the self-employed should be using April's tax return to shape the rest of the year.

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