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FOUND: Tax return | Mind Blowing Facts

ITR filing 2026: Step-by-step guide to filing ITR-1 for AY 2026-27 before the July 31 deadline

Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing this income tax return is July 31, 2026. This simplified form is for resident individuals with income up to fifty lakh rupees. It covers income from salary, one house property, and other specified sources. Taxpayers…

The Economic Times

ITR-4 or ITR-3? Know which ITR form to file under presumptive taxation scheme and the documents required

Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individuals and HUFs with income up to fifty lakh rupees. However, certain conditions like foreign income or losses necessitate filing ITR-3. Essential documents include PAN, Aadhaar, bank details, and tax payment…

The Economic Times

D.C. Circuit Upholds 5-Year Sentence for Leaker of Trump's and Others' Tax Returns

From U.S. v. Littlejohn, decided today by D.C. Circuit Judge Justin Walker, joined by Judges Neomi Rao and Judith Rogers:… The post D.C. Circuit Upholds 5-Year Sentence for Leaker of Trump's and Others' Tax Returns appeared first on Reason.com.

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ITR 2026: Common income tax return filing mistakes that cost employees lakhs

A careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensuring that all eligible deductions and benefits are correctly claimed. The Income Tax Return (ITR) filing due date for salaried individuals is July 31, 2026 if they are not liable for tax…

The Economic Times

Did you claim a minimum Rs 10,000 income tax refund for your car bought in FY26? Here's how to claim your 1% TCS now

According to the income tax rules, car dealers are required to deduct 1% TCS if the ex-showroom value of the car exceeds Rs 10 lakh. However, do not confuse your total car cost with the ex-showroom price, which is the base retail cost excluding any kind of taxes, accessory charges…

The Economic Times

ITR filing 2026: How to download interest certificate from SBI, HDFC Bank, ICICI Bank, Axis Bank and India Post

Individuals filing income tax returns for FY 2025-26 will need interest certificates. These documents verify interest income and loan interest deductions for tax purposes. The article provides step-by-step instructions for downloading these certificates from ICICI, HDFC, SBI, and Axis Bank.

The Economic Times

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

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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

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

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

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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.

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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

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…

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).

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