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AIS plays a central role in the scrutiny process and must be carefully reconciled before filing the return. It contains details of EPF withdrawals, interest income, and employer contributions.

ITR filing 2026: 5 EPF transactions that could trigger income tax scrutiny

If a taxpayer withdraws EPF before completing 5 years of continuous service, especially while changing jobs instead of transferring the…

June 10, 2026 16:57 IST

Man buys Rs 53 lakh property, registers in wife’s name; tax department raises Rs 42 lakh demand – ITAT says this

A Mumbai ITAT ruling has provided relief to a taxpayer whose name appeared in a property purchase agreement even though…

June 10, 2026 15:07 IST

Gains from the sale of bonus shares should be reported under the Capital Gains schedule. Bonus shares are not taxed when received, but when they are sold, the sale proceeds become taxable as capital gains depending on the holding period and the nature of the shares.

ITR filing AY 2026-27: How to disclose dividend income and bonus shares in your tax return?

Investors should report the same transaction dates, quantities, sale value, and holding period that appear in their actual records, rather…

June 10, 2026 07:57 IST

If LTA is not claimed in a block of four years, one journey can be carried forward to the next block.

ITR filing 2026: How HRA, LTA, and other salary perks can help employees save up to Rs 2 lakh in tax?

Failure to provide proper documents to the employer results in a higher deduction of tax, and claim of HRA not…

June 9, 2026 20:10 IST

Taxpayers should not evaluate taxability merely based on the Rs. 12 lakh threshold but should also assess the nature and composition of income to determine actual eligibility for tax relief.

No tax relief despite income below Rs 12 lakh? Here’s why some taxpayers still pay tax

While the new tax regime provides rebate benefits effectively resulting in nil tax liability for resident individuals having taxable income…

June 9, 2026 17:06 IST

As the tax filing season arrives, knowing which regime leads to a lower tax outgo at different income levels can help them figure out a smart decision before filing their ITR for FY26.

Senior citizens’ tax planning: Which regime works best for Rs 15 lakh, Rs 20 lakh, and Rs 25 lakh annual income?

Across the Rs 15 to 25 lakh income range, the New Tax Regime (NTR) emerges as a suitable option for…

June 8, 2026 18:23 IST

While the guidelines target specific categories of cases, taxpayers falling within these parameters should ensure that their tax records, supporting documents and exemption claims are properly maintained.

ITR scrutiny rules changed? Here’s who can face mandatory income tax scrutiny in FY 2026-27

The CBDT has issued fresh guidelines for compulsory scrutiny of Income Tax Returns (ITRs) in FY 2026-27. The new norms…

June 8, 2026 17:52 IST

The Income Tax Department offers multiple methods to electronically verify returns. Aadhaar OTP, EVC (using a pre-validated bank or demat account), Net Banking, and Digital Signature Certificate (DSC) are just a few of the ways you can e-verify your ITR.

ITR e-Verification after return filing: Check all the options available to taxpayers

The taxpayer must be a registered user on the e-Filing portal with a valid user ID and password Must have…

June 8, 2026 14:14 IST

The Income Tax Department has already enabled filing utilities for ITR-1, ITR-2, and ITR-4 on the e-filing portal.’

ITR filing deadline AY 2026-27: What is the last date to file the income tax return and avoid penalties?

As of now, there is no CBDT notification extending the AY 2026-27 filing deadline for individual taxpayers. Therefore, taxpayers should…

June 7, 2026 18:03 IST

Where leave encashment is received by an employee during the period of service, the amount is generally treated as a taxable salary receipt and is fully taxable in the hands of the employee.

Leave encashment tax rules for AY 2026-27: How much can you claim tax-free?

Leave encashment received during the course of employment is generally taxable, whereas leave encashment received at the time of retirement…

June 5, 2026 19:23 IST

A brief overview of the applicability of different types of ITR forms would be as follows:

Which ITR form is right for senior citizens when filing their income tax return?

Choosing an incorrect form may render the return defective and could potentially lead to delays, notices, or compliance-related concerns, so…

June 4, 2026 18:58 IST

Why filing income tax return is about more than taxes

Your ITR is not just a tax document: 5 ways it can help your finances

Many taxpayers think filing an ITR is necessary only when taxes are payable. Experts say that is a costly misconception.…

June 4, 2026 18:28 IST

Made a donation? Here's how much tax deduction you can actually claim under Section 80G

ITR filing 2026: Not all donations 100% tax exempt under old regime; here’s what taxpayers need to know

Many taxpayers assume every donation qualifies for a 100% tax deduction, but that’s not the case. Under Section 80G, donations…

June 4, 2026 14:36 IST

Some of the key transactions that taxpayers should carefully review and reconcile before filing their returns for AY 26-27 are discussed below.

ITR Filing 2026: 10 AIS and bank statement mismatches that could trigger an income tax notice

Taxpayers should verify that the interest credited to their savings bank accounts during the financial year matches the amount reflected…

June 3, 2026 19:44 IST

Taxpayers should review key documents such as Form 16, salary structure, housing loan statements, investment proofs, and insurance receipts. A parallel tax computation under both regimes.

Income Tax Slabs AY 2026-27: Latest tax rates for individuals, senior citizens and super senior citizens under old vs new regime

Under the new Income-tax Act, 2025, which went into effect on April 1, 2026, the new income tax regime is…

June 3, 2026 15:44 IST

Joint property, single payer: Can both husband and wife claim LTCG tax benefits on sale?

ITR Filing AY 2026-27: Can both husband and wife save LTCG tax on a jointly owned property?

Many couples buy homes in joint names, but often only one spouse pays the purchase cost. When the property is…

June 3, 2026 14:06 IST

Man declares Rs 6.3 lakh income, pays Rs 27.65 lakh in credit card bills; gets tax notice - ITAT ruling says this

Man reports Rs 6.3 lakh income, pays Rs 27.65 lakh in credit card bills; gets tax notice – ITAT ruling says this

A Mumbai taxpayer who declared income of just Rs 6.3 lakh came under the tax scanner after paying credit card…

May 30, 2026 11:54 IST

If the bank registers an incorrect PAN, the TDS and interest income will not reflect in the senior citizen’s Form 26AS at all.

Breaking an FD? Why senior citizens must check Form 26AS first to avoid tax trouble

Banks are mandated to deduct Tax Deducted at Source (TDS) under the Income-tax laws if the total interest earned on…

May 29, 2026 20:59 IST

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