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Traded in F&O during FY26? New ITR-3 columns can land you in trouble if left blank

Traded in Futures and Options during FY26? Missing these new ITR-3 details could be costly

If you traded in Futures & Options (F&O) during FY26, pay attention before filing your ITR. The revised ITR-3 form…

June 17, 2026 14:30 IST

ITR 2026: Are pensioners eligible for the same standard deduction as salaried employees?

Pension received by a retired employee is treated as salary income under the provisions of the Act and is taxable…

June 16, 2026 19:01 IST

Salaried employees may consider revisiting their tax regime selection after receiving Form 16, particularly where the actual tax position differs from assumptions made earlier in the financial year.

Income tax guide: How deductions, exemptions, and rebates work under old and new tax regimes?

For taxpayers eligible to choose between the old and new tax regimes, receipt of Form 16 presents an opportunity to…

June 15, 2026 19:21 IST

Missing the first advance tax filing date of June 15 will trigger immediate interest charges under Sections 234B and 234C of the Income Tax Act. Under Section 234C, taxpayers face simple interest at 1% per month on the shortfall for each missed quarterly installment.

Advance tax last date today: These taxpayers must pay 100% tax liability in a single instalment

Under the Income Tax Act, resident senior citizens are exempt from paying advance tax in installments and instead pay their…

June 15, 2026 16:02 IST

Under mandatory scrutiny, a return is selected automatically based on predefined criteria laid down by the CBDT, irrespective of the taxpayer's risk score or refund claim.

Google Trends: Mandatory ITR scrutiny criteria explained: Who can receive a tax notice in AY 2026-27?

Scrutiny assessment is a detailed verification process in which the Income Tax Department examines a taxpayer’s return, income disclosures, deductions,…

June 14, 2026 22:20 IST

Taxpayers who plan to claim a deduction under Section 134 should review their eligibility before the financial year ends. The benefit is available only if they do not receive HRA from their employer and satisfy the prescribed conditions.

Paying rent but not receiving HRA? Here’s how you can claim tax relief

Section 134 allows individuals who do not receive HRA as part of their salary to claim a deduction for rent…

June 12, 2026 22:17 IST

For AY 2026-27, investors holding US stocks through platforms such as foreign brokerage accounts should carefully review Schedule FA, Schedule CG, Schedule OS, Schedule TR, and Form 67, wherever applicable.

Investing in US stocks? Key ITR reporting rules you need to know

Taxpayers may make errors while reporting foreign assets in Schedule FA, particularly due to the detailed disclosure requirements and increasing…

June 12, 2026 18:10 IST

The taxpayer should keep investment proof handy with them before claiming in the ITR instead of relying on the pre-filled data to avoid scrutiny.

ITR filing AY 2026-27: 10 things taxpayers should cross-check in the pre-filled ITR

Hence, here are the 10 entries that taxpayers must cross-check in their pre-filed ITR forms to avoid mismatches and potential…

June 11, 2026 18:03 IST

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

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

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

Page 3 of Income Tax Return 2026-27

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