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Futures and Options (F&O) are derivative contracts whose value is linked to an underlying asset, such as shares, stock-market indices, currencies or commodities. F&O (Futures & Options) income refers to the income derived from trading in such derivative contracts.

F&O income tax filing: Which ITR form to use, how to calculate turnover, and new AY 2026-27 rules explained ahead of due dates

F&O (Futures & Options) income is treated as non-speculative business income and is taxable under the head Profits and Gains…

August 4, 2026 18:31 IST

Realizing that these twin compliance challenges required specialized guidance, Aniket turned to ClearTax for assistance.

A Rs 9.23 lakh liability and a forgotten notice: How a Pune homeowner reversed his tax bill?

A Pune homeowner turned a Rs 9.23 lakh capital gains tax liability into a long-term capital loss and tackled a…

July 31, 2026 19:11 IST

Filing after the due date applicable to one’s category can result in interest, late filing fees, restrictions on carrying forward certain losses and delays in processing refunds.

ITR due dates 2026: July 31, August 31, October 31 or November 30? Know your filing deadline

A taxpayer may file an updated return of income within 48 months after the end of the relevant assessment year,…

July 31, 2026 18:58 IST

AIS captures interest reported by banks on savings accounts, fixed deposits, and recurring deposits.

ITR filing 2026: Don’t submit your income tax return before checking these key details in AIS

Taxpayers must reconcile AIS and TIS information with bank statements, investment records, and other supporting documents to ensure complete and…

July 31, 2026 15:51 IST

Complete the e-verification within the prescribed time to ensure that your return is treated as valid.

ITR filing for AY 2026-27: One simple check that can help you avoid an income tax notice

Filing your Income Tax Return (ITR) before the deadline is only half the job—filing it accurately is just as important.…

July 31, 2026 15:39 IST

Suppose a property is jointly registered in the names of husband and wife, but the entire purchase price or home loan EMI is paid by only one spouse.

Owning a joint property with your spouse? Here’s how you can lower your tax liability by 50%

Joint ownership can produce a legitimate tax advantage where both spouses have independent sources of income; each spouse obtains a…

July 30, 2026 14:19 IST

Accurate disclosure of foreign assets and overseas income helps taxpayers comply voluntarily with the reporting requirements under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, according to the Income Tax Department.

ITR checklist for taxpayers with foreign investments: Avoid these common mistakes

ITR filing AY 2026-27: Own foreign stocks, mutual funds, or a foreign bank account? Check this essential ITR filing checklist…

July 28, 2026 18:06 IST

The applicable form depends on the nature of the taxpayer's income - whether it is salary , capital gains, foreign assets, or foreign assets.

ITR filing AY 26-27: 5 big mistakes taxpayers make while selecting an ITR form

ITR filing AY 2026-27: Avoid these 5 common mistakes while selecting an ITR form. Choosing the wrong form can delay…

July 28, 2026 16:48 IST

As the deadline approaches, many taxpayers are wondering whether the Income Tax Department will announce an extension this year too, especially after it extended the due date twice last year—first from July 31 to September 15, and then by a further day to September 16.

Income Tax Return filing due date extension: 5 reasons why July 31 may remain the last date

Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on July 20 that despite a sharp rise in…

July 28, 2026 15:21 IST

Taxpayers who file on the last day often rush through the return, and that is exactly when mistakes happen.

ITR filing deadline: Why are last-day filers more likely to get defective return notices?

A defective return notice doesn’t necessarily mean you’ve evaded taxes; it simply indicates that your return contains missing information, inconsistencies,…

July 27, 2026 14:04 IST

Rajesh held an active German bank account containing €4,701.34 as of December 31, 2024.

From 4,701 euros in overseas savings to a tax notice: How one NRI saved himself from 30% double taxation?

The tax notice centered around three main reporting requirements triggered by Rajesh’s overseas move to Germany.

July 23, 2026 20:13 IST

Reimbursements are generally tax-free where they represent repayment of expenses incurred wholly and exclusively for official duties,

Work-from-home reimbursements: Which payments remain tax-free and which don’t?

As remote and hybrid work arrangements become increasingly common, many employers may provide financial support to employees through Work from…

July 23, 2026 17:43 IST

The data of some significant activity on the Income-tax portal for the last week (8–14 July 2026) shows that the Income-tax portal has been seeing a steady surge in usage.

ITR Filing 2026: Big changes made to income tax portal as return filing rush picks up

Given the high scale of concurrent access in the peak filing period, some taxpayers may, at times, experience transient technical…

July 22, 2026 15:50 IST

The review showed that the tax department's automated system caught three separate issues, centered around high-value disclosures and regime alignment problems.

From a Black Money Act notice to Rs 1,65,764 in tax savings: How a Mumbai professional fixed his global portfolios?

The automated tracking systems flagged this as a critical cross-border omission under the Black Money Act, which mandates that all…

July 20, 2026 20:45 IST

Retirees should evaluate their filing obligation each year based on the composition of income rather than age alone.

Retired and income below the tax limit? Here’s why you should still file your ITR

From a practical perspective, retirees should view ITR filing not merely as a statutory obligation but as an annual financial…

July 20, 2026 20:06 IST

According to the Income Tax Department, from AY 2023-24 onwards, the Annual Tax Statement (Form 26AS) released on the TRACES website reveals only the TDS/TCS related data of the taxpayer, whereas other details pertaining to him or her are available in the AIS.

Why do taxpayers still get income tax notices even after reconciling AIS and Form 26AS?

Large or unusual transactions may be reviewed more closely when they do not fit the taxpayer’s declared income pattern. So…

July 20, 2026 14:01 IST

Think about what an income tax return actually contains. It shows your real income, not the number you tell people at dinner parties.

The Tax Return Is India’s Most Underpriced Document

The rapid growth of digital options for filing ITR is an incredible milestone. For years, this industry ignored tax filing…

July 17, 2026 15:07 IST

The benefit is available mainly to individuals and HUFs, subject to conditions such as not owning more than one residential house on the date of transfer.

Can buying a house in joint names reduce your LTCG tax savings? Here’s what Section 54F says

Merely having a joint home loan should not prejudice the exemption under Section 54F. What is relevant is whether the…

July 14, 2026 14:34 IST

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