income tax return News

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…

2 days ago

ITR-1 is a simplified return form meant for eligible resident individuals having income from salary or pension, upto two house property, other sources and agricultural income within the prescribed limits.

Filing ITR-1? These 10 transactions may require you to switch to ITR-2 or ITR-3

Filing ITR-1 for AY 2026-27? These 10 financial transactions may make you ineligible and require you to file ITR-2 or…

1 week ago

Importantly, the receipt of a notice should not automatically be interpreted as an allegation of tax evasion. In many cases, it merely reflects a mismatch that requires clarification or correction.

Got a tax notice despite paying TDS? Here is what triggered it and what to do next

With increasing digital integration across government databases, preventive reconciliation before filing the return has become considerably more important than post-filing…

2 weeks ago

The interest must still be reported in your ITR under Income from Other Sources, even if the total is within the deduction limit.

Multiple savings accounts? Here’s how to report your interest income while filing your ITR

Savings account interest is fully taxable under Income from Other Sources, and it is added to your total annual income…

2 weeks ago

ITR filed successfully? Find out why e-verification isn't the final step and what you should do next to secure your tax refund.

ITR filing doesn’t end with e-verification: 7 post-submission steps to protect your refund

Filing the ITR may be the first milestone, but ensuring that the return is valid, accurately processed, and appropriately supported…

2 weeks ago

If there is a mismatch, the actual transaction documents should be reviewed first so the return reflects the correct figures.

Don’t rely on AIS alone: How to verify your stock market transactions before filing your ITR?

Active traders and F&O participants should verify whether their income is being reported under the correct head and whether their…

2 weeks ago

When the ITR due date is missed, multiple interest provisions under the Income Tax Act can come into play, depending on the nature of the default.

Missing the ITR due date could hit your finances harder than you think. Here’s why

From a financial planning perspective, this delay may also result in a loss of potential returns that the refunded amount…

2 weeks ago

Selecting an incorrect form may result in your return being treated as defective or invalid, leading to notices from the Income Tax Department and delays in processing refunds.

Filed your ITR with the wrong form? Here’s how to fix it before it’s too late

Once an intimation under Section 143(1) has been issued, the taxpayer must check whether the intimation is only a processing…

3 weeks ago

Resident and Ordinarily Resident (ROR) taxpayers who are required to file an income tax return must disclose their foreign assets and income in the applicable ITR for the relevant financial year by the due date 31st July 2026.

ITR filing: Holding overseas investments? Here’s what you need to disclose

Depending upon the facts, authorities may initiate proceedings under the Income-tax Act as well as the Black Money Act, which…

3 weeks ago

Taxpayers often make procedural and computational errors while claiming relief under Section 89 of the ITA 1961 (corresponding to Section 157 of the ITA 2025), which can lead to the denial of the benefit.

Received gratuity, leave encashment or salary arrears? One tax mistake could prove costly

To claim such relief, the taxpayer is required to file Form 39 (previously Form 10E) electronically on the income-tax e-filing…

3 weeks ago

ITR filing AY 2026-27: Salaried taxpayers can use any of these 4 income tax return forms

Selecting the appropriate Income Tax Return (“ITR”) form is a crucial step in ensuring accurate tax compliance. Filing an incorrect…

2 months ago

ITR filing AY 2026-27: 10 key changes that make this year’s tax return filing different from last year

Here are 10 major changes that have taken place in terms of the ITR filing process and forms.

2 months ago

Don't have Form 16? Salaried employees can still file ITR for AY 2026-27 using these documents

ITR without Form 16: Documents salaried employees need to file tax return for AY 2026-27

Even without Form 16, there is no reason why one cannot successfully file their ITR. One will need some documentation…

2 months ago

No ITR filing needed: These taxpayers are exempt from using this form under the Income Tax Act 2025

No ITR filing needed: These taxpayers are exempt from filing by using this form under Income Tax Act 2025

No ITR filing required? Check who qualifies for exemption under Section 194P, how Form 125 works, and which senior citizens…

2 months ago

Income tax notice despite 100% accurate ITR filing: Here’s what went wrong for this taxpayer

Received a tax notice despite accurate filing? Discover how over-detailing your ITR P&L can trigger a defective return notice.

2 months agoMay 21, 2026

ITR filing AY 2026-27: Big changes in ITR-1, ITR-2, ITR-3 and ITR-4 you must know

Here is a quick summary of the key changes for ITR 1, 2, 3 and 4 under the new Income…

2 months ago

Updated income tax return rules after Budget 2026: What taxpayers need to know

Budget 2026 tightens ITR filing rules: Correcting old tax mistakes will cost you up to 70% extra

After Budget 2026, correcting past income tax mistakes has become significantly more expensive. Under the updated return (ITR-U) framework introduced…

5 months ago

PSBs sanction Rs 52,300 crore loans to MSMEs under digital model

The model enables objective decision-making for all applications and uses model-based limit assessment for both existing-to-bank (ETB) and new-to-bank (NTB)…

6 months agoJanuary 19, 2026

income tax return News

Latest News

Your income tax queries answered: File revised returns if AIS is showing additional income

Govt to allow joint taxation option for married couples with Rs 6–8 lakh tax exemption? A key demand in Budget 2026

Aadhaar–PAN linking, ITR deadlines and pensioner rules: Major financial changes coming in December 2025

Income tax refund delay: What to do if your ITR shows ‘processed’ but refund not received

No ITR deadline extension for AY 2025-26? Here’s what Income Tax Dept clarified