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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

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

Here's why taxpayers should look beyond the Rs 10 lakh myth and understand the situations in which lower cash deposits can also attract the Income Tax Department's attention.

Below Rs 10 lakh in cash deposits? You may still have to explain them to Income Tax Dept

The Rs 10 lakh figure under Rule 114E is only the threshold at which a bank must formally report the…

July 21, 2026 14:16 IST

Taxable life insurance maturity proceeds should be reported in the appropriate income schedule based on the nature of the receipt and the policy category.

ITR Filing 2026: 5 situations where life insurance maturity proceeds become taxable

It is also important to verify whether the insurer has deducted TDS under Section 194DA and whether the amount reported…

July 16, 2026 15:55 IST

The record number of income tax returns filed well before the due date is a strong endorsement of India’s rapidly maturing digital tax ecosystem.

ITR filing for AY 2026-27: 1.6 crore returns filed, 1.52 crore verified ahead of July 31 deadline

As filing momentum continues, taxpayers should remain equally focused on accuracy by carefully reconciling disclosures with Form 26AS, AIS and…

July 9, 2026 14:31 IST

As you prepare your ITR for AY 2026-27, it's important to know which AIS entries genuinely increase your tax liability and which ones simply serve as a record of your financial activities.

ITR filing AY 2026-27: 10 transactions that appear in AIS but may not attract any tax

AIS shows many financial transactions, but not all are taxable. Learn about 10 common AIS entries that may not attract…

July 7, 2026 17:56 IST

During review, the Income Tax Department may compare the deduction claimed in the return with the pre-filled data, employer records, bank statements, investment proofs, and other reporting sources.

ITR filing: The most common tax deduction claims that fail during income tax scrutiny

Avoid income tax scrutiny by claiming only eligible deductions backed by valid documents. Check which ITR claims are most frequently…

July 3, 2026 17:23 IST

Cash deposit, UPI, RTGS or NEFT: Which bank transactions can trigger an Income Tax notice?

Which bank transactions can attract an Income Tax notice? Check SFT reporting limits for cash deposits, UPI, RTGS, NEFT, property…

June 30, 2026 15:44 IST

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…

June 26, 2026 15:08 IST

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I-T Department speeds up refund processing amid multiple taxpayer complaints: Report

Experts noted that while the recent payouts provide relief, a number of high-value refunds are still pending.

February 14, 2026 19:22 IST

TDS made easy for small taxpayers

The deadline to file revised returns has been extended from December 31 to March 31 of the following year.

February 1, 2026 22:00 IST

Karnataka, Rajasthan High Courts direct CBDT to extend tax audit deadline: What it means for taxpayers across India

Tax Audit Report Filing 2025-26: The Karnataka High Court and the Rajasthan High Court have directed the Central Board of…

Updated: September 25, 2025 09:55 IST

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

ITR due date: Late filing also restricts certain benefits. Belated filers cannot carry forward some losses, such as capital or…

September 15, 2025 18:09 IST

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ITR filing deadline pressure: Common mistakes to check while filing returns and how to rectify them

It is important to remain careful while filing returns but mistakes may still happen. Do not fret; you can rectify…

Updated: April 11, 2026 15:43 IST

ITR filing 2025: September 15 last date to avoid Rs 5,000 fine – Know who must file tax return now

Taxpayers were given an additional 1.5 months to file their returns without penalties after facing ‘unprecedented hardships’ due to multiple…

September 6, 2025 16:15 IST

Income tax calculator 2024-25: How to check your exact tax liability in minutes

All taxpayers in the country are expected to make their submissions by September 15 while those requiring an audit must…

August 31, 2025 20:55 IST

ITR Filing: How to claim pre-construction interest on housing loan in income tax

Income Tax Rules: How to claim pre-construction interest on housing loan in ITR filing AY 2025-26

Employees get deduction benefits on certain investments or savings done. But there is one investment that doesn’t help taxpayers avail…

May 30, 2025 13:21 IST

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