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There has been a significant shift in the taxation structure for debt instruments pre and post April 1, 2023. Earlier instruments held for more than 36 months were taxed as long-term capital gains (20% base rate) with the benefit of indexation.

Bought debt funds before April 2023? Here’s how your gains will be taxed now

It is important to note that the old regime has been grandfathered, which means that it is still applicable for…

June 24, 2026 19:12 IST

If an employee has worked for two employers during the same financial year, salary income from both employers must be combined and reported in the ITR.

Worked for two employers last year? This common ITR mistake could trigger a tax notice

Deductions and exemptions should be claimed only once for the full year, not separately with each employer.

June 24, 2026 16:10 IST

There are various criteria that make filing of tax returns mandatory, and missing or miscalculating on any of these could result in the taxpayer not filing their return.

ITR filing not mandatory for everyone: Who can skip filing a tax return?

If one incorrectly assumes that filing is not required, then one would be liable to face interest for delay in…

June 24, 2026 13:14 IST

ITR filing AY 2026-27: How salaried individuals can file returns without a CA?

A smooth ITR filing experience begins with preparation. Taxpayers should ensure these things and keep certain documents and information handy,…

June 23, 2026 19:04 IST

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…

June 23, 2026 17:10 IST

The investigation revealed a timing gap. When Shreesh filed his return, the income tax portal's automated data was incomplete because his freelance clients had filed their quarterly returns late.

Taxpayer relied on prefilled tax data, filed ITR on time, and still got a tax notice: What went wrong?

A Bengaluru software engineer filed his ITR using the prefilled data available on the income tax portal and met the…

June 18, 2026 20:10 IST

Other indicators include income as a partner in a partnership firm, particularly where audit or transfer pricing provisions apply, and the reporting of international transactions requiring a report under Section 92E.

Your ITR filing due date is not July 31 if you have these incomes

One of the key indicators is the presence of business or professional income in AIS or Form 26AS. If the…

June 18, 2026 18:56 IST

If the return loses its validity after the due date for filing, the taxpayer may have to rely on the belated return provisions, subject to the applicable timelines.

Filed your ITR already? Check these 5 things before e-verification

Many taxpayers focus only on completing the filing process and fail to notice errors in tax computation. Once e-verified, correcting…

June 18, 2026 15:57 IST

AIS and Form 26AS serve as important reconciliation tools before filing the return. While Form 26AS contains details of taxes deducted or collected, AIS provides a broader summary of financial transactions and income reported by various entities.

ITR filing: 10 incomes that may not appear in Form 16 but must be reported in your tax return

Before filing ITR for AY 2026-27, taxpayers should reconcile Form 16 with Form 26AS and the Annual Information Statement (AIS).…

June 18, 2026 13:12 IST

Ignoring the mismatch can result in reduced TDS credit, leading to additional tax liability, interest, or notices from the tax department. It could also delay refunds and trigger scrutiny in some cases.

ITR filing: What happens if Form 16 and Form 26AS show different TDS figures?

Taxpayers should rely primarily on Form 26AS and AIS, as these reflect TDS entries reported and processed by the tax…

June 17, 2026 16:43 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

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

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

Page 2 of Income Tax Rules 2026

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