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INCOME TAX ACT 2025
Finance minister Nirmala Sitharaman asks I-T officials to ease burden on honest taxpayersFinance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm action against tax evasion and ec...24 Jul, 2026, 09.34 PM IST- ITR filing deadline FY 2025-26: Due dates, penalties, and what happens if you miss July 31 deadlineTaxpayers will file Income Tax Returns for FY 2025-26 under the Income-tax Act, 1961. The due date for most individuals is July 31, 2026, w...24 Jul, 2026, 01.42 PM IST
- Opting for presumptive taxation while filing ITR? You may have to face tax audit; here’s what you must knowPresumptive taxation simplifies income computation for eligible taxpayers. However, a tax audit may be required if actual income falls belo...24 Jul, 2026, 12.25 PM IST
- Sold multi-asset MFs? Before filing ITR, check the fund’s underlying asset mix as it determines tax treatment; know how to file return on such gainsMulti-asset mutual fund taxation depends on equity and debt exposure. Equity-oriented funds have specific tax rates and holding periods. De...24 Jul, 2026, 11.29 AM IST
- Lady with Rs 5.28 lakh income pays no tax despite Rs 1.42 lakh STCG from equities; Know why ITAT Mumbai allowed the Section 87A rebateEver since the Income Tax utility has disabled the option to claim Section 87A tax rebate on short term capital gains (STCG) from listed eq...24 Jul, 2026, 10.49 AM IST
- ITR filing: Received Section 143(1) intimation with tax demand? Respond within 30 days or risk being treated as an ‘assessee in default’; know how to do itTaxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within thirty days can lead to penalties...23 Jul, 2026, 12.54 PM IST
- Name appearing in builder's records showing cash payment: Will you need to pay income tax for such property purchase? Here’s what ITAT saidCan the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ruling explains when third-party ...22 Jul, 2026, 02.16 PM IST
- ITR filing: Claimed capital gains exemption? The 3-year tax trap that may trigger income-tax noticesMany taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) become taxable only on withdrawal. T...22 Jul, 2026, 12.37 PM IST
- INR exchange rate while filing ITR to report foreign assets: Use this reference rate to convert foreign currency into INR as prescribed under income tax rulesIndian taxpayers must report foreign assets in their Income Tax Returns for AY 2026-27. Foreign currency amounts require conversion to Indi...21 Jul, 2026, 03.48 PM IST
- ITR filing: Got Section 143(1) intimation after filing your income tax return? Here’s what it meansAfter filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice confirms the tax department's prelimin...21 Jul, 2026, 02.56 PM IST
- 7 big income tax changes for 2026-27 that may reduce penalties for small mistakesNew income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from Octo...20 Jul, 2026, 11.57 AM IST
- ITR filing: How Bitcoin, NFTs, airdrops, gifted crypto, and overseas wallets are taxed in India and how to report themIndia's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percen...20 Jul, 2026, 11.50 AM IST
- Cost Inflation Index: How it can help you file your income tax returnThe Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, set at 384, will adjust asset acqui...17 Jul, 2026, 10.43 AM IST
- Foreign assets in AIS: CBDT sets the stage for Foreign Assets of Small Taxpayers Disclosure SchemeThe CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements may be more than an administrativ...16 Jul, 2026, 11.41 AM IST
- Income tax penalties explained: Under-reporting, not furnishing ITR, and more -Defaults and penalties under different sectionsIf you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 1...13 Jul, 2026, 12.41 PM IST
- Presumptive taxation: Rebate to losses & deductions, what is the practical impact of changes under Income Tax Act, 2025Under the old Income Tax Act, 1961, the regime operated under three separate provisions. The new Income Tax Act, 2025 consolidates them int...13 Jul, 2026, 11.29 AM IST
- CBDT clarification: All approvals like Nil or lower TDS certificate and existing tax benefits will continue under Income Tax Act, 2025; Here’s what it means for youExisting tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications filed before March 31, 2026, will be...07 Jul, 2026, 06.07 PM IST
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