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INCOME TAX RETURN REPORTING RULES
Did you claim a minimum Rs 10,000 income tax refund for your car bought in FY26? Here's how to claim your 1% TCS nowAccording to the income tax rules, car dealers are required to deduct 1% TCS if the ex-showroom value of the car exceeds Rs 10 lakh. Howeve...- Home loan interest column for self-occupied house disabled in ITR utility? Know what to do while ITR filing for AY 2026-2027Home loan interest column for self-occupied house is disabled in ITR utility? Know what to do while ITR filing for AY 2026-2027. The reason...
- Received cash, property or shares as gifts? You may have to pay tax as per ITR reporting rules in these casesGifts from specified relatives are fully exempt from income tax. Non-relative cash gifts exceeding fifty thousand rupees become taxable. Im...
- ITR 2026: Increased disclosure requirements for overseas investments and foreign assets—are Indian taxpayers ready?Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchange frameworks necessitate accurate ...
- Will filing your ITR early get you a faster income tax refund? Here's what really determines the processing timeFiling income tax returns early increases processing likelihood but does not guarantee faster refunds. Successful e-verification and matchi...
- ETMarkets Smart Talk | Equity, mutual funds, bonds or property: Tax rules every NRI should know: Ritu ShaktawatNRIs investing in India must understand tax rules and residential status. Double Taxation Avoidance Agreements offer beneficial tax treatme...
- Income tax guide: Allowance and reimbursement exemption limits every salaried employee should knowSalaried employees should know income tax exemption limits for various allowances. Leave Travel Allowance is exempt for self and family tra...
- 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...
- Taxation simplified for influencers: Correct ITR form, tax regime to grey zone areas, key checks and tax traps creators must watch out forIndian influencers and gig workers face significant tax compliance challenges. Many struggle with tracking income and claiming eligible ded...
- NRI sells his Bangalore property for Rs 2.63 crore, declares Rs 16.33 lakh LTCG, gets tax notice; he fights and wins partial relief from ITAT for this reasonSold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, water, electricity and brokerage as ex...
- Confused about ITR forms? Check the right ITR for salaried, pensioners, students and other taxpayersSalaried individuals, pensioners, and students must select the appropriate ITR form for AY 2026-2027. Taxpayers not requiring an audit can ...
- Have foreign income or assets? AIS to soon show foreign assets and income details shared by foreign countriesThis is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an administrative order that authorizes...
- Invested in foreign shares? Know how to file ITR with ‘relevant accounting period’ for reporting foreign assets in Schedule FA?Indian residents holding foreign assets must report them in Schedule FA. This reporting uses the calendar year ending December 31, 2025. As...
- Claiming Section 80G tax deduction? You must report these additional details when filing your ITR for AY 2026-2027ITR Filing 2026: Income Tax Return forms now require additional details for Section 80G deductions. Taxpayers must report transaction refer...
- ITR filing 2026: NRIs need to file Schedule FA in ITR to declare foreign asset for AY 2026-2027 in this caseResident and ordinarily resident individuals must report foreign assets. This disclosure is required in Schedule FA of the income tax retur...
- Gifted a house to your spouse? You may still have to pay tax on the rental income: Know 7 key things before filing ITR for AY 2026-27Many taxpayers mistakenly believe that rental income from a house gifted to a spouse is taxable in the recipient spouse's hands. This artic...
- ITR filing 2026: Is AIS enough to report stock and mutual fund capital gains?Taxpayers should verify Annual Information Statement data for capital gains. Relying solely on AIS may lead to incorrect income reporting f...
- Think ₹12.75 lakh salary means zero tax? These incomes may still attract tax
- ITR utility updated: New 'other income' column added under exempt income schedule; here's what it meansIncome Tax Return (ITR) filing for the assessment year 2026-2027 sees a significant update with a new 'Other Income' column under the Exemp...
- ITR filing for NRIs: From miscounted days in India to missed NRO interest, these mistakes can trigger tax noticesMiscounted days in India, missed NRO interest and TDS mismatches can invite notices from a data-savvy tax department.
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