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TAXMANN RESEARCH
Deadlines for income tax audit and ITR filing extended for AY 2026-2027 to these datesThe Central Government has extended the deadline for filing Income Tax Returns for the Assessment Year 2026-27. Taxpayers subject to audit ...- Buying property from an NRI? Know the new TDS, PAN, and Form 141 rules effective October 1Beginning 1 October 2026, resident Indian buyers will enjoy simplified compliance when purchasing property from non-resident sellers. They ...
- Gratuity tax deduction denied due to ITR filing error? ITAT Chennai says genuine claims can't be rejectedDue to incorrect schedule in original ITR gratuity tax deduction under Section 43B denied; ITAT Chennai gives relief and says a genuine ded...
- 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...
- 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 ...
- 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...
- Stock traders' alert: When income tax audit becomes mandatory for AY 2026-27Stock market traders, especially those involved in intraday and F&O trading without a registered business, need to understand tax audit rul...
- New ITR forms alert: Secondary address field added, what taxpayers must knowNew Income Tax Return forms are here for Assessment Year 2026-27. A key change is a new field for a secondary address. Contact details are ...
- New ITR forms for AY 2026-27: NRIs opting for new presumptive income scheme have to make this separate disclosure additionallyNew ITR forms for AY 2026-27 mandate Non-Resident Indians (NRIs) opting for the presumptive income scheme to separately disclose gross rece...
- Did you donate to a political party or plan to do so in the future and claim an income tax deduction? New ITR forms require extra disclosure, check what to reportNew income tax return forms for Assessment Year 2026-27 demand greater detail on political party donations. Taxpayers seeking deductions un...
- Six big TDS & TCS changes for Tax Year 2026-27: From TDS on NRI property to TCS on overseas remittance for education, know all that has changedNew tax rules for Tax Year 2026-27 begin April 1, 2026. Key changes affect TDS on NRI property and TCS on overseas remittances for educatio...
- US 401(k) and other overseas pension account holders: Forms ITR-1 and ITR-4 are no longer available under the new Indian I-T Act; they must now file ITR-2 or ITR-3New Income Tax Return forms have removed ITR-1 and ITR-4, requiring US 401(k) and overseas pension account holders to now use ITR-2 or ITR-...
- Confused about income tax deduction on pre-EMI interest? Budget 2026 brings clarity on Rs 2 lakh home loan deductionBudget 2026 brings clarity on home loan tax deductions. Prior-period interest on home loans is now explicitly included within the Rs 2 lakh...
- No need to pay income tax if your land is acquired by government giving payout under RFCTLARR Act; Budget 2026 proposalBudget 2026 has introduced a full income tax exemption for compensation received from the government for land acquired under the RFCTLARR A...
- Budget 2026 makes TDS/TCS deduction rules mandatory, know how it will help in reducing disputesBudget 2026 has made CBDT guidelines mandatory for all property TDS and transaction participants. This move aims to prevent disputes and li...
- CGAS deposit should be on actual sale consideration received from the property instead of stamp duty, Why Budget 2026 must fix thisBudget 2026 should address discrepancies in the Capital Gain Account Scheme (CGAS) by basing deposits on actual sale consideration, not sta...
- Tax Battles: Firms race for AI edge in strategy and complianceIndia's Big Four accounting firms are launching advanced AI tools to handle complex tax queries and analyze documents, aiming to revolution...
- Holidays to become costlier from July 18 as all hotel rooms to be taxed under GSTGST council, in its meeting in June 2022, withdrew various GST-related tax-exemption. One of the tax-exemption of no GST on hotel rooms up ...
- Rajasthan Royals owner gets penalty relief in Fema caseWhile noting that JIPL and its promoters and promoter companies are in contraventions of various sections of FEMA, he also said that foreig...
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