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ITR assessment rules change from April 2026: Four key amendments explainedFour key changes to Income Tax Return (ITR) assessment rules will be effective from April 2026 for Tax Year 2026-27. These amendments, intr...- 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-...
- ITR changes from April 2026: 5 key updates for Tax Year 2026–27 explainedStarting April 1, 2026, new Income Tax Act and Rules bring significant changes for Tax Year 2026-27. Key updates include extended ITR due d...
- NRIs tax alert: March 31, 2026 is the deadline to claim foreign tax credit using Form 67 for income earned in FY 2024–25Non-Resident Indians earning income abroad in FY 2024-25 have a crucial deadline. They must file Form 67 by March 31, 2026. This form is es...
- 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...
- Bought new agricultural land before selling old one? Why Budget 2026 must allow capital gains tax exemptionIndividuals and HUFs can get tax exemption on selling urban agricultural land. This benefit applies if the capital gains are reinvested in ...
- 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...
- Four critical changes in Income Tax Act: Standard deduction, UPS, income tax search, and other changes to be applicable in FY 2025-26Finance Minister Nirmala Sitharaman announced four key amendments to the Income Tax Act, 1961, addressing tax exemptions for sovereign weal...
- Why is the tax-free income Rs. 12.50 lakh and not Rs. 12.75 lakh under the new tax regime for salaried taxpayers?Standard deduction in the new tax regime: Due to an error in Budget 2025, a salaried employee may not be able to avail of the standard dedu...
- 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 ...
- My son works abroad. Can he send me money so that I can invest in my name in mutual funds?Specified assets for the purpose of Section 115E are shares in Indian companies; debentures issued by an Indian company other than a privat...
- Here is why D-Street cheered leap in ease of doing businessIndia increased remedies in cases of prejudicial transactions between interested parties.
- 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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