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PRESUMPTIVE TAXATION SCHEME ITR
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...
- 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...
- 10 major changes in ITR forms for AY 2026-2027 that you must know before filing ITRNew Income Tax Return forms for AY 2026-2027 introduce significant reporting changes. Taxpayers must now report futures and options trading...
- Over 1.7 cr ITRs filed for AY 2026-27: I-T depttMore than 1.7 crore income tax returns have been filed for the 2025-26 fiscal year. Over ten lakh returns were submitted on Friday alone by...
- 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 ...
- Same-sex couple challenges Income Tax provision that exempts gifts only between spousesThe Karnataka High Court has requested a response from the Union government concerning a petition that challenges a tax exemption clause. T...
- 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...
- Filing ITR for FY 2025-26? Income Tax Department shares 10 mistakes to avoid and tips to followTaxpayers should gather documents and choose the correct tax regime and ITR form. Verify Annual Information Statement and Form 26AS details...
- ITR filing 2026: Step-by-step guide to filing ITR-2 online on the income tax portalIndividuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary documents and steps for submission. The...
- Opting for presumptive taxation while filing ITR? You may have to face tax audit; here's what you must knowThe Income-tax Act, 2025 introduces a new audit trigger for businesses. This change clarifies audit requirements for low-profit businesses ...
- Filing ITR for easy loans, visas, and scholarships - sounds strange? Know why filing ITR is more important than you thinkConsistently filing Income Tax Returns creates a verifiable financial document. Banks often request these returns to assess loan applicant ...
- 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 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.
- Foreign investments in your portfolio? Follow this ITR checklist to avoid tax scrutinyResident and Ordinarily Resident (ROR) taxpayers with foreign assets or income must carefully disclose overseas investments, dividends and ...
- Will the ITR filing deadline for AY 2026-27 be extended? Here's what taxpayers need to knowTaxpayers can breathe easy as the Income Tax Return (ITR) filing deadline for AY 2026-27 is unlikely to be extended. Unlike last year's tec...
- Have a US 401(k)? Indians must report withdrawals and maturity details in ITR schedules FSI and FAIndian taxpayers with US 401(k) accounts must now report withdrawals and maturity details in ITR schedules FSI and FA. Failure to disclose ...
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