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The Latest Breaking News from Tax Return

One High-Income Year Could Raise Your Medicare Premiums Later

A particularly profitable year in retirement can come with a delayed expense that catches some Medicare beneficiaries by surprise. Selling investments, realizing a large capital...

Saving Advice

6 reasons you may get income tax notice even after meeting July 31 ITR filing deadline

Filing your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between reported earnings and the data the department holds. Additional sources of income, misreported TDS or TCS credits, and large cash transactions lacking corresponding declared income can trigger further scrutiny.

The Economic Times

She invented a business, got $41,381 in PPP loans and still won't spend a day in prison

An Illinois woman confessed to fraudulently obtaining government aid via a fake business, netting over forty thousand dollars from two Paycheck Protection Program loans. Her tax returns raised red flags that led to the discovery of the fraudulent activity. Ultimately, she avoided jail time, receiving probation and was ordered to…

The Economic Times

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ITR refund 2026: Filed income tax return within July 31, 2026 deadline? Here’s when you may get your tax refund

Taxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income Tax Department processes refunds after successful e-verification of the filed returns.

The Economic Times

Missed filing your ITR by July 31, 2026? Know your options and here’s what you can do now

Taxpayers missing the July 31, 2026 income tax return deadline have options. A belated ITR can be filed until December 31, 2026, with a late fee. Alternatively, a condonation of delay application can be submitted for acceptance. Filing after the due date incurs interest on unpaid taxes and potential loss…

The Economic Times

One Tax Return Mistake Could Trigger Hefty HMRC Fines Under New Rules: Millions at Risk

HMRC's draft legislation introduces a 'duty to correct' tax errors, potentially treating uncorrected mistakes as deliberate, leading to steeper penalties. The aim is to improve compliance across taxes.

International Business Times UK

ITR filing deadline extension: Will Income Tax Department extend July 31 ITR filing due date? Here’s what chartered accountants believe

ITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Experts suggest the July 31 deadline extension for income tax returns is unlikely. The e-filing portal has been functioning smoothly with no widespread technical issues reported. Taxpayers should file their returns by the…

The Economic Times

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Not prepared for ITR filing: Should you file your ITR now with available information or wait and file a belated ITR?

Taxpayers face a choice between filing income tax returns now or later. The income tax return due date is approaching for many individuals. Filing a revised return corrects errors but large deviations may attract scrutiny. Belated returns are an option if the original deadline is missed. Missing the belated deadline…

The Economic Times

Rs 1,000 or Rs 5,000 late filing fee for missing ITR filing deadline of July 31? How much fine you may need to pay and why

ITR filing deadline: The July 31, 2026, deadline is crucial for many taxpayers filing income tax returns. Missing this date incurs a late filing fee based on total income. Belated returns for AY 2026-27 can be filed until December 31, 2026. E-verification within 60 days is necessary to validate the…

The Economic Times

July 31 isn't the ITR deadline for everyone: Who can file income tax returns by August 31, 2026?

The income tax return filing deadline for salaried individuals remains July 31, 2026. However, certain taxpayers with business income can file by August 31, 2026. This extension provides additional time for finalizing accounts and completing the filing process. Companies and those subject to tax audits must file by October 31,…

The Economic Times

Confused about ITR forms? Here's how to pick the correct ITR for AY 2026-27

Choosing the right Income Tax Return form for AY 2026-27 depends on income sources. ITR-1 now allows reporting income from two house properties. Salary, house property, and other sources can be reported in ITR-2. Business or professional income generally requires ITR-3 or ITR-4. Complete income profile determines the final ITR…

The Economic Times

ITR filing mistakes to avoid before July 31 deadline: Expert reveals 5 mistakes that can lead to delays, failure of ITR form submission

ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include not e-verifying and mismatched personal details. Reconciling income with Form 16 and AIS is crucial for successful submission.

The Economic Times

TDS deducted but you haven't filed your ITR yet? Here's what happens if you miss the July 31 deadline

Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will face interest charges and a late filing fee for delayed submissions. Not filing an ITR prevents claiming refunds and carrying forward losses. Virtual digital asset income is taxed regardless of the exemption…

The Economic Times

ITR filing deadline of July 31, 2026: With only 4 days left to due date; 5 checks you must complete before submitting form

ITR filing: Taxpayers have four days remaining to file their Income Tax Return by the July 31, 2026 deadline. It is important to match Form 16 with AIS and Form 26AS for accurate tax deductions. Gather all income and deduction documents, and choose the correct tax regime for potential savings.

The Economic Times

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The Economic Times

Don't let selling your house trigger a tax notice: Check these rules under Sections 54 and 54F

Many taxpayers who purchase or construct a residential house to claim exemption under Sections 54 or 54F are unaware that selling the house within the prescribed lock-in period can reverse the earlier tax benefit. This article explains how such a sale affects the computation of capital gains, highlights the different…

The Economic Times

Save income tax when filing ITR for AY 2026-2027 by claiming Section 54 or 54F benefits if you sold land, house property or equity shares; Know how

Indian taxpayers can claim capital gains tax exemptions by reinvesting sale proceeds. Section 54 and 54F allow exemptions for residential property sales and other assets. Specific timelines and conditions must be met for claiming these tax benefits. Unutilised amounts must be deposited in the Capital Gains Account Scheme. Reporting these…

The Economic Times

ITR filing last date: Will Income Tax Department extend July 31 deadline for FY 25-26? Here's what experts say

ITR filing deadline: The July 31 income tax return deadline approaches with many taxpayers yet to file. Experts are divided on whether the government will extend the filing deadline. Some believe the portal is functioning smoothly and an extension is unlikely. Others suggest a short extension might be granted if…

The Economic Times

Need help with ITR filing? Check the ITR filing charges across various websites for AY 2026-2027 for students, salaried persons, pensioners and NRIs

Individuals can compare income tax return filing charges across several platforms. The deadline for filing is July 31, 2026, for many taxpayers. AI-assisted self-filing options are available at lower costs. Expert-assisted plans offer comprehensive support for complex income situations. These services cater to students, salaried individuals, pensioners, and NRIs.

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The Economic Times

ITR verification process: Different ways to e-verify your Income Tax Return using Aadhaar OTP, net banking, EVC

Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electronic Verification Code (EVC) are convenient methods available. Net banking and Demat accounts also facilitate this essential tax process. The Income Tax Department provides clear steps for each verification method. Completing this verification ensures your…

The Economic Times

How to select the right ITR form based on your income for AY 2026-2027

Choosing the right income tax return form for AY 2026-27 depends on income sources. Individuals can now report two house properties using ITR-1 under specific conditions. Salary, house property, and other sources may qualify for ITR-1 if income is below fifty lakh. Business or professional income typically requires ITR-3 or…

Evening Standard

Wedding suppliers may need to make check about tax liabilities, says HMRC

If someone has earned more than £1,000 from their side hustle in a tax year, they may need to complete a self-assessment tax return, HMRC said.

The Economic Times

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 rules

Indian taxpayers must report foreign assets in their Income Tax Returns for AY 2026-27. Foreign currency amounts require conversion to Indian Rupees using SBI's TTBR exchange rate. This specific rate is mandated by the Income-tax Rules for accurate reporting. Taxpayers should use the TTBR rate applicable on the relevant date…

The Economic Times

ITR filing: Got Section 143(1) intimation after filing your income tax return? Here’s what it means

After filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice confirms the tax department's preliminary processing of your filed return. It details any adjustments made to your income, deductions, and tax liability. Taxpayers must review this intimation carefully for any discrepancies or demands. Responding…

The Economic Times

ITR filing 2026: Step-by-step guide to filing ITR-1 for AY 2026-27 before the July 31 deadline

Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing this income tax return is July 31, 2026. This simplified form is for resident individuals with income up to fifty lakh rupees. It covers income from salary, one house property, and other specified sources. Taxpayers…

The Economic Times

ITR-4 or ITR-3? Know which ITR form to file under presumptive taxation scheme and the documents required

Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individuals and HUFs with income up to fifty lakh rupees. However, certain conditions like foreign income or losses necessitate filing ITR-3. Essential documents include PAN, Aadhaar, bank details, and tax payment…

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