Get all your news in one place.

100's of premium titles.
One app.

Get all your news in one place.

100's of premium titles. One news app.

The Latest Breaking News from Tax Return

Made less than Rs 1.25 lakh LTCG from equities this year, do you need to file ITR?

Even if your long-term capital gains from stocks are under Rs 1.25 lakh, you must still file your Income Tax Return for AY 2026-27. While this amount is tax-exempt, the Income Tax Department requires you to report these gains. Failure to disclose can lead to issues. Learn how to correctly…

The Economic Times

Think you don't need to file an ITR for FY 25-26? These 8 benefits may change your mind

ITR filing: Filing your Income Tax Return (ITR) offers significant advantages beyond just tax payment. It's crucial for claiming refunds, carrying forward losses to reduce future tax, and enhancing loan and visa application prospects. Even if your income is below taxable limits, filing might be mandatory under certain conditions.

The Economic Times

Zero income tax in Form 16? You may still have to file an ITR in these cases

Even if your Form 16 shows zero tax payable due to the Section 87A rebate, filing an Income Tax Return (ITR) might still be mandatory. Certain income levels, high-value transactions like significant bank deposits, foreign travel, or owning foreign assets can trigger a filing requirement.

The Economic Times

From analysis to the latest developments in health,
read the most diverse news in one place.

SC lays down guidelines on computation of income of motor accident victims

The Supreme Court has established new guidelines for determining motor accident compensation based on Income Tax Returns. For salaried individuals, only the previous year's ITR will be considered, while self-employed persons will have their average income from the last three years used. This aims to bring uniformity to compensation awards…

The Economic Times

ITR filing deadline 2026: From July 31 ITR filing to TDS due dates; key forms you can't afford to miss

July marks crucial income tax deadlines for Indian taxpayers. The major deadline is July 31 for salaried individuals and pensioners to file their Income Tax Returns (ITR), alongside numerous other compliance forms.

The Economic Times

Didn’t report FD interest in your ITR? Here’s how you can still correct the mistake

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional…

The Economic Times

Ask the Tax Editor, June 26: Amended Returns and Late-Filed Returns

In this week's Ask the Editor Q&A, Joy Taylor answers tax questions on amended returns and penalties for filing your tax return late.

Kiplinger

Read news from The Economist, FT, and more,
with one subscription

Will the ITR filing deadline for AY 2026-27 be extended? Here's what taxpayers need to know

Taxpayers can breathe easy as the Income Tax Return (ITR) filing deadline for AY 2026-27 is unlikely to be extended. Unlike last year's technical glitches and delayed form releases, this year's process has been smooth, with utilities available on time. Experts advise against banking on an extension and urge prompt…

The Economic Times

Rs 17.25 lakh income of an employee was added as taxable salary despite working in UK; ITAT Delhi gives him relief under India-UK DTAA

The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual has received any ‘per-diem’ payments from his Indian employer due to his overseas work, then this payment is not taxable under Article 16 of India-UK Double Tax Avoidance Treaty (DTAA).

The Economic Times

Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief

When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption…

The Economic Times

ITR filing due dates for AY 2026-27: July 31 is not the deadline for every taxpayer; check 5 other tax filing due dates

The Income Tax Department has set July 31, 2026, as the deadline for most individual taxpayers, including the salaried class, to file their Income Tax Returns (ITR) for AY 2026-27. However, different due dates apply based on income sources and audit requirements, with some non-audit businesses and professionals now having…

The Economic Times

Do you need to file ITR if you only incurred losses from equities or mutual funds? Check the details

Individuals earning below basic exemption limits (Rs 2.5 lakh old, Rs 4 lakh new regime) generally don't need to file ITR. However, mandatory filing applies if you have capital losses to carry forward, trade in Futures & Options, or incur specific expenses like high credit card bills or foreign travel.

The Economic Times

How to Learn to Stop Worrying About the Gift Tax and Give Your Kids Money Already

You have to let the IRS know about large gifts, but tax consequences aren't a concern for most families.

Kiplinger

Salaried employees beware! These 5 mistakes during ITR filing can trigger unexpected tax demands

With the ITR filing season for AY 2026-27 now underway, many salaried taxpayers who faced TDS shocks in the last quarter of FY 2025-26 are now encountering self-assessment tax and interest liability while preparing to file their income tax returns. This article outlines five practical ways, including the use of…

The Economic Times

Get all your
news in one place.

100's of premium titles.
One news app.

Kiplinger

I'm a CPA: These Are the Q2 Tax Moves Every Business Owner Should Be Making Now

Don't wait until Q4 to talk to your tax adviser or CPA. Business owners and the self-employed should be using April's tax return to shape the rest of the year.

The Free Financial Advisor

Your Tax Preparer Could Be the Reason Your Return Gets Flagged — What to Watch For

Tax season often feels like a relief once everything gets handed over to a professional, but that trust can backfire in unexpected ways. A single mistake or questionable decision from a tax preparer can put a return straight into the IRS spotlight. That means delays, extra scrutiny, or even a…

The Free Financial Advisor

One Line on Your Return Is Triggering Automatic IRS Reviews in 2026

Tax season in 2026 is not playing around, and one small line on a tax return can now set off instant IRS scrutiny without any human ever touching the file first. The IRS continues to expand its automated screening systems, and that means tax returns now pass through stricter digital…

The Economic Times

Why should these taxpayers avoid filing ITR before June 15th for AY 2026-2027

Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. This allows for the accurate updation of the Annual Information Statement with data from companies and banks. Salaried individuals should also wait for their Form 16. Filing without complete information can lead to…

Get all your
news in one place.

100's of premium titles.
One news app.

The Economic Times

ITR filing 2026: 5 benefits of filing income tax return besides paying taxes

Filing your Income Tax Return is more than just a tax duty. It acts as a vital financial record. It helps in getting loans approved. You can claim tax refunds if you paid extra. Your ITR proves your income, especially for freelancers. It allows carrying forward losses to reduce future…

The Economic Times

Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts

Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now defer India tax liability. By filing Form 40 electronically before the income tax return deadline, taxation shifts from accrual to withdrawal basis. This option, once exercised, is generally irrevocable but becomes void…

The Economic Times

Could you be missing a critical June 2026 tax deadline? Check these essential TDS, Form 16, STT and advance tax requirements before it's too late

June 2026 income tax deadlines are closer than many taxpayers realize. Form 16 issuance, TDS deposits, advance tax payments and STT reconciliation can directly affect your Income Tax Return filing. A missed compliance step may lead to penalties, tax credit mismatches or filing delays. Before June 20, reviewing these key…

Kiplinger

Protecting Your Noncitizen Spouse: The IRS Strategy for Cross-Border Couples

Noncitizens don't get the unlimited marital deduction. Learn how the QDOT bridges this gap to defer estate taxes and protect your family's legacy.

Kiplinger

Projected 2027 IRMAA Brackets and Surcharges for Medicare Part B and D

Will you owe the Medicare IRMAA surcharge in 2027? Grab your 2025 tax return and check the projected brackets and surcharges for next year.

The Guardian - AU

Morning Mail: ATO rebuked after 97-year-old fined, Keating defends tax changes, outrage over Israel video of flotilla activists

ATO fined woman for late tax return after husband’s death

The Economic Times

Donald Trump's IRS lawsuit dismissed with a $1.76 billion fund settlement: Here's the full breakdown of the tax leak case

Trump IRS tax leak settlement: The US administration has established a $1.76 billion fund to address claims of government "weaponization" following a lawsuit by Donald Trump and his family. This settlement resolves Trump's suit against the IRS over leaked tax returns, though he will not receive direct payment but an…

1 2 3 4 5

People

From analysis to the latest developments in health,
read the most diverse news in one place.

Organisations

the Justice Department

the Social Security Administration

The Kiplinger Tax Letter

the Income Tax Department

Read news from The Economist, FT, and more,
with one subscription

Topics

Places

Fourteen days free

Download the app

One app. One membership.
100+ trusted global sources.