With the deadline approaching, taxpayers are advised to avoid waiting until the last minute to reduce the risk of technical glitches or filing errors.
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With the deadline approaching, taxpayers are advised to avoid waiting until the last minute to reduce the risk of technical glitches or filing errors.
The framework aims to standardise case selection criteria for consistent tax scrutiny.
The revised ITR forms for AY 2026-27 require additional disclosures on F&O trading, MSME interest, partnership income, donations and presumptive taxation.
Income from multiple sources, including salaries, FD interest, freelance assignments and rental properties, must all be reflected in an individual's income tax return where applicable.
The tax treatment of SGBs depends on the type of income earned and whether the bonds were redeemed on maturity or sold before maturity.
ITR7 is the form that mainly applies to trusts, political parties, research institutions, universities, colleges, and other specified entities claiming exemption.
The July 31 deadline for filing ITR is getting closer and taxpayers across the country are submitting their returns in large numbers.
According to the Income Tax Department’s website, it typically takes 4-5 weeks after e-verification for refunds to be credited to the taxpayer’s account.
EPFO allows partial withdrawal in cases such as job loss, home purchase or education expenses, etc to offer more flexibility to employees.
Taxpayers with certain high value transactions are advised to check ITR rules carefully before deciding not to file an ITR if their income falls within the basic exemption limit as failure to comply with rules can trigger notice or penalties.