Capital Gains Tax Filing Checklist for FY 2025–26 What is a capital gain? Capital gain arises when you sell an asset (like shares, property, gold, or mutual funds) at a price higher than its purchase cost. Profit = Sale Price – Purchase Cost. This checklist highlights that capital gains tax is not just calculation; it …
Compulsory disclosure of taxpayer Bank Balances in ITR‑4 CBDT has introduced a significant compliance requirement via Notification No. 45/2026 dated 30 March 2026. Earlier ITR fillings were required; only bank account details (account number, IFSC, and bank name) were required, and bank balance disclosure was optional. However, now (AY 2026–27 onwards) bank balances must be …
Income Tax Return Due Dates for FY 2025‑26 (AY 2026‑27) Timely filing of an income tax return ensures avoidance of late fees, interest, and loss of carry‑forward benefits and helps maintain a clean tax compliance record. The following are category‑wise income‑tax return filing deadlines: Individuals / Hindu Undivided Family – No Business or Profession Income …
Income Tax Forms under the New Income Tax Act, 2025, will Be Renumbered from 1 April 2026 Under the new Income Tax Act, 2025, nearly all commonly used income tax forms—especially salary, TDS, Income Tax Forms TCS, audit, and reporting forms—will receive new form numbers starting FY 2026–27. This is part of a structural, administrative …
Due Dates for Income Tax Return Filing: Audit vs Non-Audit Cases (FY26) Income Tax Return Filing Due Dates: Audit vs Non‑Audit Cases FY 2025–26 (AY 2026–27) List of due dates for Original, Revised/Belated, and Updated Income Tax Return (ITR‑U) returns for FY 2025‑26. Due Dates by Category of Taxpayer for FY 2025–26 (Assessment Year 2026–27) …
Resident & Ordinarily Resident individuals required to report Schedule Foreign Assets Schedule FA of the Income Tax Return is a mandatory disclosure section for all resident and ordinarily resident taxpayers who hold foreign assets or derive foreign income. The intent is to ensure transparency of overseas investments and comply with the Black Money (Undisclosed Foreign …
How to Pay ZERO Tax in India (Legally) In India, the Income Tax Department follows a progressive tax structure, where tax rates increase as income rises. However, taxpayers can significantly reduce their tax liability by understanding and utilising various tax-saving provisions available under the law. The Income Tax Act offers a wide range of exemptions, …
CBDT Extends Tax Exemption Window for SWFs & Pension Funds The Central Board of Direct Taxes (CBDT) has officially extended the timeline for income tax exemptions under Section 10(23FE) of the Income Tax Act for Sovereign Wealth Funds (SWFs) and Pension Funds. The new deadline for qualifying investments is now March 31, 2030, up from …
Made a Political Donation? Income Tax Dept Tightens Scrutiny Many taxpayers who claimed deductions under Section 80GGC (political donations) are now receiving income tax notices. Section 80GGC allows individuals to claim deductions for contributions to registered political parties or electoral trusts. However, due to a surge in fake or unsupported claims, the Income Tax Department …
What is an Updated Income Tax Return (ITR-U) ? A facility allowing taxpayers to rectify mistakes, disclose omitted income, or file returns if they missed the due date. Introduced to reduce litigation and promote voluntary compliance. Updated Income Tax Return (ITR-U) is a mechanism introduced to promote voluntary tax compliance and reduce litigation. It allows …