Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in the ITR. The case reinforces that for directors, the ITR functions as a ...

Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to reduce tax liability, claim refunds, or bypass departmental ...

Experts expect fewer irrelevant disclosures, better system stability and smoother reconciliation with AIS in FY26 returns ...

India’s income tax system will undergo a major overhaul from April 1, 2026, according to various reports. The Income Tax ...

Taxpayers would continue to use existing income tax return (ITR) forms to report income for 2025-26 (FY26), even as revamped ...

New income tax rules for 2026-27 propose redesigned ITR forms with more pre-filled details, aiming for simplification.

However, from April 1, 2026, transactional forms such as tax deducted at source statements, remittances, Form 60, and Form 15G/15H would operate under the new simplified framework.

Missed filing your ITR ? The deadline may be over, but the law still gives you a chance to come clean with extra cost. Today's Ask Wallet Wise query decodes how to file the missed return for FY25 The ...

The due date for filing of income tax return for non-audit taxpayers, who are required to fill ITR-1 and ITR-2, for assessment year 2026-27, will be July 31, 2026. For ITR-3 and ITR-4, the due date is ...

Budget 2026 brings major relief to taxpayers by allowing revised and updated ITR filing, reduced penalties, and immunity from ...

The Income Tax Department is expected to release updated Income Tax Return (ITR) forms for the financial year 2025–26 in the ...