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 proofs. Ensuring an active PAN and validated bank account is crucial for filing.

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ITR filing: How Bitcoin, NFTs, airdrops, gifted crypto, and overseas wallets are taxed in India and how to report them

India's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percent TDS. Specific provisions govern the taxation of cryptocurrencies and non-fungible tokens. Airdrops and staking rewards are taxed as income upon receipt. Non-disclosure of overseas holdings can invite severe penalties and prosecution.

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Employee wrongly reported Rs 65.21 lakh VRS payout in ITR, lost tax relief; ITAT Pune rules the amount is not taxable and grants him relief

Employee got Rs 65.21 lakh as VRS after company shut plant, but wrong ITR reporting led to tax dispute; ITAT Pune rules in his favour and gives him relief from tax. Know how this empoyee won the case in ITAT Pune.

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These property sellers may need to re-compute advance tax after delayed release of Cost Inflation Index for tax year 2026-27; here’s what to do

Property sellers may need to re-compute advance tax after the Cost Inflation Index release. This delay impacts individuals selling property acquired before July 23, 2024. Advance tax payments for the first quarter were due before the index was notified. Underestimating tax liability could lead to interest charges for deferred payments. Taxpayers can adjust subsequent installments or claim refunds if overpaid.

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Name appearing in builder's records showing cash payment: Will you need to pay income tax for such property purchase? Here’s what ITAT said

Can the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ruling explains when third-party documents are not enough and the important rights every property buyer should know.

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ITR 2026: Common income tax return filing mistakes that cost employees lakhs

A careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensuring that all eligible deductions and benefits are correctly claimed. The Income Tax Return (ITR) filing due date for salaried individuals is July 31, 2026 if they are not liable for tax audit.

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Foreign assets in AIS: CBDT sets the stage for Foreign Assets of Small Taxpayers Disclosure Scheme

The CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements may be more than an administrative exercise. Read alongside the Finance Act, 2026, it appears to set the stage for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, and signals a new era of tax transparency.

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Selling Gold? Your tax bill depends on how you own it; ETFs, SGBs, jewellery and digital gold compared

Unlike Gold ETFs, both physical gold and digital gold have longer required holding periods for realizing long-term gains. Additionally, Sovereign Gold Bonds will see changes in capital gains tax exemption starting April 2026. Tax implications for inherited or gifted gold depend on how and when the gold is sold.

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Received cash, property or shares as gifts? You may have to pay tax as per ITR reporting rules in these cases

Gifts from specified relatives are fully exempt from income tax. Non-relative cash gifts exceeding fifty thousand rupees become taxable. Immovable property gifts are taxed based on stamp duty value. Specified movable assets received without consideration are also taxable. Taxpayers must report taxable gifts under 'Income from Other Sources'.

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Salaried employee earning Rs 68 lakh donates Rs 12 lakh to political party, claims tax deduction; I-T dept denies it; he contests but loses in ITAT Ahmedabad

Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT Ahmedabad upholds tax dept's order denying such deduction. Know why this salaried employee lost the case in ITAT Ahmedabad. Keep reading.

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Filed your ITR but did not get your income tax refund? Here's how to check your ITR status online and resolve common delays

Taxpayers can check income tax refund status online via the e-filing portal. Common statuses like 'Refund Issued' and 'Refund Failed' require specific actions. Delays often stem from incorrect bank details or unverified returns. Mismatches in AIS and Form 26AS can also cause processing issues. The department may adjust refunds against outstanding tax demands after intimation.

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ITR 2026: Increased disclosure requirements for overseas investments and foreign assets—are Indian taxpayers ready?

Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchange frameworks necessitate accurate reporting of overseas income. Schedule FA in ITR requires detailed reporting of foreign assets held. Non-compliance can lead to significant penalties and scrutiny from tax authorities. Accurate reporting ensures transparency and reduces potential tax disputes.

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What happens if you miss July 31, 2026, ITR filing deadline? Why you should not miss this due date

The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can result in losing tax refunds and incurring penalties. Late filing fees of up to Rs 5,000 will apply to delayed submissions. Failure to file can impact loan and visa applications significantly. Filing before the deadline ensures tax compliance and avoids additional costs.

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