INR exchange rate while filing ITR to report foreign assets: Use this reference rate to convert foreign currency into INR as prescribed under income tax rules

Indian taxpayers must report foreign assets in their Income Tax Returns for AY 2026-27. Foreign currency amounts require conversion to Indian Rupees using SBI's TTBR exchange rate. This specific rate is mandated by the Income-tax Rules for accurate reporting. Taxpayers should use the TTBR rate applicable on the relevant date of acquisition or closing year. Retaining records of the adopted exchange rate is crucial for compliance and avoiding reporting errors.

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ITR filing 2026: CBDT takes these steps to prevent portal glitches before July 31 deadline

ITR filing 2026: The government has addressed concerns regarding the income tax e-filing portal's performance. While usage has increased, the portal has largely remained stable, according to officials. The managed service provider, Infosys, has faced contractual penalties for project delays and outages.

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Foreign shares, overseas bank accounts, and three other disclosures you must make in Schedule FA of the ITR for AY 2026-2027

Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosures for foreign shares and overseas bank accounts. Employee stock options and cryptocurrencies also demand careful reporting considerations. Jointly held foreign accounts need accurate disclosure based on fund ownership. Accurate reporting is crucial to avoid penalties under the Black Money Act.

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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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