Claiming Section 80G tax deduction? You must report these additional details when filing your ITR for AY 2026-2027

ITR Filing 2026: Income Tax Return forms now require additional details for Section 80G deductions. Taxpayers must report transaction reference numbers and bank IFSC codes for donations. Schedule 80GGC also mandates providing the political party's name and PAN. These enhanced disclosures apply to AY 2026-2027 filings. The changes aim to improve traceability of charitable contributions.

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ITR filing 2026: Rs 15 lakh, Rs 20 lakh, and Rs 25 lakh salary; how much tax you could pay under new vs old tax regime?

Salaried employees face a crucial tax decision between old and new regimes. The new tax regime offers lower tax liability across various income levels. However, substantial deductions can make the old tax regime more beneficial. Taxpayers should calculate their actual tax under both systems. This ensures the most tax-efficient choice for their financial situation.

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Section 234B interest on updated ITRs: CPC's computation logic appears contrary to law

Taxpayers filing updated returns face incorrect interest charges. Centralised Processing Centre calculates Section 234B interest beyond tax payment dates. This leads to excess demands and additional income tax levies. The law mandates interest cessation upon full tax payment before filing. Taxpayers should seek rectification for these erroneous demands.

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Filing ITR for easy loans, visas, and scholarships - sounds strange? Know why filing ITR is more important than you think

Consistently filing Income Tax Returns creates a verifiable financial document. Banks often request these returns to assess loan applicant income stability. ITRs also help demonstrate financial capacity for visa and study abroad applications. Landlords and businesses may seek ITRs for tenancy and partnership evaluations. Preserving complete tax records is crucial for future financial needs and compliance.

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ITR filing 2026: Is AIS enough to report stock and mutual fund capital gains?

Taxpayers should verify Annual Information Statement data for capital gains. Relying solely on AIS may lead to incorrect income reporting for AY 2026-27. Download broker P&L statements and reconcile them with AIS information. Independent capital gains computation is crucial before filing income tax returns. This ensures accurate reporting and compliance with tax regulations.

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CBDT clarification: All approvals like Nil or lower TDS certificate and existing tax benefits will continue under Income Tax Act, 2025; Here’s what it means for you

Existing tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications filed before March 31, 2026, will be processed under the new law. Lower or nil TDS certificates issued previously remain protected and valid. New applications filed after April 1, 2026, will follow the 2025 Act. Taxpayers need not take additional action for this transition.

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ITR utility updated: New 'other income' column added under exempt income schedule; here's what it means

Income Tax Return (ITR) filing for the assessment year 2026-2027 sees a significant update with a new 'Other Income' column under the Exempt Income Schedule. This allows taxpayers to voluntarily disclose non-taxable receipts that don't fit specific categories, like rural agricultural land sales or gifts from relatives. Experts advise this proactive reporting to prevent potential tax notices and mismatches with departmental records, especially for substantial transactions.

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Man sells property for Rs 48 lakh, constructs a new house but faces delay, income tax dept denies Section 54 claim; he fights and wins case in ITAT Chennai

A Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially denied by the tax department. The Income Tax Appellate Tribunal (ITAT) ruled in his favour, citing the COVID-19 pandemic as an extraordinary circumstance beyond his control. The tribunal emphasized a liberal interpretation of the beneficial provision, allowing the exemption despite minor delays in finalising construction.

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ITR filing for NRIs: From miscounted days in India to missed NRO interest, these mistakes can trigger tax notices

Miscounted days in India, missed NRO interest and TDS mismatches can invite notices from a data-savvy tax department.

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Rs 17 lakh income tax refund claim was denied as taxpayer did not e-verify ITR since he was busy taking care of late father; ITAT Delhi allows refund for this reason

A Delhi landlord, busy caring for his ailing father, missed the deadline to e-verify his income tax return, leading to a denied Rs 17 lakh refund. The Income Tax Appellate Tribunal (ITAT) Delhi intervened, ruling that withholding the refund on a technicality would amount to unjust enrichment. The tribunal emphasized that tax can only be collected by law, allowing the landlord to claim his rightful refund.

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Made less than Rs 1.25 lakh LTCG from equities this year, do you need to file ITR?

Even if your long-term capital gains from stocks are under Rs 1.25 lakh, you must still file your Income Tax Return for AY 2026-27. While this amount is tax-exempt, the Income Tax Department requires you to report these gains. Failure to disclose can lead to issues. Learn how to correctly report these gains in your ITR.

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8 reasons why filing income tax return is important for you: From tax refunds to carry forward losses

ITR filing: Filing your Income Tax Return (ITR) offers significant advantages beyond just tax payment. It's crucial for claiming refunds, carrying forward losses to reduce future tax, and enhancing loan and visa application prospects. Even if your income is below taxable limits, filing might be mandatory under certain conditions.

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Zero income tax in Form 16? You may still have to file an ITR in these cases

Even if your Form 16 shows zero tax payable due to the Section 87A rebate, filing an Income Tax Return (ITR) might still be mandatory. Certain income levels, high-value transactions like significant bank deposits, foreign travel, or owning foreign assets can trigger a filing requirement.

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