Didn’t report FD interest in your ITR? Here’s how you can still correct the mistake

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional tax and penalties may apply. This voluntary step helps avoid future disputes and keeps your tax records accurate.

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Husband has to pay income tax on wife’s earnings from FD, gold, shares under clubbing of income in these cases

ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income Tax Department scrutinises fund sources and can club income back to the original provider. This applies to FDs, shares, and gold, where income or capital gains from gifted assets are often taxed in the transferor's hands. Proper documentation and reporting are crucial to avoid penalties and tax demands.

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GSTAT extended relaxed scrutiny guidelines for filing appeals till December 31, 2026; Know how this helps taxpayers

The Goods and Services Tax Appellate Tribunal (GSTAT) has extended its relaxed scrutiny guidelines for filing appeals until December 31, 2026. This move aims to prevent procedural technicalities from hindering substantive justice, allowing the registry to focus on significant defects rather than minor form-related issues. Taxpayers benefit from this taxpayer-friendly measure, ensuring smoother navigation of the digital appellate system while still needing to adhere to appeal filing deadlines.

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Taking a second loan for home loan repayment? Claim tax deduction on both under old tax regime for Tax Year 2026-2027

Homeowners can now potentially claim tax deductions on interest paid for both their original home loan and a subsequent loan taken to repay it, under the old tax regime. This benefit, supported by a 1969 CBDT circular and expected to continue under the Income-tax Act, 2025, allows for dual deductions up to Rs 2 lakh for self-occupied properties.

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Senior citizen mistakenly paid tax on tax-free VRS compensation; wins complete relief from ITAT Chennai on this ground

A senior citizen wrongly paid tax on Rs 24 lakh retrenchment compensation received under a BSNL Voluntary Retirement Scheme. Despite a significant delay, the Income Tax Appellate Tribunal (ITAT) in Chennai granted him full tax exemption, recognizing the compensation as tax-free under Section 10(10B). This ruling offers relief and highlights the possibility of rectifying tax errors.

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Rs 15 lakh, Rs 20 lakh or Rs 25 lakh CTC? Check your exact TDS under new vs old tax regime for FY 2026-27

Understanding Tax Deducted at Source (TDS) on your salary is crucial. Employers calculate your annual tax liability based on declared income and deductions, then divide it to deduct tax monthly. This ensures smooth tax collection throughout the year. The article details TDS calculations for CTCs of Rs 15, 20, and 25 lakh under both old and new tax regimes, offering insights for salaried individuals.

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Income tax dept identifies up to 20,000 cases of individuals who used the ‘swapped provisions’ trick to reduce net tax liability; Know what to do now to fix this

The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability. This involves manipulating claims like House Rent Allowance (HRA) for undue benefits. Taxpayers who engaged in this practice are advised to voluntarily pay the correct tax and interest, or seek condonation from the department to avoid penalties and potential legal action.

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Will the ITR filing deadline for AY 2026-27 be extended? Here's what taxpayers need to know

Taxpayers can breathe easy as the Income Tax Return (ITR) filing deadline for AY 2026-27 is unlikely to be extended. Unlike last year's technical glitches and delayed form releases, this year's process has been smooth, with utilities available on time. Experts advise against banking on an extension and urge prompt filing within the stipulated dates. Various deadlines exist for different taxpayer categories.

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No Form 16? Here's how salaried taxpayers can file ITR using AIS and Form 26AS for FY 2025-26

Salaried individuals awaiting Form 16 for ITR filing can still proceed without it. Employers must issue this TDS certificate by June 15th. If delayed, taxpayers can use salary slips, bank statements, and crucial documents like AIS and Form 26AS to verify income and tax details. These online statements, accessible via the Income Tax portal, are vital for accurate filing and ensuring TDS credit.

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On ESOP value over US$ 60,000 US estate tax up to 40% can be levied after death of even a non-US resident; Here’s how to manage its impact on legal heirs

Indian professionals holding US ESOPs and RSUs face a significant risk of up to 40% US estate tax on assets exceeding $60,000 after their death. This applies even if they are non-residents. Experts suggest strategies like routing shares through GIFT City, investing in UCITS ETFs, or lifetime gifting to mitigate this substantial tax burden for legal heirs.

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Filing ITR? Don’t ignore the ‘nature of employment’ field; it can affect NPS & retirement tax benefits

The "Nature of Employment" field in the ITR is more than a routine disclosure. An incorrect selection can affect certain tax benefits, including exemptions on gratuity, commuted pension and leave encashment, as well as deductions for employer contributions to NPS, potentially leading to incorrect tax computation and compliance issues.

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Rs 17.25 lakh income of an employee was added as taxable salary despite working in UK; ITAT Delhi gives him relief under India-UK DTAA

The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual has received any ‘per-diem’ payments from his Indian employer due to his overseas work, then this payment is not taxable under Article 16 of India-UK Double Tax Avoidance Treaty (DTAA).

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Husband trades through wife’s demat account, incurs Rs 1.95 crore loss; tax dept sends notice over clubbing of income, ITAT Lucknow grants him relief

A husband's attempt to offset substantial stock market losses against his income was initially rejected by tax authorities. Despite trading using his wife's demat account and gifting her Rs 1.15 crore, the tax department argued the Rs 1.95 crore loss, including Rs 80 lakh from her own funds, was hers alone.

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