What if you miss the July 31, 2026 ITR filing due date? Here are your options

Missing the July 31, 2026 ITR filing deadline incurs a late fee. Belated returns can be filed with interest and a penalty up to Rs 5,000. Crypto investors lose the ability to carry forward losses to future tax periods. Non-filing can trigger tax notices from the department. Options include condoning the delay or filing a belated return.

from Tax-Wealth-Economic Times https://ift.tt/4EX0veP

Not prepared for ITR filing: Should you file your ITR now with available information or wait and file a belated ITR?

Taxpayers face a choice between filing income tax returns now or later. The income tax return due date is approaching for many individuals. Filing a revised return corrects errors but large deviations may attract scrutiny. Belated returns are an option if the original deadline is missed. Missing the belated deadline has consequences similar to not filing at all.

from Tax-Wealth-Economic Times https://ift.tt/iSvN2ZO

Rs 1,000 or Rs 5,000 late filing fee for missing ITR filing deadline of July 31? How much fine you may need to pay and why

ITR filing deadline: The July 31, 2026, deadline is crucial for many taxpayers filing income tax returns. Missing this date incurs a late filing fee based on total income. Belated returns for AY 2026-27 can be filed until December 31, 2026. E-verification within 60 days is necessary to validate the filed return.

from Tax-Wealth-Economic Times https://ift.tt/MgBExHV

Has government scrapped Long Term Capital Gain (LTCG) tax for foreign investors? Finance Ministry replies

The government has clarified no LTCG tax scrapping for foreign investors. Only investments in Government Securities now receive tax exemptions. This measure aims to attract foreign portfolio investors to the G-Secs market.

from Tax-Wealth-Economic Times https://ift.tt/9nLkwXy

ITR filing mistakes to avoid before July 31 deadline: Expert reveals 5 mistakes that can lead to delays, failure of ITR form submission

ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include not e-verifying and mismatched personal details. Reconciling income with Form 16 and AIS is crucial for successful submission.

from Tax-Wealth-Economic Times https://ift.tt/PZ5i3f9

TDS deducted but you haven't filed your ITR yet? Here's what happens if you miss the July 31 deadline

Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will face interest charges and a late filing fee for delayed submissions. Not filing an ITR prevents claiming refunds and carrying forward losses. Virtual digital asset income is taxed regardless of the exemption limit. The tax department may issue notices for non-compliance and missed filings.

from Tax-Wealth-Economic Times https://ift.tt/u1JEt8T

Are you an NRI who sold an under-construction property? Here's what actually counts as your “Date of Purchase” for capital gains calculation

NRIs selling under-construction property must use the allotment date for capital gains. This date determines long-term versus short-term capital gains tax treatment. The Bombay High Court and other rulings support the allotment date as the acquisition point. This principle applies even when possession or registration occurs much later. Proper documentation of the allotment letter is crucial for NRIs.

from Tax-Wealth-Economic Times https://ift.tt/o3utNm0

Don't let selling your house trigger a tax notice: Check these rules under Sections 54 and 54F

Many taxpayers who purchase or construct a residential house to claim exemption under Sections 54 or 54F are unaware that selling the house within the prescribed lock-in period can reverse the earlier tax benefit. This article explains how such a sale affects the computation of capital gains, highlights the different tax implications under the two provisions, and outlines the precautions taxpayers should take while filing their Income Tax Return (ITR) for Assessment Year (AY) 2026-27

from Tax-Wealth-Economic Times https://ift.tt/7cxmHtV

Which ITR form should I file as I am a homemaker who has Rs 98,000 dividend income and paid Rs 4000 TDS?

ET Wealth Reader's Query: I am 43, a homemaker, with mutual fund investments of Rs 35 lakh and stock investments of Rs 50 lakh, mostly invested from my husband’s income. During FY2025 26, I received dividend income of Rs 98,000, on which TDS of Rs 4,000 was deducted. I have no short-term or long-term capital gains during the year. In earlier years, I filed ITR-1 and reported annual income of Rs 2-3 lakh from private tuition. Is it appropriate to continue reporting Rs 2-3 lakh as income from private tuition? If so, which ITR form should I file?

from Tax-Wealth-Economic Times https://ift.tt/wejXM0v

Employee wrongly declared Rs 14 lakh Australian salary in Indian ITR: ITAT grants tax relief but denies Rs 3.4 lakh foreign tax credit

Employee mistakenly declared Rs 14 lakh Australia salary in Indian ITR, later sought Rs 3.4 lakh foreign tax credit in India for tax paid in Australia; ITAT gives him full tax exemption on salary but denies Rs 3.4 lakh foreign tax credit. Know how employee won the fight in ITAT Delhi.

from Tax-Wealth-Economic Times https://ift.tt/LHXD6Ya

ITR filing last date: Will Income Tax Department extend July 31 deadline for FY 25-26? Here's what experts say

ITR filing deadline: The July 31 income tax return deadline approaches with many taxpayers yet to file. Experts are divided on whether the government will extend the filing deadline. Some believe the portal is functioning smoothly and an extension is unlikely. Others suggest a short extension might be granted if glitches persist. Taxpayers are advised to file their returns before the July 31 deadline.

from Tax-Wealth-Economic Times https://ift.tt/Q7PhzSU

Are gifts given to NRIs by relatives taxable? Here's what you need to know about income tax and FEMA rules

NRIs receiving gifts from resident Indians face varying tax implications. Gifts from specified relatives are fully exempt from Indian income tax. Non-relative gifts exceeding fifty thousand rupees become taxable income. FEMA rules also govern the transfer of money and assets. Proper documentation is essential for both taxable and exempt gifts.

from Tax-Wealth-Economic Times https://ift.tt/62ERo1q

Sold multi-asset MFs? Before filing ITR, check the fund’s underlying asset mix as it determines tax treatment; know how to file return on such gains

Multi-asset mutual fund taxation depends on equity and debt exposure. Equity-oriented funds have specific tax rates and holding periods. Debt-oriented funds are taxed at investor slab rates after 24 months. Specified mutual funds treat all gains as short-term capital gains. Correct ITR schedules are crucial for reporting these gains accurately.

from Tax-Wealth-Economic Times https://ift.tt/XZEMczH