Pension is salary, family pension is not: Key tax rules pensioners must know before filing ITR for AY 2026-27

Pension and family pension are taxed differently under the Income-Tax Act, yet many taxpayers continue to confuse the two while filing returns. As AY 2026-27 return filing gathers pace, pensioners must understand the correct tax treatment, deductions, TDS provisions and compliance reliefs available to avoid errors and unnecessary notices.

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New income tax regime: Don’t miss out on these 3 key deductions that will reduce your taxable income & help save more tax

Many taxpayers mistakenly believe the New Tax Regime offers no deductions. However, salaried employees and pensioners can claim a Rs 75,000 standard deduction. Employer contributions to NPS and interest on home loans for let-out properties are also still permissible, reducing overall tax liability.

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Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reduced

Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through the AIR mechanism and other departmental databases, the Income-tax Department noticed substantial cash deposits in the taxpayer's bank account. ITAT Mumbai, however, ruled in the assesse’s favour, saying TDS cannot be denied even if ITR is not filed.

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Invested in US stocks directly and made forex gains due to depreciating Rupee? Know how to compute tax on forex gains and report it in ITR

Indian residents investing in US stocks face forex gains tax. These gains are taxable as capital gains when US dollars are converted back to Indian rupees. The tax treatment depends on whether the gain is considered income. Foreign currency held for investment is a capital asset. Tax arises only upon actual conversion. Reporting foreign assets in ITR is mandatory.

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ITR-2 online filing and excel utility for A.Y. 2026–27 are now enabled on the e-Filing ITR portal

Individuals and HUFs without business income but with complex income sources like salary, multiple house properties, or capital gains can file ITR-2 for AY 2026-27 by July 31, 2026. Key errors to avoid include misclassifying capital gains, neglecting foreign asset disclosures, and incorrect residential status determination.

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New PAN norms 2026: Where quoting is relaxed and where it’s now mandatory

New Income Tax Rules, 2026 have relaxed PAN quoting for several transactions, including cash deposits and debit card applications. However, PAN is now mandatory for certain property transactions and annual cash withdrawals exceeding Rs 10 lakh. Form 97 replaces Form 60 for declarations without PAN.

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Filing your ITR early for AY 2026–27? Why you should wait till June 15

With the utilities for ITR filing for AY 2026–27 being available now, many taxpayers are planning to file their returns early. However, incomplete AIS data, pending TDS filings, and delayed financial reporting may lead to mismatches, notices, and revised returns. Taxpayers should prioritise accurate reconciliation and complete reporting over speed in tax compliance.

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Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason

A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds into a Capital Gains Account Scheme was not necessary.

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Is tax-exempt income in India also exempt in the US for NRI?

ET Wealth Reader's Query: If an income is tax-exempt in India, is it also exempt in the US for an NRI? For instance, interest on NRE accounts, FCNR deposits, and PPF is tax-free in India—does it need to be reported in the US, and will it be taxed there, including PPF maturity proceeds?

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Salary hike this appraisal season? New labour codes and tax rules may change your real take-home pay

Appraisal season this year saw companies begin aligning salary structures with new labour codes and updated income tax rules. While some firms implemented changes from April, broader adoption remains gradual. Higher basic pay and social security contributions may reduce take-home salaries despite hikes. The choice between old and new tax regimes now depends on deductions, HRA claims and paperwork readiness.

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Who can file ITR-1 this year? Common mistakes to avoid while filing ITR-1 for AY 2026-27 on or before July 31, 2026

Individuals eligible for ITR-1 filing for AY 2026-27 must file by July 31, 2026. This form is for resident individuals with income up to ₹50 lakh from salary, one house property, and other simple sources. Avoid common errors like using Aadhaar enrolment IDs instead of verified Aadhaar numbers. Ensure accurate reporting of loans and bank accounts.

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Good news for taxpayers! Faster tax refunds, quicker dispute resolution, TDS framework improvements and more planned by CBDT for 2026-27

Taxpayers can anticipate significant improvements in the TDS system and faster resolution of tax disputes. The Central Board of Direct Taxes' Central Action Plan for 2026-2027 outlines a roadmap for a more taxpayer-centric and technology-driven tax administration. This plan aims to streamline processes, enhance efficiency, and improve overall taxpayer services, leading to a more predictable and responsive tax governance framework.

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Gave up tenancy, got new flat in redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

A Mumbai tenant successfully challenged a Rs 1.1 crore tax notice. He surrendered tenancy for a new flat in a redeveloped building. The Income Tax Appellate Tribunal ruled in his favour. The tribunal stated that the surrender of tenancy rights, the taxable event, had not occurred in the year under assessment.

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Gave up tenancy, got new flat redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

A Mumbai tenant successfully challenged a Rs 1.1 crore tax notice. He surrendered tenancy for a new flat in a redeveloped building. The Income Tax Appellate Tribunal ruled in his favour. The tribunal stated that the surrender of tenancy rights, the taxable event, had not occurred in the year under assessment.

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Zero tax on Rs 15 lakh CTC? Here’s how these allowances and perks can cut your tax under new tax regime

Salaried individuals can significantly reduce their tax liability under the new tax regime by strategically utilizing allowances and perquisites. The new rules for Tax Year 2026-27 allow for tax-free benefits on items like meal coupons and gadget reimbursements, potentially bringing a Rs 15 lakh CTC to zero tax.

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Key changes in ITR 1, 2, 3 and 4 forms in FY 25-26: Reporting of LTCG, buyback losses, F&O, intra-day trading & more; what new forms include

The Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements for capital gains, trading, and foreign assets. These updates aim to simplify filing for various taxpayer categories, including individuals, businesses, and presumptive income earners.

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Lady took loan for investment into venture capital fund, claimed Rs 1.49 crore interest deduction, was denied by I-T dept; ITAT allows it in a landmark ruling

A lady won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Venture Capital Fund investments. The tax department denied this. ITAT ruled in her favour, allowing the deduction. The tribunal cited consistency in accepting similar claims and sufficient proof of fund utilisation for income generation.

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12 key income tax form changes every taxpayer should know: From Form 16 to Form 168

A new Income-tax Act arrives on April 1, 2026. It brings fresh income tax forms and replaces many old ones. Taxpayers will use these new forms for various reporting needs. Key changes include updated PAN application forms and new TDS certificates. This marks a significant shift in tax compliance procedures for individuals and businesses.

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Tax-free allowances rise, so do employer costs: The salary structuring dilemma under the Social Security Code

​​Enhanced tax-free allowances under the Income-Tax Rules, 2026 can improve employees’ take-home pay. However, the expanded definition of “wages” under the Code on Social Security, 2020 may increase gratuity and other social security liabilities. While restructuring may benefit employees, it can also raise long-term costs for employers, creating a clear dilemma and limiting widespread adoption.

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Can I claim LTCG exemption in same year if I buy a property before selling existing one?

ET Wealth Reader's Query: Will buying an apartment before selling the existing one still allow me to claim long-term capital gains exemption in the same financial year?

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May 2026 income tax calendar: Important TDS, TCS deadlines and other due dates explained

Taxpayers, mark your calendars for May 2026! Crucial compliance deadlines loom, including TDS/TCS deposits for April and certificate issuances. Remember to file key statements and declarations under the Income-tax Act, 2025, to avoid penalties. Stay informed to meet these important dates.

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Old vs new tax regime: Key differences that you must know before ITR filing for tax year 2026-27

The new tax regime offers lower rates but removes many deductions, making a thorough comparison with the old regime crucial. While both regimes allow certain allowances and perquisites, understanding these benefits, like meal vouchers and motor car perquisites, is key to minimizing your tax burden for FY 2026-27.

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US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reason

A US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account during demonetisation. The ITAT Delhi cancelled the notice, acknowledging the funds were genuine remittances from earlier years, ruling in favor of the NRI after a six-year legal battle.

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How new online gaming rules will change your income tax and legal exposure depending on the kind of game you play

An online game is any game played on a phone, laptop, or digital device, operated through software using the internet or any form of electronic communication. This definition ensures that almost every form of digital gaming falls within its scope. The real difference, and the real tax impact, begins when we look at how these games are classified.

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Revised post office transaction norms based on New Income-tax Rules, 2026: PAN mandatory for these transactions; more rules explained

The Department of Posts now mandates quoting Permanent Account Number (PAN) for specified transactions. Individuals without a PAN must submit Form No. 97 with complete details. These changes, part of the Income-tax Rules, 2026, also introduce Form 121 to replace Forms 15G and 15H for TDS exemption claims.

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