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Tax

An HUF without business or professional income can generally opt for the old regime while filing its return.
Updated : Sep 8, 2026

HUF tax planning: Why choosing the new regime could cost you deductions in 2026-27

HUFs may see lower tax rates under the default new regime for Tax Year 2026-27, but the benefit comes with a trade-off: several deductions and house-property tax benefits will no longer be available. For families with eligible investments, home loans or property losses, comparing the old and new regimes could be crucial before making tax-saving decisions.

One of the biggest attractions of the scheme is the immunity available to a taxpayer who makes a valid declaration and pays the prescribed amount. 
Updated : Aug 15, 2026

Foreign assets disclosure scheme: Who is eligible, what it means for small taxpayers & tax payable

The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026, is a one-time disclosure mechanism for eligible taxpayers who have either failed to report certain foreign assets or have not offered foreign income to tax. 

Unlike salaried employees, freelancers report their earnings as business or professional income, making the choice of ITR form, deductions and income reconciliation particularly important.
Updated : Aug 12, 2026

ITR filing 2026 for freelancers: Which ITR form to file, tax rules, deductions and foreign income explained

Freelancers filing their income tax return for AY 2026-27 have until August 31, 2026, if their accounts are not subject to tax audit.

Taxpayers should regularly check their AIS and Form 26AS before filing their ITR.
Updated : Aug 12, 2026

UPI, NEFT, RTGS or IMPS: When can your digital payments come under the Income Tax Department’s scanner?

Digital transactions, such as UPI, NEFT, RTGS or IMPS , do not automatically trigger an Income Tax notice, but unexplained high-value transactions can attract scrutiny. Tax experts say mismatches between financial transactions and income reported in the ITR are more likely to raise questions from the tax department.

Under the existing rules, the dividend component of a REIT or InvIT distribution is exempt when the underlying SPV is taxed under the old corporate tax regime.
Updated : Aug 11, 2026

REIT, InvIT payouts won’t become fully tax-free: Which components will still be taxed?

REIT and InvIT investors may get relief on dividend tax if the proposed 2026 amendment becomes law, but not all distribution components will be tax-free. Interest, rental income and capital gains will continue to face their applicable tax treatment, while the proposal could also improve REIT-level efficiency through MAT credit utilisation.

Under the AEOI framework, India receives financial account information relating to Indian tax residents from more than 100 partner jurisdictions through the CRS and FATCA arrangements.
Updated : Aug 7, 2026

CBDT enables foreign asset disclosure in AIS: What taxpayers need to know before filing ITR

The CBDT has enabled taxpayers to view certain foreign asset information in their AIS, giving them greater visibility into overseas financial data received under global information-sharing arrangements. The move is intended to improve voluntary compliance but does not reduce taxpayers' responsibility to fully disclose foreign assets and income while filing ITRs.

The government explained that HRA is a compensatory allowance designed to offset the cost of renting a house when official accommodation is unavailable.
Updated : Aug 7, 2026

Government quarter allotted to your spouse? Can you still claim HRA? Finance ministry clears the air

The Finance Ministry has clarified that a Central government employee cannot claim House Rent Allowance (HRA) if their spouse has been allotted government accommodation at the same station, reiterating that HRA is payable only when an employee incurs rental expenses. The clarification, issued in a written reply in the Rajya Sabha, reinforces the existing policy and confirms that the government is not considering any proposal to review the rule for government employee couples.

The due date for filing ITR-6 depends on the company's compliance requirements. Companies covered under transfer pricing provisions must file their income tax returns by November 30, 2026.
Updated : Aug 6, 2026

I-T Department releases ITR-6 Excel Utility for AY 2026-27; check who needs to file and key deadlines

ITR-6 is specifically meant for companies that are not claiming exemption under Section 11 of the Income-tax Act, unlike charitable or religious institutions, which file their returns using ITR-7.

One key rule is that if a taxpayer opts for Section 44AD but exits the scheme within the next five assessment years, they cannot claim its benefits again for the following five years.
Updated : Aug 5, 2026

ITR filing 2026: Tax Audit Season is here -- businesses, professionals: Who needs audit this month?

The presumptive taxation scheme is designed to simplify tax compliance for eligible taxpayers. Instead of maintaining detailed books of account and calculating actual profits, taxpayers can declare income at prescribed rates under the Income Tax Act.

Earlier, India did not have a standardised CARF-style reporting framework for crypto transactions.
Updated : Aug 4, 2026

CBDT's RCASP framework: New crypto reporting rules to boost tax compliance, tighten scrutiny of transactions

CBDT has introduced a comprehensive reporting framework for crypto exchanges, aligning India's tax compliance regime with global Crypto-Asset Reporting Framework (CARF) standards. The new RCASP framework mandates annual reporting of crypto transactions by exchanges, enabling more accurate tax matching while reducing the scope for under-reporting and tax evasion.

Taxpayers need not visit the income tax office to respond to most communications. Notices can be viewed and replied to through the e-Proceedings facility on the Income Tax Department's e-filing portal by logging into the account.
Updated : Aug 4, 2026

Section 143(1) to 245: Decoding the 7 income tax notices every taxpayer should know

Receiving an income tax notice after filing your ITR can be unsettling, but not every communication from the Income Tax Department means you've done something wrong. From routine intimations and refund adjustments to scrutiny and reassessment notices, here's what seven key income tax notices mean and how taxpayers should respond.

The revised ceiling is expected to take effect from April 1, 2027, subject to the Cabinet's final timeline.
Updated : Aug 3, 2026

EPF wage ceiling hike to ₹25,000 set to bring millions under pension net. What it means

Under existing rules, compulsory enrolment in the Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) applies only to workers earning a basic monthly salary of up to ₹15,000. For anyone earning above that threshold, joining the scheme remains optional.

Edelweiss Nifty REITs & Realty Index Fund is India's first index fund tracking the Nifty REITs & Realty Total Return Index, offering exposure to listed REITs and real estate companies through a single investment vehicle.
Updated : Aug 3, 2026

Edelweiss Nifty REITs & Realty Index Fund: This won't get equity tax benefits -- here's how gains will be taxed

India's first REITs-oriented index fund is bringing listed real estate within reach of retail investors, but it won't enjoy the tax benefits available to equity mutual funds. Here's how the Edelweiss Nifty REITs & Realty Index Fund will be taxed and what investors should know before investing.

Section 10(14)(i) of the Income Tax Act exempts special allowances granted by employers to salaried employees to meet expenses incurred while performing official duties.
Updated : Aug 2, 2026

Section 10(14)(i) under new tax regime: Wrong claims can trigger income tax notices, warns tax expert

While taxpayers under the new tax regime have limited opportunities to claim exemptions, Section 10(14)(i) remains available for specified allowances provided by employers to meet official work-related expenses. The benefit applies only to actual expenditure supported by the law and not to arbitrary claims made while filing returns.

If you fail to file by the deadline applicable to your category, you can still submit a belated return until December 31, 2026.
Updated : Aug 1, 2026

July 31 deadline is over. Is your ITR filing due now, on Aug 31, Oct 31 or Nov 30? Here's who files when

The July 31 ITR filing deadline may be over, but many taxpayers still have time to file their income tax returns under the revised filing calendar for AY 2026-27. Here's a look at which deadline—August 31, October 31 or November 30—applies to your category and what happens if you miss it.

From FY 2025-26 onwards, taxpayers must disclose crypto gains separately under Schedule VDA in their income tax returns.
Updated : Jul 31, 2026

ITR filing 2026: WazirX launches free crypto tax reporting platform ahead of ITR deadline

WazirX has launched Taxlyst, a free platform that generates crypto tax reports from any exchange history. The tool aims to ease tax filing for Indian investors by automating VDA calculations and reports.

If an investor sold REIT or InvIT units during the financial year, any profit or loss arising from the transaction must be reported separately under the Capital Gains schedule in the ITR.
Updated : Jul 31, 2026

ITR filing 2026: Invested in REITs or InvITs? Here's how to report the income correctly while filing your tax returns

Investors who earned income from Real Estate Investment Trusts (REITs) or Infrastructure Investment Trusts (InvITs) during FY26 should ensure they report it correctly while filing their Income Tax Return (ITR). Since REIT and InvIT distributions can comprise different income components, each must be disclosed under the appropriate head to avoid mismatches and tax notices.

The income tax return filing schedule for the Assessment Year 2026-27 has changed, with different deadlines for different ITR forms.
Updated : Jul 31, 2026

Over 1 lakh Zomato, Blinkit delivery partners file ITRs; Rs 18 crore in tax refunds facilitated

Zomato and Blinkit have helped more than 100,000 delivery partners file income tax returns across 905 cities. The effort has unlocked ₹18 crore in refunds and brought many first-time filers into the formal financial system.

ITR deadlines have been extended in five of the last six assessment years in the last few years.
Updated : Jul 31, 2026

Will the July 31 ITR deadline be extended? Everything salaried taxpayers need to know

With the July 31 deadline for filing Income Tax Returns (ITRs) for AY 2026-27 ending today, speculation over a possible extension has intensified. However, the government has indicated that the e-filing portal is fully prepared for the last-minute rush, suggesting taxpayers should not expect another extension unless an official notification is issued.

The ruling came in the case of S. Saroja, 81, who was initially asked to pay a penalty of Rs 1.92 lakh despite accepting the mistakes in her return and paying the additional tax.
Updated : Jul 31, 2026

Your tax consultant made a mistake in your ITR. Can you still be penalised? ITAT Chennai ruling explains

An Income Tax Appellate Tribunal (ITAT), Chennai ruling has brought relief to taxpayers who face penalties because of genuine mistakes made by their tax consultants. The tribunal deleted a Rs 1.92 lakh penalty imposed on an 81-year-old taxpayer, holding that a bona fide professional error does not amount to "misreporting of income."

Missing the July 31 deadline does not mean you lose the opportunity to file your return. Taxpayers can still submit a belated return for AY 2026-27. However, late filing comes at a cost.
Updated : Jul 31, 2026

Missing July 31 ITR deadline? Here's what happens next — and how you can still file your tax return

July 31, 2026, is the final date for filing Income Tax Returns (ITRs) for AY 2026-27 for salaried individuals and other non-audit taxpayers. Missing the deadline doesn't mean you can't file, but it could lead to late fees, interest charges and additional compliance requirements.

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