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Before submission, taxpayers should download Form 26AS and the Annual Information Statement (AIS) from the e-filing portal and match the details with bank statements, Form 16, broker statements and other income records.
Updated : Jun 11, 2026

ITR filing mistakes: Wrong form, missed income and other errors that can trigger penalties

As taxpayers prepare to file returns for AY 2026-27, experts are warning that common mistakes such as choosing the wrong ITR form or failing to disclose all income sources could lead to penalties, notices and refund delays. With the Income Tax Department increasingly relying on AIS and Form 26AS data, accurate filing and timely verification have become more important than ever.

Taxpayers must e-verify their ITR within 30 days through Aadhaar OTP, net banking or Electronic Verification Code (EVC). Alternatively, they can send a signed ITR-V to the Centralised Processing Centre.
Updated : Jun 11, 2026

ITR filing mistakes that can wreck your Finances in AY 2026-27: 13 errors to avoid

A simple mistake while filing your income tax return for AY 2026-27 could cost you dearly, leading to delayed refunds, additional taxes, penalties or even notices from the Income Tax Department. From choosing the wrong ITR form to failing to e-verify your return, here are 13 costly errors taxpayers should avoid.

Data from the Income Tax Department suggests that the earlier ₹7 lakh rebate introduced under the new tax regime had effects that went beyond reducing tax outgo.
Updated : Jun 11, 2026

Your ₹12 lakh tax-free income may quietly change where your money goes

The ₹12 lakh tax rebate under the new regime could have implications far beyond lower tax outgo. Historical income tax data suggests that the earlier ₹7 lakh rebate coincided with rising participation in mutual funds, stocks and other financial assets, raising questions about whether another wave of investing may be on the horizon.

Why rushing your ITR could backfire: Key filing tips for 2026 taxpayers
Updated : Jun 10, 2026

ITR season 2026: Filing your taxes? Don’t jump the gun - Key tips for taxpayers

Patience could be your biggest ally this tax season. Before you file your income tax return, read on to discover why taking a little extra time could save you from avoidable complications later

Sometimes, employers may deduct more tax than what is actually payable. If the final tax liability is lower than the TDS deducted, employees can claim the excess amount by filing their ITR.
Updated : Jun 10, 2026

TDS refund explained: Who can claim it, how to get it through ITR and check status

Tax Deducted at Source (TDS) helps the government collect tax in advance, but excess deductions can leave taxpayers paying more than they actually owe. Fortunately, the extra amount can be claimed back by filing an Income Tax Return (ITR) and ensuring the necessary details are correctly updated.

Scrutiny guidelines are issued annually by the income tax authorities to ensure that tax returns are in line with actual income.
Updated : Jun 8, 2026

CBDT issues compulsory scrutiny guidelines for income tax returns

Experts say guidelines are more taxpayer friendly, excludes routine data mismatches flagged by analytics

Tax experts advise salaried individuals not to rush into filing returns before receiving Form 16 and updated tax records, as doing so could increase the chances of errors, mismatches.
Updated : Jun 4, 2026

Form 16 to be issued this month: Why salaried taxpayers should review it carefully

Employers are required to issue Form 16 to salaried employees by June 15, marking the start of the income tax return filing season. Tax experts advise taxpayers to verify the document against Form 26AS and AIS before filing their ITR to avoid errors, notices, and refund delays.

Vaibhav Sooryavanshi in this frame. (BCCI/IPL)
Updated : Jun 3, 2026

₹7 crore at the age of 15: The income tax rules that apply to Vaibhav Sooryavanshi's earnings

Teen cricket star Vaibhav Sooryavanshi's reported ₹7 crore fortune has sparked curiosity about how the Income Tax Department treats earnings made by minors. While most minor income is clubbed with a parent's earnings, Indian tax laws provide important exceptions for talent-based income and certain disabilities.

One of the key points retirees should note is that regular pension continues to retain the character of salary even after retirement
Updated : Jun 3, 2026

Pension vs family pension: What retirees and taxpayers should know before filing ITR for AY 2026-27

As ITR filing for AY 2026-27 gathers momentum, retirees and family pensioners should understand the key tax differences between pension and family pension to avoid filing errors. Tax experts say correct classification of income can impact deductions, TDS liability, and overall tax calculations.

Landlords, investors, presumptive taxpayers, and individuals claiming deductions should pay particular attention to the new disclosure requirements.
Updated : May 30, 2026

ITR filing AY 2026-27: From unrealised rent to two house properties -- key changes taxpayers must know

The Income Tax Department has enabled ITR-1, ITR-2 and ITR-4 filing utilities for AY 2026-27, allowing taxpayers to begin filing returns for FY 2025-26. This year's tax season brings several important changes, including new disclosure requirements, simplified reporting for two house properties, and revised deduction reporting norms.

The Statement of Financial Transactions (SFT) is a reporting mechanism under Section 285BA of the Income-tax Act.
Updated : May 29, 2026

May 31 SFT cut-off: A small SFT error could create big ITR problems - here's what to watch for

As the May 31 deadline for Statement of Financial Transactions (SFT) filings approaches, taxpayers should closely review their Annual Information Statement (AIS) for errors. Wrong PAN details, duplicate entries, or incorrect transaction values reported by financial institutions can lead to ITR mismatches, notices, and refund delays.

One of the biggest reasons electric two-wheelers remain tax-friendly is the lower Goods and Services Tax (GST).
Updated : May 29, 2026

 Are electric two-wheelers still tax-friendly in 2026 after Section 80EEB expiry?

Electric two-wheelers may no longer offer the Section 80EEB tax deduction for new buyers, but they still come with multiple financial advantages in 2026. Lower GST, PM E-Drive subsidies, and new employer-linked EV tax rules continue to make electric scooters a cost-efficient option.

In Budget 2024, the long-term capital gains (LTCG) tax on all financial and non-financial assets was increased from 10% to 12.5%.
Updated : May 28, 2026

Is Vijay Kedia right about ending LTCG tax on equity investors?

Ace investor Vijay Kedia has sparked a fresh debate on equity taxation after urging the government to abolish LTCG tax on listed equities and end double taxation on dividends. He argues that long-term investors should be rewarded for providing patient capital that supports India’s economic growth.

Once money is invested in a tax-saving FD, it remains locked for five years, and investors cannot prematurely withdraw the amount or take loans against the deposit.
Updated : May 28, 2026

Should you choose tax-saving FDs to save tax or are regular FDs enough? Here’s how to decide

Tax-saving FDs can help reduce taxable income under Section 80C, but they come with a strict five-year lock-in. Regular FDs, meanwhile, offer flexibility and liquidity — making the choice more about financial goals than tax savings alone.

Differences between salary disclosed in the ITR and figures reflected in Form 16, employer-filed TDS returns, or AIS records may prompt authorities to seek clarification.
Updated : May 27, 2026

Can salary, FD or capital gains mismatches in AIS trigger tax notices?

Filing your ITR using pre-filled information may seem easy, but experts warn that even small discrepancies can invite tax scrutiny. Salary income gaps, missed FD interest, or capital gains mismatches in AIS could trigger an income tax notice later.

The due date for taxpayers not requiring audit is July 31, 2026.
Updated : May 27, 2026

ITR-2 online filing and excel utility enabled for AY 2026-27: Here's what taxpayers should know

The Income Tax Department has enabled online filing and the Excel utility for ITR-2 for AY 2026-27, allowing eligible taxpayers to start filing returns for FY 2025-26. The rollout gives individuals more flexibility through both portal-based filing and offline preparation options.

Senior citizens aged 60 years and above but below 80 years continue to receive different tax treatment depending on whether they choose the old or new tax regime.
Updated : May 26, 2026

BT Explainer: ITR filing rules for pensioners -- who must file returns, tax slabs, deductions, deadlines

Retirement does not automatically exempt individuals from income tax filing, as pension income remains taxable in many cases. Pensioners may still need to file ITR based on income levels, tax regime selection, deductions and other financial transactions.

Tax-saving FDs allow investors to claim deductions of up to ₹1.5 lakh per financial year under Section 80C.
Updated : May 17, 2026

Tax-saving FDs in 2026: Which banks offer up to 8% returns and Section 80C benefits?

Tax-saving fixed deposits are back in focus in 2026 as select banks offer returns of up to 8%, along with tax deductions under Section 80C. Small finance banks are leading the rate charts, giving conservative investors an option to combine tax savings with assured returns.

The launch comes well ahead of the filing deadline of July 31, 2026, for taxpayers who are not required to undergo a tax audit.
Updated : May 15, 2026

AY 2026-27 tax filing starts: Excel utilities for ITR-1 and ITR-4 available on e-filing portal

The Income Tax Department has kicked off the ITR filing season for AY 2026-27 by enabling online filing and Excel utilities for ITR-1 and ITR-4 on its e-filing portal. The rollout gives salaried individuals, freelancers, and small businesses an early start ahead of the July 31 filing deadline.

Joint ownership can improve borrowing capacity because lenders consider the combined income of both applicants while evaluating loan eligibility.
Updated : May 13, 2026

Buying a house with your spouse? Here’s how it can reduce your tax bill

Joint home ownership is emerging as a popular financial strategy among couples looking to maximise tax savings and improve home loan eligibility. Experts say co-owning property can help dual-income households claim higher deductions while sharing long-term financial responsibilities.

TCS is a tax collected by the seller at the time of sale. For cars, it is linked to the buyer’s PAN and reflected in Form 26AS and AIS.
Updated : May 12, 2026

Bought a car above Rs 10 lakh? You can claim TCS refund on your purchase; here's how

Under Section 206C of the Income Tax Act, automobile dealers are required to collect 1% TCS on the purchase of motor vehicles costing more than Rs 10 lakh. The tax is calculated on the total invoice value, including GST and other charges.

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