itr

Reporting income/assets etc. in the itr should be matched with Annual Information Statement (AIS). As through system checks and reconciliation runs, using technology for itr processing might trigger even small gaps, errors or incorrect claims and may lead to prompt questions.

Apart from Form 16, other important documents that you should keep handy are Form 26AS, Annual Information Statement (AIS), bank account interest earnings, any investment related documents etc.

Many salaried taxpayers are already gearing up to submit their returns, hoping to finish the process early, receive refunds sooner or avoid the usual rush closer to the deadline. But before rushing to file, there is one crucial question taxpayers should consider.

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

Mumbai ITAT grants capital gains tax relief to a taxpayer who filed his Income Tax Return late. The tribunal ruled that reinvesting gains into a new property before a belated return fulfills Section 54 requirements, even without depositing funds in the Capital Gains Account Scheme.

Widespread manipulation is undermining the Right to Education (RTE) Act's EWS quota in Gurgaon. Private schools' ground verifications reveal fake income certificates, false proximity claims, and fabricated job details, with families claiming EWS status found to be affluent. This systemic gap denies genuine beneficiaries access, prompting calls for stricter verification.

Mumbai's affordable housing dream is within reach! MHADA's 2026 lottery offers 2,640 homes across various income groups, with applications closing May 28. This transparent, online process provides a chance for eligible Maharashtra residents to own property. Discover locations, eligibility, and how to apply for your dream home.

…but the taxman does. Here’s how the income tax department is using data-driven nudges — not raids — to get taxpayers to come clean

A nuanced understanding of the various itr forms for FY 2025–26 is essential for globally mobile professionals, domestic salaried taxpayers, and individual investors

Small businesses and professionals under the presumptive tax scheme must now disclose investment details in their income tax returns. This new rule, introduced in itr-4, aims to curb tax evasion by allowing authorities to compare declared income with investment patterns. Misreporting income can lead to hefty penalties, making compliance crucial.

Every week TOI+ subscribers send in legal questions and our panel of leading experts offers well-considered, practical, and actionable opinions on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust

The Delhi High Court examined the impugned order and the reasons furnished by the petitioner and found no merit in the challenge. The Court specifically rejected the submissions that the petitioner’s lack of awareness of tax laws or his alleged illiteracy could justify the delay. It held that such a plea was not tenable in law.

India's INS Dhruv plays a crucial role in tracking long-range missile tests over the Bay of Bengal and Indian Ocean. This advanced vessel gathers vital telemetry data, aids in anti-ballistic missile system development, and provides early warning against hypersonic threats. Its capabilities also extend to monitoring Low Earth Orbit satellites, offering a significant strategic advantage to the nation's armed forces.

Women are actively investing in India, moving beyond traditional savings. While participation in mutual funds and equities is rising, independent control over financial decisions, particularly tax planning, is still developing. Younger women show greater comfort with digital platforms and goal-based investing. This shift signifies a growing financial awareness and engagement across the nation.

Every week TOI+ subscribers send in legal questions and our panel of leading experts offer well-considered, practical, and actionable opinion on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust

FTC allows individual taxpayers to claim a credit in India for taxes paid in a foreign jurisdiction on the same income, thereby reducing the tax payable in India.

itr, or income tax return, is the form that is filled by taxpayers to the income tax department. It contains information about the individual's income and taxes payable during the financial year. Individuals need to make sure they are they are filing the correct itr form applicable to them. Although income tax laws allow itr to be filed after the deadline passes, a late filing fee might be imposed.