Taxpayers must retain income tax documents for several years after filing returns. Digital copies are generally sufficient, ...

False deduction claims in ITR can attract penalties of up to 200 per cent of tax due and, in serious cases, prosecution with ...

The ITR filing deadline for AY 2026-27 is on July 31, 2026 for taxpayers filing ITR-1 and ITR-2.

The Income Tax Department has released the ITR-7 Excel utility for AY 2026-27, enabling eligible trusts, political parties, ...

With just 15 days left until the July 31 deadline for filing Income Tax Returns (ITR) for Assessment Year (AY) 2026-27, ...

The amount of the income tax refund is equal to the excess tax paid, which is not taxable and cannot be considered income.

Filing your Income Tax Return using only Form 16 may no longer be enough, as the Income Tax Department now cross-verifies returns with AIS, Form 26AS and other third-party data. Tax experts recommend ...

The Annual Information Statement (AIS) may list several high-value financial transactions, but not all of them are taxable.

The ITR filing deadline for F&O traders will depend on whether the taxpayer is liable for a tax audit. If a tax audit is ...

Crypto investors should avoid common ITR filing mistakes such as assuming the 1% TDS is the final tax, skipping transaction ...

Because there are some financial transactions that could make you ineligible to file ITR-1 and require you to switch to ITR-2 ...