If you received an income tax notice under Section 143(2) in the last few weeks, you are not alone. Thousands of taxpayers across India, including many in Gurgaon and Delhi NCR, have received these notices in June 2026. There is a clear legal reason behind this sudden wave, and understanding it will help you respond …
If you sold shares, redeemed mutual funds, or sold a property during FY 2025-26, you have capital gains to report in your ITR for AY 2026-27. Many taxpayers assume the tax on these gains is simple. It is not. The rate of tax depends on what you sold, how long you held it, and when …
One of the most common misconceptions among salaried employees in India is the belief that once their employer has deducted tax at source and deposited it with the government, their income tax obligation for the year is fully settled. The Form 16 arrives, the tax has been paid, and the ITR is just a formality. …
Tax reassessment cases often turn on complex questions of valuation, evidence, and interpretation. But sometimes the most powerful argument a taxpayer can make has nothing to do with the merits of the addition itself, it’s about whether the tax department followed the correct internal process before reopening the case at all. A recent ruling from …
Filing an Income Tax Return as a Non-Resident Individual (NRI) involves a distinct set of rules compared to resident taxpayers — from determining residential status itself, to selecting the correct ITR form, to applying the right tax slabs and surcharge structure. This guide covers everything NRIs need to know for FY 2025-26 (Assessment Year 2026-27). …
If you are a Resident Indian taxpayer who holds assets outside India, or earns any income from foreign sources, your Income Tax Return filing for FY 2025-26 (Assessment Year 2026-27) goes beyond reporting your Indian salary or business income. You are legally required to disclose all foreign holdings and income through three dedicated schedules in …
Getting your documents ready before you open the income tax portal is the single most important step in filing a smooth, accurate, and stress-free ITR. This guide covers every document a salaried employee needs for FY 2025-26, what each document means, and what the Income Tax Act says about it. A Quick Note Before We …
Raghav Sharma was a 38-year-old software engineer working at a mid-sized IT company in Gurugram. He earned a decent salary, paid his EMIs on time, never missed a gym session, and was generally considered a responsible adult by everyone who knew him. Everyone, that is, except his wife Priya — who happened to be a …
Every year, somewhere around the month of June, something quietly shifts in the air across offices, homes, and WhatsApp groups all over India. Someone mentions Form 16. Someone else asks about the last date. A colleague says they already filed. And suddenly, everyone remembers — it is income tax return season. If you are reading …
Continue reading “It Is That Time of the Year Again — Your Complete ITR Guide for FY 2025-26”
Most people are aware that the Income Tax Department keeps a close watch on large financial transactions. But few know the exact mechanism behind this surveillance. Rule 114E of the Income Tax Rules, 1962 is the provision that makes it happen. It requires certain specified entities — banks, mutual funds, registrars, companies and others, to …
