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 …
What is ITR-4 SUGAM? ITR-4 – popularly known as SUGAM — is the simplified income tax return form notified by the Income Tax Department for Assessment Year 2026–27 (Financial Year 2025–26). It is designed for small taxpayers who opt for the presumptive taxation scheme, which eliminates the need to maintain detailed books of accounts. The …
Continue reading “ITR-4 SUGAM Filing Guide AY 2026–27: Eligibility, Sections 44AD, 44ADA & 44AE”
Every year, crores of Indian taxpayers sit down to file their Income Tax Return and face the same question: Which ITR form should I use, and how do I fill it correctly? For most salaried individuals in India, the answer is ITR-1, also called SAHAJ, the simplest income tax return form available. But “simple” does …
The Central Board of Direct Taxes (CBDT) has taken a significant step toward facilitating timely and smooth income tax return filing by releasing the Excel-based offline utilities and Online filing for ITR-1 (Sahaj) and ITR-4 (Sugam) for Assessment Year 2026-27. Both utilities were made available on 15th May 2026 on the Income Tax e-Filing portal. …
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has once again delivered an important judgment protecting taxpayers from invalid reassessment proceedings initiated without following mandatory legal procedures. In the case of Mathew Julius Menezes ITAT Mumbai Case, the Tribunal quashed the reassessment proceedings initiated under Sections 147 and 148 of the Income Tax …
Continue reading “Section 148 Notice Quashed by ITAT Mumbai for Invalid Sanction Under Section 151”
The Mumbai Bench of the Income Tax Appellate Tribunal in the case of Jamshed Naval Karanjia vs Commissioner of Income Tax Appeal 57 ITA No 3508 Mum 2025 has delivered an important ruling concerning demonetisation cash deposits and additions made under Section 69A of the Income Tax Act. The Tribunal granted substantial relief to an …
