Page 2 - Latest Updates on Income tax
Investing abroad? Here's how to report foreign assets, income in ITR filing
Complete this task with care, as failure to disclose foreign assets with an aggregate value exceeding ₹20 lakh can attract a penalty of ₹10 lakh under the Black Money Act
 "Investing abroad? Here's how to report foreign assets, income in ITR filing")
Taxpayers can view foreign asset details in AIS ahead of I-T return filing
CBDT has enabled foreign asset and overseas income information in the Annual Information Statement to help taxpayers accurately disclose such details in income tax returns
 "Taxpayers can view foreign asset details in AIS ahead of I-T return filing")
I-T department raises Cost Inflation Index for current fiscal to 384
The CBDT has raised the Cost Inflation Index to 384 for FY27, helping taxpayers compute inflation-adjusted long-term capital gains on eligible assets
 "I-T department raises Cost Inflation Index for current fiscal to 384")
Delhi HC to hear plea on judges' allowances under new income-tax regime
The Delhi Tax Bar Association has challenged a CBDT memorandum that restricts tax benefits on judges' allowances to the old income-tax regime
 "Delhi HC to hear plea on judges' allowances under new income-tax regime")
Over 17 million taxpayers file ITRs ahead of July 31 deadline: I-T deptt
The Income Tax Department said more than 17 million taxpayers have filed income tax returns for Assessment Year 2026-27 so far, with over one million returns submitted on Friday
 "Over 17 million taxpayers file ITRs ahead of July 31 deadline: I-T deptt")
CBDT to reflect foreign financial information in AIS, Form 26AS under AEOI
The tax department will upload foreign financial information received under international information-sharing agreements into taxpayers' AIS and Form 26AS to improve transparency and compliance
How to correct mistakes in your tax return after submission, refund even
No penalty is levied for revising a return, provided the original return was filed on time
 "How to correct mistakes in your tax return after submission, refund even")
Saving tax vs making investment: How the two tax regimes measure up
The decision is between choosing a tax system to guide your investments, or separate investing from taxation
 "Saving tax vs making investment: How the two tax regimes measure up")
Could your income tax return face complete scrutiny under CBDT's new rules?
The CBDT has identified six categories of taxpayers for mandatory complete scrutiny in FY27. Understanding the triggers can help taxpayers stay prepared
Salary, property, stocks: How to manage taxes on multiple income sources
If you have multiple income sources, calculate the gross to find out the amount you need to pay as tax
 "Salary, property, stocks: How to manage taxes on multiple income sources")
Best of BS Opinion: RBI faces twin inflation risks as uncertainty swirls
Today's Opinion highlights the RBI's policy choices, soaring IPL franchise valuations, fiscal challenges, climate targets and a timely examination of contemporary China
 "Best of BS Opinion: RBI faces twin inflation risks as uncertainty swirls")
Supreme Court seeks Attorney General's help over vacancies in ITAT
The Supreme Court expressed surprise over long-pending vacancies in the Income Tax Appellate Tribunal and sought the Attorney General's assistance to expedite appointments
 "Supreme Court seeks Attorney General's help over vacancies in ITAT")
SC seeks Centre's reply on vacancies in Income Tax Appellate Tribunal
The top court was hearing a PIL filed by an ex-vice president of the ITAT, Parveen Kumar Bansal, concerning vacancies in the Income Tax Appellate Tribunal
CBDT pushes banks, MFs to file error-free transactions by May 31
CBDT has asked banks, mutual funds and other reporting entities to ensure timely and error-free filing of Statements of Financial Transactions
IIFL Finance shares jump despite ₹476 crore income tax demand notice
Lender says it has strong legal grounds to contest the tax demand as investors cheer the end of a key regulatory overhang on the stock
 "IIFL Finance shares jump despite ₹476 crore income tax demand notice")
IBC-tax law mismatch clouds loss carry-forward benefits: Experts
Under the Insolvency and Bankruptcy Code (IBC), financially stressed companies can be taken over by new owners through a resolution process
 "IBC-tax law mismatch clouds loss carry-forward benefits: Experts")
Presumptive taxation: Explain income-investment gap with clear proofs
Reconcile investment details with bank records, Form 26AS and AIS before tax filing
 "Presumptive taxation: Explain income-investment gap with clear proofs")
Old vs new tax regime: Higher allowances, HRA changes warrant a review
Employees whose cost to company includes these components may find the old regime more beneficial this year
 "Old vs new tax regime: Higher allowances, HRA changes warrant a review")
Broader 'export incentives' definition in ITA 2025 prompts CBDT clarity
Experts warn wider wording in new income-tax law could expand tax scope to indirect benefits, urging CBDT to clarify and prevent disputes for exporters
Form 121: Aggregate of small incomes shouldn't breach exemption limit
The Income-tax Rules, 2026, mark a major clean-up of the compliance framework
 "Form 121: Aggregate of small incomes shouldn't breach exemption limit")