Income Tax Return

Providing incomplete or inaccurate information can have penal consequences

Over 1.7 crore I-T returns have been filed for 2025-26 financial year so far, the Income Tax Department said on Saturday. The last date to file ITRs 1 and 2 for income earned in 2025-26 fiscal year is July 31. "Over 1.7 Crore taxpayers have already taken the smart step and filed their ITRs for A.Y. 2026-27," the department said on X. Of this, more than 10 lakh returns were filed on Friday. ITR Form 1 (Sahaj) is a simpler form that caters to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income up to Rs 50 lakh and who has salary income, one house property, and agricultural income up to Rs 5,000 a year. ITR-2 is filed by individuals and Hindu Undivided Families (HUFs) not having income from profits and gains in business or profession, but having income from capital gains.

Form 16 captures your salaried income but you must also cite bank interest, capital gains or freelance earnings

No penalty is levied for revising a return, provided the original return was filed on time

Make sure to match Form 16 with AIS and Form 26AS, choose the correct ITR form, and compare tax regimes before filing

The Income-tax Rules, 2026, mark a major clean-up of the compliance framework

Scrutiny may extend to other assessment years if disclosures suggest a pattern of non-compliance

The I-T department will by January notify the ITR forms and rules under the simplified Income Tax Act, 2025, which will come into effect from next fiscal beginning April 1, Central Board of Direct Taxes (CBDT) chief Ravi Agrawal said on Monday. The intent of the department is to keep the I-T Return forms simple to ease compliance under the new law, which replaces the six-decade old Income Tax Act, 1961, he said. "We are in the process of designing forms and rules. We are working towards putting this in place by January so that taxpayers have sufficient time to adapt their processes within their system," Agrawal told reporters after launching the Taxpayers' Lounge at the India International Trade Fair (IITF). The intent is to keep the income tax return (ITR) forms simple for taxpayers to ease compliance, he added. The Income Tax Act, 2025 was passed by Parliament on August 12. All the different forms applicable under the Income Tax Act, like TDS quarterly return form and ITR forms,

The e-filing portal will remain in maintenance mode from 12:00 am to 2:30 am on September 16, 2025

More than six crore income tax returns for Assessment Year 2025-26 have been filed so far, the Income Tax department said on Saturday. The last date to file ITRs without penalty is September 15. "Thank you taxpayers & tax professionals for helping us reach the milestone of 6 crore Income Tax Returns (ITRs) as of now and still counting," the I-T department said in a post on X. To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and the department is providing support through calls, live chats, WebEx sessions & Twitter/X, it added. It also asked taxpayers who haven't filed ITR for AY 2025-26 to file at the earliest to avoid a last-minute rush. The Income Tax department in May announced an extension of the due date for filing ITRs for Assessment Year (AY) 2025-26 (for income earned in financial year 2024-25) by individuals, HUFs and entities who do not have to get their accounts audited from July 31 to September

This move spares taxpayers from harsh TDS penalties if PAN is fixed in time, says expert

Avoid double taxation on your foreign income. Here's everything you need to know for smoothly claiming your foreign tax credit while filing in India.

Here's how you can easily fill and file your tax returns offline before uploading them to the portal through the newly released excel utilities by the IT department

The tax body said that the extension comes in the wake of the new structural and content revisions aimed at simplifying compliance, enhancing transparency, and enabling accurate reporting

Resident individuals may use ITR-1 if their total income is within ₹50 lakh and comes from salary or pension

Document revises the way taxes were reported for buyback proceeds, unlisted bonds and cruise shipping companies

Experts break down what first-time filers should know, from selecting the right ITR form to avoiding common mistakes

Each regime has its own tax slabs, deductions, and exemptions

Lack of regularity clarity in India and high volatility mean investors should take only limited exposure

The Income Tax Bill 2025 will undergo review by a standing committee before being sent back to the government for approval. Thus it will some time for it to be passed in the Parliament