Income Tax Returns

Missed the ITR filing deadline? Here's how to file now, what it will cost

Taxpayers can still file a belated return by December 31, but they may have to pay a late fee, interest and forgo certain tax benefits available with timely filing

Over 55 million income tax returns filed by Friday noon: I-T department

The department has been urging taxpayers, particularly those eligible to file simpler forms such as ITR-1 (Sahaj) and ITR-2, to complete the process early

Over 55 million income tax returns filed for AY27 ahead of July 31 deadline

Over 5.5 crore income tax returns (ITRs) have been filed for AY 2026-27, with over 42 lakh filed on July 30 alone, the I-T department said on Friday. The last date to file ITR 1 and ITR 2 for AY 2026-27 is July 31, 2026. ITR Form 1 (Sahaj) is a simpler forms that cater 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 HUFs not having income from profits and gains in business or profession, but having income from capital gains. "Less than 24 hours to go! Over 5.5 crore ITRs have already been filed for AY 2026-27 (with over 42 lakh filed on July 30 alone!). File now, File calmly!," the I-T department said in a post on X.

Number of billionaires grow 4-fold in five years to 576 in AY26: Govt data

As many as 576 individuals have reported a gross total income of Rs 100 crore or more in their income tax returns in the 2025-26 assessment year, registering a 4-fold growth over the past five years, Parliament was informed on Monday. This was stated by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha in reply to a question on whether the government is aware that there has been a significant increase in the number of billionaires in the country and that it is among the leading nations in the world in this regard. In a written reply, Chaudhary said there is no statutory definition of the term 'billionaire' either under the Income-tax Act, 2025 or under the erstwhile Income-tax Act, 1961. However, the number of individuals having reported gross total income of Rs 100 crore or more in the Income-tax Returns (ITRs) filed in Assessment Year (AY) 2025-26 stood at 576. This is a sharp 4-fold spike from 142 reported in AY 2021-22. The number of individuals with gross total .

Income tax notice: Respond with facts and documents, not panic

Verify it, respond within deadline; file revised or updated return if needed

July income tax deadlines: ITR filing, other key dates taxpayers must track

July brings multiple tax deadlines, from TDS filings to the July 31 ITR deadline. Here are key dates taxpayers need to track

Income tax return filing: How to avoid errors, notices and refund delays

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

Build a year-round record system, make tax-filing season stressless

Documents need continuous review and updating at least every quarter to ensure they are handy at the time of filing returns

Income-tax filing for young earners: documents, AIS and deadlines

Filing the income tax return is only half the battle. After submission, you have 30 days to e-verify your return.

Home-loan tax rules explained: Deductions, sections and proof required

Taxpayers servicing a home loan may claim deductions under Section 80C, Section 24, Section 80EE and Section 80EEA, depending on eligibility.

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

Income Tax department notifies all seven ITR forms for AY 2026-27

The Income Tax department has notified all income tax return forms for the assessment year (AY) 2026-27. While ITR forms 1-4, filed by small and medium taxpayers, were notified on March 30, ITR forms 2, 3, 5, 6 and 7, as well as ITR-U (for filing updated returns), were notified on Tuesday. With the ITR (income tax return) notification, individuals, businesses and other entities can start filing I-T returns for the income earned in the financial year 2025-26. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater 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 receives income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000 a year. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other tha

Dealing with a tax notice? Correct errors via updated ITR and pay dues

If your claim was genuine, submit documents to back it up

Updated return: Found omissions after Dec 31? File ITR-U to cut legal risk

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

Claimed a deduction in your ITR? Dept's new nudge campaign urges a review

Campaign uses data analytics to prompt voluntary corrections of ineligible deduction claims, with a Dec 31 deadline to avoid penalties

Belated return: Claim refunds, credits, carry forward house property loss

If you file an updated return later, you will have to pay interest and additional tax, and will not be able to claim refunds

Crypto tax notices: File revised return before assessment, update later

Once search or survey begins, even updated return may not be allowed

Over 60 million income tax returns filed for 2025-26 so far: I-T dept

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

Use a revised or updated income tax return to correct bogus deductions

Once scrutiny, surveys, or raids begin, correction options are no longer available

Income Tax department releases ITR-2, ITR-3 excel utilities for AY26

This enhanced integration aims to simplify compliance for taxpayers and reduce errors in return filing