itr

Mumbai ITAT grants capital gains tax relief to a taxpayer who filed his Income Tax Return late. The tribunal ruled that reinvesting gains into a new property before a belated return fulfills Section 54 requirements, even without depositing funds in the Capital Gains Account Scheme.

A nuanced understanding of the various itr forms for FY 2025–26 is essential for globally mobile professionals, domestic salaried taxpayers, and individual investors

…but the taxman does. Here’s how the income tax department is using data-driven nudges — not raids — to get taxpayers to come clean

Small businesses and professionals under the presumptive tax scheme must now disclose investment details in their income tax returns. This new rule, introduced in itr-4, aims to curb tax evasion by allowing authorities to compare declared income with investment patterns. Misreporting income can lead to hefty penalties, making compliance crucial.

Every week TOI+ subscribers send in legal questions and our panel of leading experts offers well-considered, practical, and actionable opinions on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust

India's INS Dhruv plays a crucial role in tracking long-range missile tests over the Bay of Bengal and Indian Ocean. This advanced vessel gathers vital telemetry data, aids in anti-ballistic missile system development, and provides early warning against hypersonic threats. Its capabilities also extend to monitoring Low Earth Orbit satellites, offering a significant strategic advantage to the nation's armed forces.

The Delhi High Court examined the impugned order and the reasons furnished by the petitioner and found no merit in the challenge. The Court specifically rejected the submissions that the petitioner’s lack of awareness of tax laws or his alleged illiteracy could justify the delay. It held that such a plea was not tenable in law.

Every week TOI+ subscribers send in legal questions and our panel of leading experts offer well-considered, practical, and actionable opinion on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust

Women are actively investing in India, moving beyond traditional savings. While participation in mutual funds and equities is rising, independent control over financial decisions, particularly tax planning, is still developing. Younger women show greater comfort with digital platforms and goal-based investing. This shift signifies a growing financial awareness and engagement across the nation.

Every week TOI+ subscribers send in legal questions and our panel of leading experts offers well-considered, practical, and actionable opinions on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust

Regarding the husband, the Court found his claim of earning Rs .9,000 per month to be unconvincing and contradicted by documentary evidence.

FTC allows individual taxpayers to claim a credit in India for taxes paid in a foreign jurisdiction on the same income, thereby reducing the tax payable in India.

WrestleMania 42 in Las Vegas will feature a major reunion as WWE legends The Undertaker and John Cena share the stage. Cena, who is also the official host for the two-night event, will join The Undertaker for a live, unscripted 'Six Feet Under' recording at WWE World. This highly anticipated fan event promises candid conversations between two iconic figures.

Every week TOI+ subscribers send in legal questions and our panel of leading experts offers well-considered, practical, and actionable opinions on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust

Every week TOI+ subscribers send in legal questions and our panel of leading experts offers well-considered, practical, and actionable opinions on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust

Aam Aadmi Party MP Raghav Chadha proposed reforms to ease financial burdens, advocating for optional joint income tax filing for couples, full tax exemption on disability pensions for all wounded soldiers, and removal of bank minimum balance penalties. These proposals aim to create a fairer financial system for ordinary citizens amidst ongoing pensioner concerns.

New income tax rules for 2026-27 propose redesigned itr forms with more pre-filled details, aiming for simplification. Eligibility criteria for simplified forms like itr-1 and itr-4 have been adjusted, allowing for two property ownership and expanding disqualifications to include new income streams. Taxpayers must carefully evaluate their eligibility annually to avoid defective returns.

itr, or income tax return, is the form that is filled by taxpayers to the income tax department. It contains information about the individual's income and taxes payable during the financial year. Individuals need to make sure they are they are filing the correct itr form applicable to them. Although income tax laws allow itr to be filed after the deadline passes, a late filing fee might be imposed.