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Income Tax Calculator as Per New tax regime vs Old tax regime: Finance Minister Nirmala Sitharaman announced no changes to income tax slabs for FY 2026-27. Individual taxpayers in the old regime pay no tax up to Rs 5 lakh, while the new regime offers a Rs 12 lakh tax-free income limit. Standard deductions are Rs 50,000 and Rs 75,000 in the old and new regimes, respectively.

Income Tax Calculator as Per New tax regime vs Old tax regime: Finance Minister Nirmala Sitharaman announced no changes to income tax slabs for FY 2026-27. Individual taxpayers in the old regime pay no tax up to Rs 5 lakh, while the new regime offers a Rs 12 lakh tax-free income limit. Standard deductions are Rs 50,000 and Rs 75,000 in the old and new regimes, respectively.

Filing your ITR? Here's a complete guide to paying self-assessment tax at a bank branch, including Challan ITNS 280, authorised banks, and reporting in your return.

ITR filing FY 2025-26: Any easy mistake to make when filing your income tax return is the form that you choose for ITR. This can especially be the case for salaried taxpayers who can get confused between ITR-1 and ITR-2.

July brings six key income tax deadlines, including the 31 July ITR filing cut-off. Missing them can lead to late fees, interest and limits on carrying forward losses.

Individuals and Hindu Undivided Families (HUFs) are required to file income tax returns (ITR) if their total taxable income before the applicable exemptions and deductions exceeds the basic exemption limit. Even if you're exempt, file a return if you have a refund due, or you need to apply for a loan, passport or visa.

Returning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more detailed ITR-2, moving away from the simpler ITR-1. Tax authorities are leveraging global information exchange to track overseas assets and income. Accurate reporting in Schedule FA is crucial to avoid penalties under the Black Money Act. Taxpayers must diligently disclose all foreign holdings, including dormant accounts and employee stock options, to ensure compliance.

June 30 brings key deadlines: LPG e-KYC for PMUY and other subsidy beneficiaries, last date for Income Tax scrutiny notices under Section 143(2), etc.

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional tax and penalties may apply. This voluntary step helps avoid future disputes and keeps your tax records accurate.

Can the Income Tax Department make a tax addition simply because your name appears in a builder's Excel sheet? In a significant ruling, the Mumbai ITAT deleted a Rs 25 lakh addition after finding no independent evidence of any cash payment. The order reiterates that third-party documents alone cannot establish undisclosed income without corroborative proof.