Income Tax Return Filing Analysis – FY 2025-26 (As on 31 August 2026) ITR filing data as of 31 August 2026 highlights a remarkable surge in taxpayer participation and compliance. Despite an initially slow filing trend, the last few weeks of August witnessed an unprecedented increase in return filings, placing FY 2025-26 on track to …
Comparison of major penalty provisions under the Income-tax Act, 1961, vis-à-vis the Income-tax Act, 2025 The Income-tax Act, 2025 has reorganized and renumbered the penalty framework contained in Chapter XXI of the Income-tax Act, 1961. While most penalty provisions have been retained with minimal substantive changes, certain important modifications have been introduced concerning misreporting of …
Direct Tax Collections FY 2026-27 (as on 10 August 2026) – Detailed Analysis The table compares direct tax collections up to 10 August 2026 with the corresponding period of FY 2025-26. It covers Gross Direct Tax Collections (before refunds), Refunds Issued and Net Direct Tax Collections (after deducting refunds) All figures are in INR crore. …
Form 16, Form 26AS & AIS – Which One Should You Rely On? One of the most common mistakes taxpayers make while filing ITR is assuming that the figures appearing in Form 16, Form 26AS, or AIS (Annual Information Statement) are always correct and identical. In reality, these documents serve different purposes and often contain …
FAST-DS 2026: Income Tax Relief Available, But Foreign Exchange Management Act Risks Still Remain A Golden Opportunity for Foreign Asset Compliance Foreign Assets Disclosure Scheme 2026 was introduced in the Union Budget 2026, providing a one-time compliance window for people who had neglected to include abroad assets or income in their Indian tax returns. The …
CBDT Notifies Cost Inflation Index for TY 2026-27: What It Means for Property Owners and Taxpayers The Central Board of Direct Taxes (CBDT) has officially notified the Cost Inflation Index for Tax Year (TY) 2026-27 at 384, effective from 1 April 2026. This marks an increase from the previous year’s CII of 376, providing taxpayers …
Form 168 (Annual Information Statement) for Tax Year 2026-27 is Now Available The Income Tax Department has made Form 168 (Annual Information Statement) available on the Compliance Portal for Tax Year 2026-27. This marks the transition from the erstwhile Form 26AS/Annual Information Statement framework to Form 168 under the Income Tax Act, 2025. What is …
Why Are More Taxpayers Choosing the New Income Tax Regime? For many years, Indian taxpayers depended heavily on deductions and exemptions under the Old Tax Regime to reduce their tax liability. However, with the introduction of the New Tax Regime, the focus has shifted toward Lower tax rates, simpler compliance, and Greater financial flexibility As …
Myth: Low Income Means No Need to File ITR : Not True Many people believe that if they don’t “earn enough,” they don’t need to file an income tax return (ITR). This myth is widespread — but incorrect. The Truth: Filing Depends on Your Gross Total Income, Not Your Final Taxable Income. You must file …
Why Paying Fake Rent to Parents Will Become Very Difficult Now Mandatory Relationship Disclosure (New Form 124) Under the Draft Income‑Tax Rules, 2026, the Income Tax Department has introduced a new requirement for claiming House Rent Allowance (HRA): Taxpayers must now disclose their “relationship with the landlord” in the new Form 124. This looks like …