Income tax: Last two weeks left to file belated return — all about late fee, penalty, interest and more

A tax return is referred to as a ‘belated return’ when it is filed after the end of the original due date mentioned under ...

Income Tax in India

Understand Income Tax in India for FY 2025-26, including the latest tax rules, new & old tax slab rates, deductions, exemptions, special tax rates, and the complete ITR filing process under the ...
Tax Guru

Have you received an SMS or Email from Income Tax Department on Foreign Assets? Read This Carefully

The Department is flagging possible non-disclosure of foreign assets for AY 2025-26 using global data. The key takeaway is ...

Budget 2026 buzz: How joint income tax returns for married couples can be a welcome move

First discussed ahead of Budget 2025, the joint taxation proposal suggests allowing spouses to file a combined return with a ...
Tax Guru

How to Correct Mistakes in an Already Filed Income Tax Return?

Explains how taxpayers can fix common ITR errors through revised returns and portal corrections. Key takeaway: Most mistakes are easily rectifiable within the assessment ...

Taxpayers denied new tax regime benefits for not filing Form 10IC; get relief from ITAT Mumbai for this reason

Taxpayers can now claim new tax regime benefits even if Form 10IC is filed late. The ITAT Mumbai ruled that technical errors or oversight should not deny these benefits. This decision follows a ...

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

A revised return can be filed before assessment or notice, while an updated return may be filed thereafter. “Once proceedings ...