Topic
income tax
Finance Weaker rupee may push foreign assets over FAST-DS Rs 1 crore limit, raising tax bill
The rupee's 14-33% decline over three to seven years may push foreign holdings above the FAST-DS Rs 1 crore limit, potentially disqualifying taxpayers from the 60% tax-and-penalty disclosure window. The Income Tax Department's voluntary scheme, open since August 16, uses March 31, 2026 as the exchange-rate date for assets, but experts disagree on whether income should be converted at that date or the year-earned rate. Taxpayers with over Rs 1 crore in undisclosed income are weighing updated returns alongside FAST-DS, but face risks of void declarations if facts are suppressed.
Business ITR Filing Deadline 2026: Penalties, Late Fees and Consequences of Missing July 31
According to Business-Today, taxpayers missing the July 31, 2026 income tax return deadline face late fees up to Rs 5,000, 1% monthly penal interest, and loss of carry-forward benefits. The report details who must file, the belated and revised return windows, and the wider consequences of not filing at all.
Business 5.9 crore income tax returns filed by July 31 deadline, says I-T department
The Income-tax Department reported 5.9 crore returns filed by July 31, the annual deadline for most individuals. The tally is lower than the over 7.3 crore filings recorded by last year's extended deadline on September 16, 2025. Returns are still accepted until December, with penalties, and business-income filers face later deadlines.
Technology Cybercriminals widen net as assessees rush to meet I-T return filing deadline
Cybercriminals are exploiting India's income-tax return filing season by sending forged department notices over WhatsApp and setting up phishing sites that clone the official e-filing portal, according to Bengaluru-based security firm CloudSek. The attacks use malware-laden ZIP attachments and fake login pages to steal banking credentials, OTPs and Aadhaar/PAN data.
Business Rs 100 crore club gets bigger: Number of nine-figure income filers quadruples in five years
The Times of India reports that the number of income tax filers declaring income over Rs 100 crore has quadrupled over the past five years, signaling a rise in high-income earners in India.
Business ITR Filing FY 2025-26: Top 10 Mistakes High-Net-Worth Taxpayers and Executives Must Avoid
Business Today outlines 10 critical ITR filing mistakes for FY 2025-26, emphasizing that pre-filled returns are not ready-to-file. High-income taxpayers, especially those with capital gains or foreign assets, face heightened scrutiny. ClearTax CEO Archit Gupta warns that careful review can prevent tax notices and refund delays.
Finance ITR Filing FY 2025-26: Essential Document Checklist and Penalty Risks for Finance Professionals
With the July 31 ITR filing deadline approaching, taxpayers must gather critical documents including Form 16, AIS/TIS, and Form 26AS. Late filing incurs penalties of ₹1,000 to ₹5,000, and those opting for the old tax regime may lose benefits if they miss the due date.
Business ITAT Ruling Exposes TDS Traps for Property Buyers
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted a TDS demand exceeding Rs 5.8 lakh against a property buyer, ruling that the seller's subsequent PAN-Aadhaar linkage regularised the deduction. Tax experts caution that buyers face significant compliance obligations, especially for non-resident sellers and jointly held properties, and often require professional assistance.
Finance Understanding Form 16 for FY 2025-26: A Guide for Salaried Taxpayers
Form 16 is crucial for salaried taxpayers in India for filing income tax returns for FY 2025-26. It details salary and tax deductions, aiding accurate tax filing. Employees must obtain it from their employers, especially if they switched jobs.