India's defence production reached an all-time high of Rs 1.78 lakh crore in FY 2025-26, a 15.6% increase from the previous year. This growth, driven by indigenous manufacturing and private sector involvement, also saw defence exports hit a record Rs 38,424 crore.
Salaried individuals can still reduce their tax liability under the new tax regime for FY 2025-26. Key deductions include employer contributions to NPS and EPF, a standard deduction of Rs 75,000, and interest on home loans for let-out properties. Exempt perquisites and certain official allowances also offer tax benefits.
As the income tax return filing season begins, taxpayers are advised to gather essential documents like Form 16, Form 26AS, and AIS. For salaried individuals, Form 16 is crucial as it details salary, tax deducted, and deposited. If an employer fails to issue Form 16 by the June 15 deadline, taxpayers can still file using salary slips, bank statements, Form 26AS, and AIS, but should reconcile TDS details.
The CBDT has set internal deadlines for tax officers, with June 15, 2026, for forwarding selected cases and June 30, 2026, as the statutory deadline to issue income tax scrutiny notices under Section 143(2) for FY 2025-26. Taxpayers can file updated returns to correct errors.
Salaried taxpayers must cross-check Form 26AS and AIS before filing ITR for FY 2025-26. These consolidated tax statements detail TDS/TCS. Discrepancies can lead to tax demands. Errors should be reported to the deductor or via the e-filing portal.
The article details crucial steps for taxpayers in India to ensure accurate Income Tax Return (ITR) filing for FY 2025-26. It emphasizes selecting the correct ITR form, choosing between old and new tax regimes, reconciling tax information statements (Form 26AS, AIS, TIS), verifying personal details, and accurately reporting income from salary, house property, capital gains, and other sources, including foreign income and assets.
India's Public Sector Banks (PSBs) reported a record net profit of Rs 1.98 lakh crore in FY 2025-26, driven by improved asset quality, robust credit growth, and increased income, marking their fourth consecutive year of profitability.
The Income Tax Department has set specific due dates for filing ITR for FY 2025-26 (AY 2026-27), with deadlines varying by taxpayer category. Salaried individuals must file by July 31, 2026, businesses and professionals by August 31, 2026, and those requiring tax audit by October 31, 2026. Belated and revised returns can be filed until December 31, 2026, while updated returns (ITR-U) have an extended deadline of March 31, 2031. The article also covers advance tax installments and TDS deadlines.
