Taxpayers in India must file ITR by July 31, 2026, or be switched to the new default tax regime. The old regime remains attractive for many due to a wider range of deductions, despite the new regime's higher basic exemption and lower tax rates. Archit Gupta of ClearTax advises careful evaluation of eligible deductions under the old regime to optimize tax savings.
Salaried individuals in India earning up to Rs 12.75 lakh annually may pay zero income tax for AY 2026-27 due to enhanced Section 87A rebate and standard deduction, but filing an Income Tax Return (ITR) by July 31, 2026, is mandatory. This rebate excludes special incomes like capital gains and lottery winnings, which are taxed separately.
Salaried taxpayers who switch jobs need to be cautious while filing income tax returns. Common mistakes include not disclosing previous employer details, leading to under-deduction of tax and potential interest payments. Employees should report all income, reconcile TDS, and claim deductions correctly.
The I-T Department's AI-driven scrutiny necessitates meticulous tax return filing. Taxpayers must reconcile Annual Information Statements (AIS) with financial details, avoid common errors like unverified deductions, and select the correct ITR form to prevent queries and ensure compliance.
The I-T Department's AI-driven scrutiny necessitates meticulous tax return filing. Key changes include updated disclosure norms, new due dates, and a push towards the new tax regime. Taxpayers must reconcile AIS, Form 26AS, and avoid common errors like unverified claims and undeclared income.
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.
Individuals without business income can switch between old and new tax regimes yearly, offering flexibility. Those with business income face stricter rules, with the decision being binding for subsequent years, allowing only one withdrawal. The choice depends on financial situations and tax benefits.
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.
A nuanced understanding of the various ITR forms for FY 2025–26 is essential for globally mobile professionals, domestic salaried taxpayers, and individual investors
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.
