The Income Tax Department has now enabled utilities for filing updated income tax returns (ITR-U) in ITR-1 and ITR-2 for the assessment years (AY) 2021-22 and 2022-23 as per Finance Act, 2025. Union ...

Experts expect fewer irrelevant disclosures, better system stability and smoother reconciliation with AIS in FY26 returns ...

Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to reduce tax liability, claim refunds, or bypass departmental ...

New income tax rules for 2026-27 propose redesigned ITR forms with more pre-filled details, aiming for simplification.

With the December 31 deadline for filing revised income tax returns now over, many taxpayers who later spot missed income or ...

Missed filing your ITR ? The deadline may be over, but the law still gives you a chance to come clean with extra cost. Today's Ask Wallet Wise query decodes how to file the missed return for FY25 The ...

India’s income tax system will undergo a major overhaul from April 1, 2026, according to various reports. The Income Tax ...

Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in the ITR. The case reinforces that for directors, the ITR functions as a ...

Taxpayers would continue to use existing income tax return (ITR) forms to report income for 2025-26 (FY26), even as revamped ...

A major focus of the draft rules is to make income-tax return (ITR) filing simpler under the new law. The government has clearly spelled out formulas and valuation methods in advance especially for ...

However, from April 1, 2026, transactional forms such as tax deducted at source statements, remittances, Form 60, and Form 15G/15H would operate under the new simplified framework.