#itr-filing
I-T dept flags up to 20,000 ITRs for ‘swapped provisions’ used to lower net tax liability — What happens next?
The income tax department has identified 15,000-20,000 cases of taxpayers using swapped provisions to reduce taxable income. This involves replacing exemptions to lower tax liability without valid reasons and documents. Details here.
Have a US 401(k)? Indians must report withdrawals and maturity details in ITR schedules FSI and FA
Indian taxpayers with US 401(k) accounts must now report withdrawals and maturity details in ITR schedules FSI and FA. Failure to disclose can lead to tax issues. Filing Form 40 is crucial for deferring Indian tax until withdrawal, aligning with US taxation a…
Filing ITR? Don’t ignore the ‘nature of employment’ field; it can affect NPS tax benefits
The "Nature of Employment" field in the ITR is more than a routine disclosure. An incorrect selection can affect certain tax benefits, including exemptions on gratuity, commuted pension and leave encashment, as well as deductions for employer contributions to…
ITR filing deadline for AY 2026-27: July 31, August 31 or October 31? Check which date applies for you
The Income Tax Department has set different ITR filing deadlines for AY 2026-27 based on income source and audit status. Key dates include July 31 for ITR-1/2, August 31 for ITR-3/4 (non-audit) and October 31 for ITR-3/4 (audit). Penalties apply for late fili…
Invested in US stocks directly and made forex gains due to depreciating Rupee? Know how to compute tax on forex gains and report it in ITR
Indian residents investing in US stocks face forex gains tax. These gains are taxable as capital gains when US dollars are converted back to Indian rupees. The tax treatment depends on whether the gain is considered income. Foreign currency held for investmen…