Central Board of Direct Taxes (CBDT) has notified ITR-U (updated), a form that allows taxpayers to rectify errors or omissions and file your previous Income Tax Return. ITR (U) was introduced under ...

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.

The government has informed Parliament that more than 24.64 lakh income tax returns have been pending for processing for over ...

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 ...

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.

The National Board of Revenue (NBR) is likely to extend the income tax return deadline by another month to March 31, marking the fourth extension this year.

Budget 2026 reshapes taxation of unexplained income. Self-reporting undisclosed income now attracts a 30% tax rate. This is a significant reduction from the previous 60% rate. Income detected by tax ...