Over 5.9 crore Income Tax Returns (ITRs) were filed for Assessment Year 2026-27 by the July 31 deadline, according to the income tax department.
The income tax department has significantly reduced refund processing times over the past few years. But while some taxpayers receive refunds within days, others may wait several weeks or even longer. Here's why.
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
Taxpayers must provide more details to support deduction and exemption claims.
Tax treatment depends on the activity and manner of earning income.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
The Income Tax department has enabled online filing for ITR-1 (Sahaj) and ITR-4 (Sugam) for the Assessment Year 2026-27, allowing small and medium taxpayers to file returns for income earned in the 2025-26 fiscal year.
rediffGURU T S Khurana answers readers' personal income tax queries
The Indian government has informed the Lok Sabha that the income-tax return (ITR) e-filing portal is functioning in a 'largely stable and efficient manner' despite a significant increase in traffic during the peak filing season. However, it acknowledged transient technical issues and disclosed that contractual penalties have been imposed on Infosys for project delays and service-level agreement failures.
The Income Tax Department has released all income tax return (ITR) forms for the assessment year 2026-27, enabling individuals, businesses, and other entities to begin filing their returns for the financial year 2025-26.
Taxpayers should consider ITR-U if they omitted income, wrongly claimed deductions or exemptions, or made reporting errors that led to a shortfall in tax payment.
The number of individuals reporting a gross total income of 100 crore or more in their income tax returns has quadrupled to 576 in Assessment Year 2025-26, up from 142 in AY 2021-22, according to data shared in Parliament.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
Investors should do thorough due diligence when selecting a platform.
The Defence Research and Development Organisation (DRDO) and the Indian Air Force (IAF) have successfully conducted flight tests of the RudraM-II air-to-surface missile, marking a significant milestone in indigenous defence technology.
'AIS helps taxpayers check whether all income streams and reportable transactions -- such as interest from old bank accounts, small dividend receipts or transactions across multiple brokers -- have been properly disclosed.' 'Mismatches between these transactions and declared income may trigger automated notices or scrutiny.'
The new income tax returns (ITR) form based on the I-T Act, 2025, will be notified prior to 2027-28 fiscal year, Minister of State for Finance Pankaj Chaudhary said on Monday. The CBDT committee on simplification of ITR forms is carrying out extensive consultations with tax experts, institutional bodies, and field formations of the I-T Department, he said in a written reply in the Lok Sabha.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
The Income Tax department on Friday said it has made available the excel utility for ITR-1 and ITR-4 for AY 2025-26, which will enable taxpayers to file their income tax returns. "The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers," the Income Tax department said in a post on X.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Taxability in property transactions depends on the actual source of funds and beneficial ownership, not on whose name appears in the purchase agreement.
Filing a belated return is far better than not filing at all.
The Income Tax Department has clarified that the deadline for ITR filing for Assessment Year 2025-26 is September 15 and there is no further extension as circulated on social media. In a late night post on X on September 14, the department termed "fake" a statement in circulation on social media stating that the due date of filing ITRs has been further extended to September 30, 2025.
The government on Monday extended the due date for filing income tax returns (ITRs) for Assessment Year 2025-26 by a day to September 16 as technical glitches disrupted filings on the last day. A record over 7.3 crore ITRs were filed till September 15, surpassing last year's 7.28 crore, the Central Board of Direct Taxes (CBDT) said in a post on X.
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
India has successfully conducted the maiden salvo launch of the indigenously developed Naval Anti-Ship Missile-Short Range.
rediffGURU T S Khurana answers readers' personal income tax queries
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
The Maha Vikas Aghadi (MVA) alliance in Maharashtra is showing signs of strain as both Shiv Sena (UBT) and Congress have announced their intention to field candidates for the upcoming legislative council elections.
Learn to track your ITR's progress and correct any errors.
The FM proposed a rule-based automated process for small taxpayers in FY27 Budget.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
Have income tax-related questions? Ask rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego.
