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ITR filing: What documents are required to file your income tax return? Quick checklist
ITR filing AY 2026-27: Before you open the tax filing portal to file your income tax return, it’s important to keep all the necessary documents handy. Having all the requisite documents is important to cross-check auto filled data on the income tax filing website to avoid any errors and ensure that all aspects of your income, investments, deductions and exemptions are taken care of. Missing a single document can lead to reporting errors, which in turn can result in income tax notices or even...
ITR filing FY 2025-26: Top 10 points to check before submitting tax return
It is that time of the year again, when focus shifts to Income Tax Return(‘ITR’) filing. The tax filing deadline for the Financial Year (‘FY’) 2025–26 is approaching and taxpayers have commenced to gather documents like Form No. 16, other tax deduction statements, investment proofs, bank interest statements, capital gains reports, and other necessary financial information for preparing and filing their tax returns. Besides compliance, ITR also serves as a vital document frequently reviewed...
TDS on property purchase above Rs 50 lakh explained: Rules, conditions and filing process
Property buyers purchasing homes, flats or any other immovable property worth Rs 50 lakh or more are required to comply with a key tax provision under the income tax act before completing the transaction. Under Section 194-IA, buyers must deduct 1% tax deducted at source (TDS) from the sale consideration and deposit it with the government when making payments to the seller. Failure to comply with the provision may attract interest and penalties under the Income Tax Act.
ITR filing: Top reasons salaried taxpayers should wait till mid-June to file IT returns
ITR filing FY 2025-26: It’s that time of the year when you start gathering your important tax-related documents to file your income tax return (ITR). And while it’s always good to file your ITR on time, it may be prudent not to do so before June 15. The last date to file income tax returns for FY 2025-26 (AY 2026-27) is July 31, 2026.
Trump Accounts don't 'rule' child investments, advisor says: How your options compare
Starting on July 4, Trump Accounts will offer parents a new option to save and invest for their children's future. It joins the ranks of other types of investment accounts you can already open on behalf of a minor. Rather than consider a Trump Account, also known as a 530A account, as the "one kids' account to rule them all," they are "a tool in the savings toolbox with a specific purpose," said Ben Henry-Moreland, a certified financial planner with advisor platform Kitces.com.
State pension alert as claimants 'edging closer' to HMRC tax liability
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Treasury statement on major change to tax on the state pension
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Trump Accounts create a 'legal backdoor' for Roth IRA wealth, tax attorney says
Families have signed up nearly 6 million children for Trump Accounts, set to launch next month. For some, claiming the initial grants — worth up to $1,000 — is the draw. But even kids who aren't eligible for the "free money" can leverage the accounts with a strategy typically used by older investors to kickstart future tax-free growth.
CEO of tech company arrested for supplying US-origin computer parts to Iran: How California resident negotiated, purchased and arranged shipment of large quantities of 'banned' US technology for over 10 years
Jamshid Ghomi, a dual US-Iranian national and CEO of an Iran-based technology company has been arrested today on a federal criminal complaint. As per a press release filed by U.S. Attorney's Office, Central District of California, Ghomi is accused of violating US sanctions against Iran by shipping sophisticated US-origin networking, security, and encryption equipment for Iranian customers — including the Iranian regime’s nuclear and military establishment. Ghomi, 33, is a resident of Newport...
Keep an eye on ‘radicalisation centres’ in border areas: Amit Shah
Calling for a zero-tolerance approach towards unauthorised encroachments within 0-15 km of the international border, home minister Amit Shah on Friday said the local administration and police in border district should remove all such encroachments and keep a close vigil on centres of radicalisation within this border belt. Chairing a meeting in Bhuj to review the security of Gujarat’s land and coastal borders, Shah said that everyone, from the police station staff to patwari, should work in...