The ITR filing process can become complex depending on your residential status, the ITR form selected and the nature of your income. You can file your ITR online through the Income Tax Portal, or using the offline utility and then by uploading it on the portal.The CBDT has enabled online e-filing and excel utility for ITR-1, ITR-2, ITR-3 and ITR-4 for FY 2025-26 (AY 2026-27).7 Simple Steps on how to file ITR OnlineYou can file your ITR following these simple steps:Login to the Income Tax PortalGo to ‘File Income Tax Return’Select the Assessment yearSelect 'Filing Status"Select ‘ITR Type’Select reason for filing the returnValidate the details and e-verifyWhat is ITR?ITR stands for Income Tax Return, in which the taxpayer discloses all the details related to his income, assets, taxes, losses, refunds, etc. for the relevant assessment year.Documents Required for Filing ITRBefore filing ITR, there are a few documents and details that you need to gather in order to file ITR.PAN and AadhaarBank StatementsForm 16Donation receiptsStock trading statements from the broker platformInsurance policy paid receipts related to life and healthBank account information linked to PANAadhaar registered mobile number for e-verifying the returnInterest certificates from banksHow to File ITR Online?Before you start, download both your Form 26AS (Tax Credit Statement) and your AIS (Annual Information Statement) from the e-filing portal. Cross-check every entry against your bank statements, Form 16, broker capital gain statements and rent receipts. If any AIS entry is wrong, submit feedback within AIS itself - this preserves your audit trail and prevents notices later.The step-by-step guide on how to file ITR online for FY 2025-26 through the Income Tax Portal:Step 1: Log in to the Income Tax PortalVisit the Income Tax e-Filing portal and click on Login.

EPFO 3.0 transforms the way employees access their provident fund. With this upgrade, users will be able to enjoy facilities such as auto-claim settlement, instant withdrawals through ATMs and UPI, and seamless fund transfers to the bank account of their choice. This new version aims to make withdrawals quick and hassle-free.Key EPFO 3.0 UpdatesPF withdrawal through UPI and ATM is likely to start from June 2026 end. This update aims to improve faster withdrawals, digital transparency and reduce lengthy paperwork. FeatureDetailUPI WithdrawalsUp to 75% of EPF balance can be withdrawn through UPIATM WithdrawalsEPFO to issue EPF-linked ATM cards to ensure easy withdrawalAuto-Settlement LimitAuto settlement limit has been increased to Rs. 5 lakh from the existing Rs.

Advance tax is a mechanism wherein tax is calculated on the estimated total income, and paid before the end of the financial year. As per the Income Tax Act, taxpayers with a tax liability exceeding Rs. 10,000 after TDS/TCS for the year, are required to pay advance tax in four installments.  Any non-payment or short-payment of advance tax will attract interest at the rate of 1% per month each under sections Sections 424 and 425 of the Income-tax Act, 2025 (formerly Sections 234B and 234C of the Income-tax Act, 1961).  Advance Tax Payment - FY 2026-27The due date to pay the 1st installment of advance tax payent for FY 2026-27 is 15th June 2026. Taxpayers are required to pay at least 15% of their total tax liability in the 1st installment. Taxpayers opting for the presumptive taxation are required to pay 100% of their advance tax in a single installment before 31st March.What is Advance Tax?Advance tax is a ‘pay-as-you-earn’ scheme of income tax, where taxpayers pay off their tax liability for the year in four installments rather than a one time lump sum payment during ITR filing.

The Income Tax Act classifies F&O income as business Income and should be reported in the Income Tax Returns (ITR). Further, any F&O loss is allowed to be set off against other income, and the excess loss can be carried forward to the subsequent year.Key HighlightsIncome or loss from Futures & Options (F&O) is treated as Business IncomeExpenses Allowed: Brokerage, internet, telephone, advisory fees,rent, etc.ITR Form: Report F&O income in ITR-3 (business income) or ITR-4 (if opting for presumptive taxation).Why Gains or Losses from F&O Trades Must be Reported in ITRFailure to report F&O gains or losses in the ITR might result in an Income Tax Notice from the authorities. On the other hand, reporting F&O trading losses has some useful tax advantages as they can be set off against other incomes or carried forward to the subsequent years. Maintaining proper and complete reporting not only keeps you in compliance but also allows you to optimize your tax position.Income Head: Reporting of F&O Trading as Business IncomeAs per Section 43(5) of the Income Tax Act 1961 (Section 66 of the Income Tax Act, 2025), income or loss from F&O is classified as non-speculative business income. Therefore, F&O gains and losses have to be reported as normal business income under the head PGBP (Profits & Gains from Business and Profession).Which ITR to File for Reporting F&O Income?Given that F&O Income falls under the category of business income, people having F&O trades must report the profit/loss in ITR-3 (ITR form designated for people having PGBP Income) and if you are filing under the presumptive scheme then you can use ITR-4.  How to Calculate F&O Turnover?Turnover for F&O Trading = Absolute ProfitAbsolute Turnover refers to the sum of positive and negative differences. Note: Please note that the calculation for options trading turnover has been updated as per the eighth edition of the guidance note dated 14/08/2022 (applicable from Assessment Year 2022-23). Previously, options trading turnover included "Absolute Profit + Premium on Sale of Options."Example: Aditya buys 100 units of Futures @ Rs 200 and sells at Rs 210. Also buys 200 units of options @ Rs 300 and sells at Rs 290.This is how his turnover would be determined:ParticularsCalculationAmountFutures(210-200) * 1001000Options(290-300) * 2002000 (negative ignored)Total Turnover (Absolute Profit)3000 Should F&O Traders Maintain Accounting Records?Yes, F&O traders are mandatorily required to maintain books of accounts if:Income exceeds Rs 2.5 lakhs or Turnover exceeds Rs 25 lakhs in any of the 3 preceding years or in the first year in case of a new business. Keeping your trading statements, expense receipts, profit & loss statements, and bank account statements will mostly suffice. Audit and Return FilingEvery person carrying any business will have to get his accounts audited if his turnover exceeds Rs.1 Crore in the previous year or Rs.

ITR filing last date for FY 2025-26 (AY 2026-27) is on 31st July, 2026 for taxpayers filing ITR-1 and ITR-2. However, for individuals who have business income and not subject to tax audit, can file ITR-3 or ITR-4 within 31st August, 2026. A belated return can be filed by taxpayers missing the initial due date within 31st December of the assessment year i.e., within 31st December 2026 as per the Income Tax Act.Income Tax Filing FY 2025-26 (AY 2026-27)The Income Tax Department has released offline utility and enabled online filing of ITR-1, ITR-2, ITR-3 and ITR-4 for AY 2026-27.The due date to file ITR-1 & ITR-2 is 31st July 2026, whereas for ITR-3 and ITR-4 (non-audit) is 31st August 2026. Taxpayers missing the initial deadline can file a belated return before 31st December 2026 by paying additional late fees and interestITR Filing Last Dates for FY 2025-26The due date to file ITR for different types of taxpayers for FY 2025-26 (AY 2026-27) is as follows:ITR-1 and ITR-2 (Salary and capital gains income): 31st July 2026ITR-3 and ITR-4 (Business income - Non-audit cases): 31st August 2026ITR-3 and ITR-4 (Business income - Cases requiring audit): 31st October 2026Businesses requiring transfer pricing reports (international transactions or specified domestic transactions): 30th November 2026Belated (Late) Return: 31st December 2026Revised Return: 31st March 2027Updated Return (ITR-U): 31st March 2031 (within 4 years from the end of the relevant Assessment Year)*Due dates are applicable unless extended by the Income Tax Department.Can I File ITR After Due Date?Yes, if you failed to file ITR within the due date, you can still file a belated return before 31st December of the relevant assessment year. In case you fail to file a belated return, you can still file an updated return within 48 months (4 years) from the end of the relevant assessment year.The following table explains the purpose and due dates for belated and updated returns.Basis of DifferentiationBelated ReturnUpdated ReturnUsed byTaxpayers who have missed the original return filing due dateTaxpayers who have missed both original and belated return due datesDue Date31st December of the assessment year31st March of 4 years from the end of assessment yearDue Date for return FY 2025-2631st December , 202631st March 2031What if ITR Filing has Errors?Worried that you have already filed ITR and made some mistakes in it? You can easily revise the return that is already filed.1. Revised ReturnRevised returns allows the assessee to rectify the errors made in the original return filed by the him.The due date for filing revised returns is 31st March of the next year.Lets understand this with an example.

The ITR-3 form is the most comprehensive income-tax return form for individual taxpayers. It is applicable for individuals and HUFs having income from a proprietary business or profession. It is applicable when the taxpayer maintains regular books of accounts and total income exceeds Rs. 50 lakhs.ITR-3 Released for FY 2026-27 (AY 2026-27)The Income Tax Department has released Form ITR-3 offline utility and online filing. Eligble taxpayers can now start filing ITR-3 online. Who Can File ITR-3?Individuals and HUFsCarrying on business under presumptive schemeCarrying on ProfessionIncome From Dividend/InterestIncome from freelancing or consultancyIncome from F&O Trading/Intraday/Share TradingThe return may include income from house property, salary/pension, capital gains, and other sources.Remuneration received from a partnership firm (Not from LLPs)Who Cannot File ITR-3?No persons other than individuals & HUF are eligible to file ITR -3 Form.Individuals & HUFs not having income by way of business or profession or partnership firm are not eligible to file the ITR-3 Form. In other words, any person who is eligible to file ITR-1, ITR-2 and ITR-4 is not eligible to file ITR-3.Last Date to File ITR 3 for FY 2025-26 (AY 2026-27)For non-audit cases, the due date  to file ITR-3 for FY 2025-26 (AY 2026-27) is 31st August 2026 and for accounts requiring audit, the due date is 31st October 2026.What is the Structure of ITR-3?Part APart A-GEN: General information and Nature of BusinessPart A-BS: Balance Sheet as of March 31, 2021, of the Proprietary Business or ProfessionPart A- Manufacturing Account: Manufacturing Account for the financial year 2020-21Part A- Trading Account: Trading Account for the financial year 2020-21Part A-P&L: Profit and Loss for the financial Year 2020-21Part A-OI: Other Information (optional in a case not liable for audit under Section 44AB)Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)After this, there are the following schedules.Schedule-S: Computation of income under the head Salaries.Schedule-HP: Computation of income under the head Income from House PropertySchedule BP: Computation of income from business or professionSchedule-DPM: Computation of depreciation on plant and machinery under the Income-tax ActSchedule DOA: Computation of depreciation on other assets under the Income-tax ActSchedule DEP: Summary of depreciation on all the assets under the Income-tax ActSchedule DCG: Computation of deemed capital gains on the sale of depreciable assetsSchedule ESR: Deduction under section 35 (expenditure on scientific research)Schedule-CG: Computation of income under the head Capital gains.Schedule 112A: Details of Capital Gains where section 112A is applicableSchedule 116AD(1)(b)(iii)Proviso: For Non-Residents Details of Capital Gains where section 112A is applicable.Schedule-OS: Computation of income under the head Income from other sources.Schedule-CYLA-BFLA: Statement of income after set off of current year’s losses and Statement of income after set off of unabsorbed loss brought forward from earlier years.Schedule-CYLA: Statement of income after set off of current year’s lossesSchedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.Schedule CFL: Statement of losses to be carried forward to future years.Schedule- UD: Statement of unabsorbed depreciation.Schedule ICDS – Effect of Income Computation Disclosure Standards on ProfitSchedule- 10AA: Computation of deduction under section 10AA.Schedule 80G: Statement of donations entitled for deduction under section 80G.Schedule RA: Statement of donations to research associations etc.

An income tax refund is the amount returned by the Income Tax Department when a taxpayer pays more tax than required during a financial year. Excess tax may arise due to higher TDS deductions,  advance tax payments, or self-assessment tax. Taxpayers can claim an income tax refund by filing their Income Tax Return (ITR) and verifying it on the income tax e-filing portal.ITR Filing Updates FY 2025-26 (AY 2026-27)The CBDT has enabled online and offline utilities for ITR-1, 2 and 4 for FY 2025-26 (AY 2026-27).The due date to file ITR-1 & ITR-2 is 31st July 2026.The due date to file ITR-3 & ITR-4 (Non-audit cases) is 31st August 2026.What is Income Tax Refund?An income tax refund is the amount returned by the Income Tax Department when a taxpayer pays more tax than their actual tax liability during a financial year. For example, If the TDS and advance tax paid by Mr. A is Rs.

EPFO members can check their PF balance through various methods that are through EPFO portal, using UMANG app, through missed call or SMS services, or through their DigiLocker facility. However, members have to make sure that they have activated their UAN and have linked their KYC. Therefore, EPF balance check can be done both through online and offline methods. PF Balance Check Methods: Quick Reference TableMethodUAN RequiredInternet RequiredEstimated TimeEPFO PortalYesYes2 minUMANG AppYesYes2 minMissed CallYesNoInstantSMSYesNoInstantDigiLockerYesYes3 minPrerequisites Before Checking PF BalanceBefore checking PF balance through online or offline methods, members should make sure to activate their Universal Account Number and have linked their KYC details. Without these, PF balance check thorugh most of the services will not be possible. 1. How to Activate UANStep 1: Download the UMANG App from the Google Play Store or Apple App Store and log in using your mobile number.Step 2: Search for “EPFO” in the app and select “UAN Services Through Face Auth”.Step 3: Tap on “UAN Activation” to begin the process.Step 4: Provide your 12-digit UAN, Aadhaar number, and Aadhaar-linked mobile number.Step 5: Click on “Send OTP”, enter the OTP received on your registered mobile number, and submit.Step 6: Complete the live face scan using your phone camera to verify identity with the UIDAI database (camera permission required).Step 7: Once verified, your UAN will be activated, and a temporary password will be sent to your mobile via SMS.2.

Luxury Tax is an indirect statutory tax imposed primarily on the services offered at hotels, spas, and resorts. It does not apply to food and beverages served at hotels and other locations.What is Luxury Tax?According to the Luxury Tax Act, ‘Luxury’ means a service or Commodity that is specified as ministering comfort, enjoyment or pleasure to a person’s life. Even though a person may not like a particular hotel or accommodation as per Luxury Tax Act and State Luxury Tax Rate, he/she has to pay the respective taxes involved.The Indian tax administration has had challenges dealing with the concept of luxury for a long time. The introduction of Goods and Services Tax (GST) by the government has put “luxury items” in the highest tax bracket at 28%. Luxury by definition is hard to explain, it is subjective in nature.

The concept of taxation has always left most of us often lost and quite befuddled as well. Most of us also find the matter of taxes scary and quite stressful, especially when it comes to the matter of foreign income. There is one specific area of taxation that is relatively complex, yet is vital to be understood, especially by persons who deal with MNCs, the area being the taxation of expatriates.Terms You Need to KnowExpatriate: There is no specific definition as per the Income Tax Act, 1961, so we rely on the general meaning of the word. A person living in a country other than his or her country of citizenship, often temporarily and for work reasons. The person takes a position outside his or her home country, either independently or as a work-related assignment arranged by the employer, which can be a university, company, non-governmental organisation, or government.Residential Status: Residential status of a person is determined on the basis of the physical presence in India and as per Section 6 of the Income Tax Act.