The National Pension Scheme (NPS) is one of India’s most accepted pension-oriented products. Investing in NPS will give you an edge over fixed-income schemes and allow you to avail tax benefits up to Rs.1.5 lakh under Section 80C and an additional ₹50,000 under Section 80CCD(1B) for old tax regime fillers under the Income Tax Act, 1961.NPS allows investors to choose the allocation of investments. While the active choice allows investors to determine the plan and investment percentage, the auto choice allocates the investments based on the investor’s age and risk profile.National Pension Fund Managers in IndiaThere are 11 NPS pension fund managers in the country that are operating pension funds.SBI Pension Funds Pvt. Ltd.LIC Pension Fund Ltd.UTI Retirement Solutions Ltd.HDFC Pension Management Co. Ltd.ICICI Prudential Pension Fund Management Co.

Taxpayers are required to file their Income Tax Return (ITR) before the applicable due dates. As per the provisions of the Income Tax Act, the due date depends on the ITR form required to be filed by the taxpayer and applicability of tax audit or transfer pricing. Taxpayer filing an ITR after the specified due date is be liable for late fees, interest, and will lose out on various other tax benefits.For FY 2025-26, the ITR due date for taxpayers filing ITR-1 and ITR-2 is 31st July 2026. For taxpayers filing ITR-3 and ITR-4 and not requiring tax audit, the due date is 31st August 2026.ITR Filing Deadline Extension - AY 2026-27As we move closer to the due date for non-business taxpayers, discussions have been started about due date extension among the taxpayers. The Central Board of Direct Taxes (CBDT), has released the ITR forms, and ITR utility well in advance this assessment year. Also, the Income Tax Portal has been functioning so far without major technical glitches.

Capital gains on property arise when you sell a house, land, or real estate at a profit, and the capital gains tax you pay depends mainly on the holding period of the asset. If the property is held for more than 24 months, the gain is treated as long-term capital gains (LTCG) and taxed at 12.5% without indexation (or 20% with indexation, where applicable). If sold within 24 months, it is classified as short-term capital gains (STCG) and taxed as per your income tax slab rates.You can also reduce your tax liability by claiming exemptions under Sections 54, 54EC, and 54F on long term capital gains, or by setting off capital losses against gains.Classification of Capital Assets The capital gains tax rate depends on whether the asset transferred is a long-term or short-term capital asset which is determined based on the holding period of the asset. For assets such as gold, silver, house property and land, the holding period for classification is 24 months. Capital assets held for more than 24 months are classified long-term capital assets and the gains are taxed as long-term capital gains. Capital assts held for up to 24 months are classified as short-term capital assets and the gains are taxed as short-term capital gains. Type of Capital AssetHolding PeriodTax TreatmentShort-Term Capital AssetUp to 24 monthsGains taxed as Short-Term Capital Gains (STCG)Long-Term Capital AssetMore than 24 monthsGains taxed as Long-Term Capital Gains (LTCG)Long Term Capital Gain Tax Rate on PropertiesAny profit on transfer of capital assets such as house, land, or real estate held for more than 24 months are classified as long-term capital gains. The long-term capital gains tax rate on transfer of properties is 12.5% without indexation.

Short-term capital gains (STCG) refer to profits earned from the sale of capital assets held for a short duration. A short term capital gain arises when an asset is transferred within 24 months (for listed equity shares, units of equity oriented mutual funds or units of business trusts).The short term capital gains tax rate is 20% (for listed equity shares and equity mutual funds). For other assets such as gold, silver, house property, or land, the short term capital gains are taxed at the applicable income tax slab rates. What is Short-Term Capital Gains (STCG)?Short-term capital gains or STCG is the capital gains which arises due to the transfer of a short-term capital asset such as equity shares, mutual fund units, gold, silver, property or any such capital asset. Short-term capital assets are those which are held for up to 12 months (for listed equity shares, units of equity oriented mutual funds or units of business trusts) or 24 months in case of other assets. Key Highlights of Short Term Capital Gains (STCG)Short term capital gain arises when capital assets are sold within 12 months (listed equity shares or equity mutual funds) or 24 months (other assets).Short term capital gain on shares is taxed at a flat 20% under Section 111A.Short term capital gains tax on other assets (property, gold, etc.) is charged as per income tax slab rates.No indexation benefit is allowed, and proper reporting is required in ITR under Schedule CG.Short-Term Capital Gains Tax RateThe short-term capital gain tax rate varies depending on the type of capital asset being sold. STCG on equity shares, units of equity oriented mutual funds, or units of business trusts are taxed at a flat fixed rate of 20% under Section 111A.

Form 26AS is an annual tax credit statement issued by the Income Tax Department against your PAN. It records all Tax Deducted at Source (TDS), Tax Collected at Source (TCS), advance tax payments, self-assessment tax, refunds and major financial transactions for a financial year. As per the provisions of the new Income Tax Rules, 2026, Form 26AS has been replaced by Form 168, applicable for FY 2026-27. However, for the current filing season, taxpayers should continue to refer to Form 26AS, since it relates to the income earned during the year FY 2025-26.Steps to Download Form 26ASGo to the Income Tax e-filing portal and log in with PAN and password.From “e‑file” choose “Income Tax Returns,” then click “View Form 26AS.”You’ll be redirected to TRACES; check the box on the screen and click “Proceed.”Select “View Tax Credit (Form 26AS),” pick the assessment year and choose HTML.Click “View/Download,” then “Export as PDF.”Form 26AS Latest UpdateForm 168 replaces Form 26AS: Under the Income Tax Rules, 2026, Form 168 has been introduced as the new tax credit statement, replacing Form 26AS.Current filing season: For FY 2025-26 (AY 2026-27), taxpayers will continue to use Form 26AS, as Form 168 applies from FY 2026-27 onwards.Review your tax credits: Before filing your ITR, verify your TDS, TCS, advance tax, and self-assessment tax details in Form 26AS to avoid mismatches and notices.What is Form 26AS?Form 26AS acts as a tax passbook, which contains all TDS deducted against your income in one place. Its scope has expanded significantly over the years, which now includes details of foreign remittances, mutual fund purchases, dividend income, and even your turnover as reported in GST records.Ignoring Form 26AS while filing ITR can be costly. Even a single transaction reflected in the form that goes unreported in your return can lead to an Income Tax notice.

ITR-2 is an Income Tax Return form for individuals and HUF who do not have income from business or profession. It is applicable to taxpayers earning income from capital gains, more than two house property, and holding foreign assets or foreign income. ITR-1 is also applicable for NRIs. In simple terms, taxpayers who are not eligible for ITR-1 and do not have business or professional income should file ITR-2. The last date to file ITR-2 for FY 2025-26 (AY 2026-27) is 31st July 2026. ITR-2 Filing for FY 2025-26 (AY 2026-27)The Income Tax Department has enabled the online and excel utility based filing of ITR-2 form for FY 2025-26.

The Cost Inflation Index (CII) is used to estimate the increase in the prices of goods and assets year-by-year due to inflation. For the Financial Year 2025-26, the Cost Inflation Index (CII) is 376 and for Financial Year 2026-27 the CII is 384.Cost Inflation Index FY 2026-27The Central Board of Direct Taxed (CBDT) has notified the Cost Inflation Index (CII) for Financial Year 2026-27 as 384. This will be applicable for Tax Year 2026-27 from 1st April 2026 onwards. What is Cost Inflation Index?A Cost Inflation Index table is used to calculate the long-term capital gains from a capital asset transfer or sale. The profit earned through the sale or transfer of any capital asset, such as land, property, stocks, shares, trademarks, patents, and so on, is referred to as capital gain.Long-term capital assets are typically documented in books at their cost price. As a result, despite growing asset prices, these capital assets cannot be revalued.When these assets are sold, the profit or gain obtained from them remains high due to their high sale price in relation to their acquisition price.

Section 10(14) of the Income Tax Act provides tax exemption on Children Education Allowance and Hostel allowance received from an employer. The exemption covers tuition fees paid for a child’s education and is available only when opting for the old tax regime, subject to prescribed limits and conditions. Tuition fees can also be claimed as a deduction under Section 80C. However, these exemptions and dedctions are not allowed under the new tax regime. As per the Income Tax Rules 2026, the eligible limits for children education allowance and hostel allowance has been significantly increased from the previous limits. Key HighlightsTax Regime: Only under the old tax regime.Threshold Limit: Rs. 1,200 per child for maximum two children.

Taxpayers who are regarded as residents for income tax purposes should make appropriate disclosure of their foreign income and assets while filing ITR. Schedule FA, and schedule FSI deal with foreign asset disclosure and foreign income disclosure respectively.Failure to make necessary disclosure can attract penalty up to Rs. 10 lakh.Budget 2026 UpdateThe department has noticed that a section of small taxpayers like former students graduated from abroad, ESOP holders of foreign companies, etc, did not completely comply with the foreign asset disclosure requirements. As a nudging initiative, the CBDT has provided a one-time scheme through which the non-compliant taxpayers can disclose their foreign income and assets, with additional taxes and fees as applicable.Also, non-disclosire of foreign movable assets up to Rs 20 lakh do not attract any penalty. From 1.10.2026, they are also provided immunity from prosecution.What are Foreign Assets?If you’re an Indian resident, foreign assets will comprise of bank accounts in other countries, investments in real estate, stocks, mutual funds and other capital assets outside India, financial interest in any foreign entity, or signing authority over any account located abroad, insurance or annuity contract etc.What is the Importance of Disclosing Foreign Assets in ITR? Disclosure of foreign assets and income in income tax returns is important and ensures compliance with Indian tax laws. Here’s a list of reasons which makes it super important:Legal ComplianceAs per the Black Money Act, 2015, it is mandatory to disclose all foreign assets and income within the Income Tax return in the specified schedules, such as Schedule FA for disclosing foreign assets like a bank account, real estate etc.

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.