Tax Tantri

*DIRECT TAX COLLECTION UPDATE | FY27* ➖➖➖➖➖➖➖ 🇮🇳 Direct tax collections as of 10 Aug 2026 *• Gross Direct Tax Collection:* ₹9.55 lakh crore →Up 19.75% YoY vs ₹7.97 lakh crore last year. *• Net Direct Tax Collection:* ₹8.11 lakh crore →Up a strong 23.09% YoY vs ₹6.59 lakh crore. *• Corporate Tax (Net):* ₹2.70 lakh crore →Vs ₹2.26 lakh crore last year. *• Non-Corporate Tax (Net):* ₹5.07 lakh crore →Vs ₹4.11 lakh crore last year. *• Securities Transaction Tax (STT):* ₹33,824 crore →Vs ₹22,354 crore last year — strong growth in STT collections. *• Refunds:* ₹1.43 lakh crore →Up 3.79% YoY. _*Net direct tax collections have grown 23.09% YoY so far in FY27, indicating strong tax revenue momentum.*_

Don't wait for the last-minute rush! The due date for filing ITR 3,4,5 & 7 (having business or professional income and not subject to audit under the Income-tax Act, 1961) for A.Y. 2026–27 is 31st August 2026. 🔗 File now: www.incometax.gov.in

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Prizes for not filing taxes.

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"I'll Do It Tomorrow" often turns into deadline-day panic. Don't wait for July 31, 2026 to file your ITR-1 & ITR-2 for AY 2026-27. Reconcile your documents and file ITR-1 & ITR-2 for AY 2026–27 today! 🔗 www.incometax.gov.in

These Transactions Can Invite Income Tax Scrutiny. Save this checklist for future reference: • Cash deposits in Savings Account: ₹10 lakh or more (aggregate in a financial year) • Cash deposits in Current Account: ₹50 lakh or more • Cash payment towards Credit Card bills: ₹1 lakh or more • Credit Card payments through banking channels: ₹10 lakh or more (reported transaction; not a violation by itself) • Purchase or Sale of Immovable Property: ₹30 lakh or more (or lower if reported under local stamp duty rules) • Fixed Deposits: ₹10 lakh or more in a financial year • Foreign Travel or Forex Purchases: ₹10 lakh or more • Investment in Shares, Mutual Funds, Bonds, Debentures, etc.: ₹10 lakh or more • Cash withdrawals from one or more current accounts: ₹20 lakh or more (subject to applicable provisions) • High-value UPI transactions: No official reporting threshold has been notified. The widely circulated ₹50 lakh limit is not an Income Tax rule.

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Income tax return filing last date - 31st July.

## Your Income Tax Return Is No Longer Filed in Isolation. Your AIS, Form 26AS, TDS records, bank interest, dividends and capital gains are all cross-verified. Even a small mismatch can lead to a notice or a request for clarification. Before clicking 'Submit', take 15 minutes to review these 8 areas: ✔ Supporting proofs for deductions and exemptions ✔ AIS & Form 26AS reconciliation ✔ Correct ITR form ✔ All sources of income disclosed ✔ Capital gains reported correctly ✔ Income from previous employer included (if applicable) ✔ File before the due date ✔ Verify your ITR after filing The fastest way to file isn't always the smartest. The goal is not to file early. The goal is to file accurately. *Source: The Economic Times* *For educational purposes only. Please consult your Chartered Accountant or tax advisor for advice specific to your circumstances.*

Foreign bank accounts & Foreign investments showing in your AIS? It’s a taxpayer facilitation measure by the Income tax department. With data shared from 100+ countries, pre-verifying foreign assets before filing your ITR is now smooth & seamless. Quick 4 Step Access: 1️⃣ e-Filing Portal ➡️ AIS 2️⃣ Go to Compliance Portal 3️⃣ Select Reports ➡️ Foreign Assets Information 4️⃣ Select Year & Download PDF 📄 Whether listed in AIS or not, declaring all foreign assets in Schedule FA is mandatory before filing your ITR. 🔗 eportal.incometax.gov.in

Filling your ITR for AY 2026-27 is a breeze when you know what to check. Here is a quick checklist: ✅ Reconcile Form 16, 26AS & AIS. ✅ Check bank statements, investment & deduction proofs. ✅ Verify & submit! Beat the last-minute rush and file your ITR 1 & 2 for AY 2026-27 before 31 July 2026. File now on www.incometax.gov.in

Cost Inflation Index for Financial year, 2026 27 is 384 @FinMinIndia @IncomeTaxIndia

Update in AIS! The Income Tax Department has introduced a Foreign Assets Information tab in the AIS Compliance Portal. Time to review your global asset details!

Over 1.7 Crore taxpayers have already taken the smart step and filed their ITRs for A.Y. 2026-27! With more than 10 Lakh returns filed just yesterday, the momentum is building. Have you filed your ITR 1 & 2 yet? Don't wait for the final rush. Beat the last-minute traffic & file smoothly before the deadline of 31 July 2026. 🌐 File now: https://www.incometax.gov.in/iec/foportal/

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