The article explains all ITR forms applicable for AY 2026-27 and highlights key changes in capital gains, buyback taxation, and foreign asset reporting. It emphasizes selecting the correct form to avoid defective return consequences under Section 139(9).
The updated law clarifies how stay duration and income thresholds determine tax residency status. It holds that only crossing the 182-day limit leads to global taxation, while RNOR status protects foreign income.
This article explores the computation of LTCG for Non-Residents, detailing tax rates, indexation benefits, recent amendments introduced in the Union Budget 2024, and available exemptions to optimize tax liability.
Annual Value of self-occupied properties under Section 23(2) of the Income Tax Act, 1961, is a critical provision that shields homeowners from notional rental taxation.
