Schedule S – Detail of Income from Salary AY 2026-27 ‘Schedule S’ in the Income Tax Return (ITR) form captures details of income earned under the head “Salaries.” It applies to taxpayers deriving income from employment, whether as full-time or part-time employees. This schedule requires detailed information about the employer, including their name, Tax Deduction… Read More »
Schedule HP – Details of Income from House Property AY 2026-27 ‘Schedule HP’ in the ITR form captures details of income earned under the head “house property.” It applies to taxpayers deriving income from a property consisting of any building or land appurtenant thereto. The schedule seeks the following details: Rental Income: Income received from… Read More »
New ITR filing Dates for Partners of partnership Firm AY 2026-27 The Finance Act, 2026 officially extended the Income Tax Return (ITR) deadline to 31st August 2026 specifically for non-audit business and professional cases (ITR-3 and ITR-4 filers) Partnership Firms & LLPs (Filing Form ITR-5) The impact on partnership firms is completely binary, depending on… Read More »
ITR 1 FILING ONLINE 2026-27 LATEST INCOME TAX update Salary income HOUSE PROPERTY TDS Summary This video provides a comprehensive guide on how to file ITR 1 (Sahaj) for Assessment Year (AY) 2026-27. It highlights critical eligibility criteria, such as the ₹50 lakh income limit for residents and the restrictions on filing for NRIs, directors,… Read More »
Schedule BP – Computation of Income from Business or Profession AY 2026-27 Schedule BP (computation of income from business or profession) is for taxpayers who earn income from a business or profession. The purpose of Schedule BP is to compute the income under the head “Profits or Gains of Business or Profession.” It starts with… Read More »
Schedule DPM – Depreciation on Plant and Machinery AY 2026-27 ‘Schedule DPM’ in the ITR form captures details related to depreciation on Plant and Machinery under the Written Down Value (WDV) method as prescribed under the Income Tax Act. It applies to taxpayers who have claimed depreciation on tangible fixed assets categorised as plant and… Read More »
Schedule DOA – Depreciation on other assets (Other than assets on which full capital expenditure is allowable as deduction) AY 2026-27 Schedule DOA in the Income Tax Return forms reports depreciation on other assets, specifically those assets where the entire capital expenditure is not otherwise allowed as a deduction under any other provision of the… Read More »
Schedule DEP – Depreciation on other assets (Other than assets on which full capital expenditure is allowable as deduction) AY 2026-27 ‘Schedule DEP’ in the Income Tax Return (ITR) form captures a consolidated summary of the depreciation claimed on various assets for the relevant financial year, other than assets where the full capital expenditure is… Read More »
Schedule DCG – Deemed Capital Gains on sale of depreciable assets AY 2026-27 Schedule DCG (Deemed Capital Gains) of the ITR forms deals specifically with the computation of deemed capital gains arising from the sale of depreciable assets under section 50 of the Income-tax Act. This schedule reports gains on the sale of assets that fall under different… Read More »
Schedule DI – Details of Investments AY 2026-27 ‘Schedule DI’ (Details of Investment) in the Income Tax Return (ITR) form is meant to capture details of eligible investments, deposits, or payments made during the extended period allowed under the Income Tax Act, especially applicable for Assessment Year 2020–21, due to the COVID-19 pandemic Taxpayers were… Read More »