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The Economic Times

Personal Finance / The Economic Times

ITR filing 2026: Step-by-step guide to filing ITR-2 online on the income tax portal

Individuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary documents and steps for submission. The e-filing portal requires filling specific schedules before final submission. Pre-filled data in Part A General needs verification and potential profile updates. E-verification must be completed within thirty days after submitting the return.

8 Jul 2026 3:18 pm
Filing ITR for FY 2025-26? Income Tax Department shares 10 mistakes to avoid and tips to follow

Taxpayers should gather documents and choose the correct tax regime and ITR form. Verify Annual Information Statement and Form 26AS details carefully before filing. Ensure all personal information and pre-filled data are accurate and verified.

8 Jul 2026 3:16 pm
Senior citizen wins full refund and Rs 20 lakh compensation from Air India for defective business class seat that caused pain, vertigo

Senior citizen paid Rs 1.23 lakh extra to upgrade to Air India business class due to his cervical spondylosis condition but seats turned to be faulty causing him neck, shoulder, lumbar pain and vertigo; NCDRC upheld Rs 20lakh compensation, refund order Read below to know how the senior citizen won the case.

8 Jul 2026 2:36 pm
Income tax slabs for Tax Year 2026-2027, FY 2025-26 (AY 2026-27) under the new tax regime

The new Income Tax Act, 2025, takes effect from April 1, 2026, maintaining current tax slab rates. Highest tax rate remains 30% for incomes exceeding Rs 24 lakh under this regime. Marginal relief prevents excessive tax burdens when income slightly crosses Rs 12 lakh. The new tax regime is now the default option for individual taxpayers. Salaried individuals benefit from a Rs 75,000 standard deduction and tax rebate.

8 Jul 2026 2:20 pm
I have become a foreign citizen. Can my mother make me a joint owner in her property in India?

ET Wealth Reader's Query: I am a foreign citizen and an only son. My mother wants to make me the joint owner in a property that belongs to her. Is this permitted in India considering that I now have a foreign citizenship?

8 Jul 2026 1:56 pm
RBI backs crypto ban, tax department warns of evasion risks, documents show

India's central bank has reiterated its preference for a cryptocurrency policy leaning towards prohibition, warning that crypto assets and stablecoins could threaten financial stability and monetary sovereignty, according to internal government documents reviewed by Reuters.

8 Jul 2026 1:28 pm
Quant Small Cap Fund exits RIL, 8 others; raises exposure to two Adani stocks. Check full list

Quant Small Cap Fund made a major portfolio reshuffle in June, exiting Reliance Industries and eight other stocks while increasing exposure to Adani Enterprises, Adani Green Energy and 13 more companies. The fund also added Bharti Airtel, IDFC First Bank and LIC Housing Finance as new portfolio entrants.

8 Jul 2026 1:28 pm
22k gold rate today: Check 24k, 22k, 20k, 18k gold prices (July 8, 2026) at Malabar Gold & Diamonds, Tanishq, Joyalukkas, Kalyan Jewellers & IBJA

Gold prices saw a slight decrease today across major Indian jewellery retailers. Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas reduced their 22-carat gold rates. These price adjustments were observed in key cities nationwide.

8 Jul 2026 1:16 pm
Opting for presumptive taxation while filing ITR? You may have to face tax audit; here's what you must know

The Income-tax Act, 2025 introduces a new audit trigger for businesses. This change clarifies audit requirements for low-profit businesses under presumptive taxation. Previously, ambiguity existed regarding mandatory audits for lower profit declarations. The new Act expressly links lower-than-presumptive profit declarations to mandatory audits. This amendment brings greater certainty to tax compliance for small businesses.

8 Jul 2026 12:39 pm
Rs 20,000 SIP vs Rs 20,000 RD: Which monthly investment can generate higher returns in 5 years?

Monthly investments of Rs 20,000 in mutual fund SIPs and bank RDs are compared. SIPs offer potential for higher returns over five years, while RDs provide predictable outcomes. India Post RD offers 6.7% interest, yielding Rs 14.27 lakh after five years.

8 Jul 2026 12:38 pm
FCNR(B) FD vs NRE FD: Where can NRIs earn more on $50,000 investment? Compare returns, currency risk and tax benefits

Non-resident Indians (NRIs) and overseas citizens of India (OCIs) can consider investing in FCNR(B) and NRE fixed deposits to achieve reliable returns. While FCNR(B) deposits safeguard against currency fluctuations as they are held in foreign currency, NRE deposits offer opportunities in Indian rupees without such protection. Ultimately, your decision should align with your currency expectations and future financial objectives. Both investment avenues are tax-exempt and allow full repatriation.

8 Jul 2026 12:08 pm
Gifted a house to your spouse? You may still have to pay tax on the rental income: Know 7 key things before filing ITR for AY 2026-27

Many taxpayers mistakenly believe that rental income from a house gifted to a spouse is taxable in the recipient spouse's hands. This article explains the clubbing and deemed ownership provisions under Sections 27 and 64, the correct ITR reporting requirements, and seven key things taxpayers should know before filing ITR for AY 2026-27.

8 Jul 2026 12:07 pm
NPS latest update: Central Autonomous Body employees can now choose 2 additional NPS investment options

Central government employees now have two new investment choices. These options were previously available only to central government employees. Now, National Pension System subscribers in Central Autonomous Bodies can also access them.

8 Jul 2026 11:59 am
Filing ITR for easy loans, visas, and scholarships - sounds strange? Know why filing ITR is more important than you think

Consistently filing Income Tax Returns creates a verifiable financial document. Banks often request these returns to assess loan applicant income stability. ITRs also help demonstrate financial capacity for visa and study abroad applications. Landlords and businesses may seek ITRs for tenancy and partnership evaluations. Preserving complete tax records is crucial for future financial needs and compliance.

8 Jul 2026 11:56 am
Smallcap funds deliver 22% average return in 3 months. Is it time to invest, hold or rebalance?

Small cap mutual funds delivered an average return of 21.89% over the past three months, sparking debate on whether investors should continue SIPs, invest afresh or rebalance portfolios. Experts advise sticking to long-term asset allocation, preferring staggered investments through SIPs or STPs, while cautioning that elevated valuations warrant selective exposure.

8 Jul 2026 10:48 am
Missed your term insurance premium? Here's what happens to your policy, claim, and life cover

Missing a term insurance premium does not immediately cancel coverage. A grace period allows payment, and nominees receive benefits if death occurs. Unpaid premiums after the grace period cause the policy to lapse, stopping life cover. Lapsed policies can be revived within five years, often requiring health checks.

8 Jul 2026 7:00 am
Who should consider investing in income plus arbitrage FoFs?

Investors with a 24-30 month horizon are choosing income plus arbitrage funds. These funds combine debt and arbitrage schemes for stability and tax efficiency. The category manages over twenty-three thousand crore rupees across twenty-two schemes. This investment strategy offers tax benefits compared to fixed deposits and debt funds. Wealthy investors are increasingly allocating capital to these tax-efficient mutual fund options.

8 Jul 2026 6:31 am
CBDT clarification: All approvals like Nil or lower TDS certificate and existing tax benefits will continue under Income Tax Act, 2025; Heres what it means for you

Existing tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications filed before March 31, 2026, will be processed under the new law. Lower or nil TDS certificates issued previously remain protected and valid. New applications filed after April 1, 2026, will follow the 2025 Act. Taxpayers need not take additional action for this transition.

7 Jul 2026 6:01 pm
Joint property given on rent: Can co-owner of property evict tenants without consent of other co-owners? Know what the law says

One co-owner can evict tenants without others' formal consent. The Bombay High Court and Supreme Court have upheld this right. This principle allows a co-owner to act as an agent for others. However, objections from other co-owners can weaken the eviction case. Documenting consent and avoiding ownership changes during litigation is crucial.

7 Jul 2026 4:57 pm
EPF withdrawal rules explained: How many times can you withdraw PF for illness, marriage, education, home purchase and special circumstances?

Latest EPF withdrawal rules: EPFO subscribers can withdraw funds for specific needs like illness and education. Withdrawals for marriage and housing are permitted up to five times. Special circumstances allow advances twice annually under new guidelines.

7 Jul 2026 4:52 pm
Top 5 largecap mutual funds to invest in July 2026

ETMutualFunds has shortlisted the top largecap mutual funds based on mean rolling returns, consistency over the last five years, downside risk, outperformance and asset size. The list includes Axis Large Cap Fund, Canara Robeco Large Cap Fund, Mirae Asset Large Cap Fund, Baroda BNP Paribas Large Cap Fund and Edelweiss Large Cap Fund.

7 Jul 2026 3:19 pm
Planning investments in midcap mutual funds? Check these 5 funds with over 20% gain in 3 years

Five midcap mutual funds delivered over 20% annualised returns in the past three years, led by HSBC Midcap Fund at 26.3%, highlighting strong wealth creation despite market volatility.

7 Jul 2026 3:13 pm
For 36 years brothers fought among themselves to get late elder sisters property; Brother with sisters registered Will wins for this reason

Elder sister gave the house to a brother via registered Will but other other brothers occupied the house with an alleged unregistered Will; Andhra High Court upholds registered Will and rejects other brother's claim on unregistered Will's basis. Know what did Andhra Pradesh High Court say about the Will.

7 Jul 2026 2:26 pm
Gold rate today (July 7, 2026): Check 24k, 22k, 20k and 18k gold jewellery prices from Joyalukkas, Malabar Gold & Diamonds, Tanishq & IBJA in Delhi, Mumbai, Hyderabad, other cities

Gold prices saw a decline across major Indian jewellery brands today. Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas reported lower rates. These price drops were observed in cities like Delhi, Mumbai, and Chennai.

7 Jul 2026 1:20 pm
Looking for long-term wealth creators? These 12 equity mutual funds have over Rs 1,000+ NAV and up to 24% CAGR

Twelve equity mutual funds achieved over Rs 1,000 NAV by July 2026. These funds delivered up to 24% CAGR since their respective inception dates. Most schemes have been available for over twenty-five years in the market. Nippon India Growth Mid Cap Fund showed the highest NAV at Rs 4,499.70. These funds represent various categories including mid cap and flexi cap.

7 Jul 2026 1:17 pm
EPS pension: Check how much monthly pension you can get after 1025 years of service under EPS 2026

The Employees' Pension Scheme 2026 has been introduced, replacing older pension plans. This new scheme maintains the existing pension calculation formula for subscribers. Pensionable salary is determined by the average of the last sixty months' earnings. Employees receive a minimum monthly pension of one thousand rupees. Service years are enhanced by two years for those with twenty or more years of contribution.

7 Jul 2026 12:43 pm
Borrowers take note: HDFC Bank revises lending rates for different tenures; check updated list

HDFC Bank has adjusted its MCLR rates, with changes effective July seventh, 2026. The overnight MCLR decreased by five basis points, while longer tenors saw increases. One-year and three-year MCLRs rose by five basis points each.

7 Jul 2026 12:22 pm
EPFO claims may take longer for 2 weeks after major system upgrade; members asked to avoid repeated requests

The Employees Provident Fund Organisation has finished a major system upgrade and database consolidation. Some EPFO services are temporarily unavailable on the UMANG app due to this migration.

7 Jul 2026 11:17 am
International funds outperform domestic funds with 37% one-year returns. Should investors chase rally or wait for correction?

International mutual funds have delivered strong one-year returns, significantly outperforming domestic equity categories. This outperformance is largely driven by global technology stocks and currency depreciation against the US dollar. Experts advise against chasing recent gains, emphasizing long-term asset allocation for international diversification. While international funds show strong recent performance, domestic equity funds remain well-placed for long-term wealth creation.

7 Jul 2026 10:21 am
Best small cap mutual funds to invest in July 2026

Small cap funds saw significant inflows in May 2026 after a poor 2025. Despite market volatility, advisors suggest staggered investments for long-term wealth creation. These funds invest in companies ranked below 250 by market capitalization. Small cap stocks offer high return potential but also carry considerable risk. Investors should select skilled fund managers and monitor performance during downturns.

7 Jul 2026 9:25 am
Waiver of recovery of excess amount paid to central government employees: Finance Ministry to examine proposal to simplify the process

Central government employees' union requested simpler recovery waivers for excess payments. The DoE secretary assured examination of these demands with DoPT. Audits often identify past overpayments, leading to salary deductions. NC-JCM argues these are administrative errors, not employee fault. They propose delegating waiver powers to department heads for faster resolution.

7 Jul 2026 9:14 am
New EPF Scheme, 2026: What existing and new PF subscribers should know

India's Employees' Provident Fund (EPF) is undergoing a significant modernization with the EPF Scheme, 2026. Existing subscribers will see continuity in their balances and membership, while new entrants will find a clearer framework for contributions and benefits. A key change involves increased flexibility for voluntary contributions, allowing employees to build larger retirement funds.

7 Jul 2026 7:26 am
HNIs turn to hybrid debt funds, SIFs for higher post-tax returns

Rich investors are exploring niche mutual funds and specialized investment funds. These products offer higher returns and better tax efficiency for portfolios. Funds bundle debt, arbitrage, REITs, and InvITs to boost investor returns. This strategy provides a tax advantage over fixed deposits and debt funds. Investors must understand liquidity differences between fund types.

7 Jul 2026 6:17 am
From cash receipts to property deals: 8 key income tax limits every taxpayer should know to avoid penalties

New rules under the Income Tax Act 2025 are set to curb tax evasion by limiting cash transactions. Individuals cannot receive over Rs 2 lakh in cash from one person daily. Loans, deposits, and repayments exceeding Rs 20,000 must be cashless.

6 Jul 2026 4:58 pm
ITR utility updated: New 'other income' column added under exempt income schedule; here's what it means

Income Tax Return (ITR) filing for the assessment year 2026-2027 sees a significant update with a new 'Other Income' column under the Exempt Income Schedule. This allows taxpayers to voluntarily disclose non-taxable receipts that don't fit specific categories, like rural agricultural land sales or gifts from relatives. Experts advise this proactive reporting to prevent potential tax notices and mismatches with departmental records, especially for substantial transactions.

6 Jul 2026 4:55 pm
Want Rs 50,000 every quarter from SCSS? Check how much you need to invest

Senior citizens can now secure a steady income with the Senior Citizens' Savings Scheme (SCSS), which offers an attractive 8.2% interest rate. To generate approximately Rs 50,000 quarterly, an investment of around Rs 24.40 lakh is required.

6 Jul 2026 3:54 pm
How much should you invest through SIPs to build Rs 1 crore? Use this calculator

Learn how to calculate the monthly investment needed to build a Rs 1 crore corpus using Excels PMT function or a manual formula. The guide explains assumptions, calculation steps, and how changing returns, goals or timelines affects required investments for better financial planning.

6 Jul 2026 3:49 pm
EPF vs VPF under new EPF Scheme 2026: Here's how employee and employer contributions will work

EPFO: The EPF 2026 Scheme largely retains existing EPF contribution rules, with both employees and employers continuing to contribute 12% of wages, subject to the statutory wage ceiling. It also preserves the VPF framework, allowing employees to make higher voluntary contributions without requiring employers to match them, while offering flexibility to discontinue them later.

6 Jul 2026 3:25 pm
12 equity mutual funds deliver over 15% XIRR on SIP investments in 3 years. Are there any included in your portfolio?

A total of 12 equity mutual funds delivered an XIRR of over 15% on SIP investments over the last three years, according to an ETMutualFunds analysis of 255 schemes. Midcap and small-cap funds dominated the list, while just two funds posted negative SIP returns during the period.

6 Jul 2026 2:27 pm
Employee denied salary for more than three years due to pending disciplinary case; he fights and wins in Odisha HC; court directs state govt to release dues

The Odisha High Court has ordered the state government to release pending salary for an employee denied wages for over three years due to a stalled disciplinary case. The court emphasized the right to livelihood under Article 21, stating that withholding salary infringes upon basic human dignity. This landmark ruling ensures the employee receives dues, while the disciplinary proceedings continue separately.

6 Jul 2026 2:19 pm