The Income Tax Department has released the ITR-7 Excel Utility for Assessment Year 2026-27. Here's who is eligible to file ITR-7, how to download the utility, verification methods, and key filing deadlines.
Receiving a Form 16 with zero Tax Deducted at Source (TDS) does not automatically clear you from the obligation of filing an Income Tax Return (ITR). Tax experts point out that Form 16 only reflects the salary paid and tax withheld by a specific employer; it does not account for a taxpayer's complete financial profile, alternate income streams, or high-value transactions.
