July 31 isn’t just another tax deadline. It’s the point where tax planning ends and tax consequences begin. For most salaried and non-audit taxpayers, missing the ITR filing deadline means moving into the belated return regime, exposing yourself to late-filing consequences and, in certain cases, losing the ability to carry forward eligible losses. One misconception refuses to die: that the government may eventually roll back the 12.5% Long-Term Capital Gains (LTCG) tax on equities. The government’s own position is clear there is no proposal to abolish or reduce it. With equity LTCG collections touching about ₹1.29 lakh crore, capital gains tax has become a significant source of revenue rather than a temporary policy measure. If you hold foreign assets, accuracy matters even more than speed. Resident and Ordinarily Resident (ROR) taxpayers must disclose reportable foreign assets in Schedule FA, where values are converted using SBI’s Telegraphic Transfer Buying Rate (TTBR) as prescribed under the Income tax Rules not the exchange rate on the day you file your return. Many taxpayers also miss that Schedule FA follows the calendar year (January to December), not India’s April–March financial year. Even small overseas ESOP holdings or dormant foreign bank accounts can trigger reporting obligations, and inaccurate disclosure can carry severe consequences under the Black Money Act. The final 48 hours are the worst time to discover a missing document, an exchange rate mismatch or an incomplete foreign asset disclosure. File early. #IncomeTax #ITRFiling #TaxCompliance