Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will f ...More

Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will face interest charges and a late filing fee for delayed submissions. Not filing an ITR prevents claiming refunds and carrying forward losses. Virtual digital asset income is taxed regardless of the exemption limit. The tax department may issue notices for non-compliance and missed filings. ...Less

Contractual teachers held as employees by the tax department and on this ground, Rs 9.48 lakh tax demand ...More

Contractual teachers held as employees by the tax department and on this ground, Rs 9.48 lakh tax demand raised; ITAT Cochin rules administrative supervision over timings, attendance and leave does not automatically create an employer-employee relationship. Know what ITAT Cochin said about TDS on salary paid to contractual employees. ...Less

ET Wealth Reader's Query: I am 43, a homemaker, with mutual fund investments of Rs 35 lakh and stock inve ...More

ET Wealth Reader's Query: I am 43, a homemaker, with mutual fund investments of Rs 35 lakh and stock investments of Rs 50 lakh, mostly invested from my husband’s income. During FY2025 26, I received dividend income of Rs 98,000, on which TDS of Rs 4,000 was deducted. I have no short-term or long-term capital gains during the year. In earlier years, I filed ITR-1 and reported annual income of Rs 2-3 lakh from private tuition. Is it appropriate to continue reporting Rs 2-3 lakh as income from private tuition? If so, which ITR form should I file? ...Less

India's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty p ...More

India's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percent TDS. Specific provisions govern the taxation of cryptocurrencies and non-fungible tokens. Airdrops and staking rewards are taxed as income upon receipt. Non-disclosure of overseas holdings can invite severe penalties and prosecution. ...Less

Senior citizens can earn up to 7.75% p.a. on Bajaj Finance fixed deposits. An online calculator helps est ...More

Senior citizens can earn up to 7.75% p.a. on Bajaj Finance fixed deposits. An online calculator helps estimate maturity amounts for retirement planning. These deposits offer additional benefits for investors aged sixty and above. The highest safety ratings ensure timely payment of interest and principal. Booking a senior citizen fixed deposit online takes under ten minutes. ...Less

NRE and NRO accounts offer investment avenues for Non-Resident Indians in India. NRO accounts accept Indi ...More

NRE and NRO accounts offer investment avenues for Non-Resident Indians in India. NRO accounts accept Indian earnings, while NRE accounts hold international funds. Interest on NRO deposits faces tax, unlike NRE accounts which are tax-free. NRE funds are fully repatriable, and NRO funds have a yearly repatriation limit. Major banks offer similar interest rates on both NRE and NRO fixed deposits. ...Less

NRIs selling under-construction property must use the allotment date for capital gains. This date determi ...More

NRIs selling under-construction property must use the allotment date for capital gains. This date determines long-term versus short-term capital gains tax treatment. The Bombay High Court and other rulings support the allotment date as the acquisition point. This principle applies even when possession or registration occurs much later. Proper documentation of the allotment letter is crucial for NRIs. ...Less

ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include ...More

ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include not e-verifying and mismatched personal details. Reconciling income with Form 16 and AIS is crucial for successful submission. ...Less

Non-Resident Indians can park their Indian income in NRO fixed deposits. These deposits offer attractive ...More

Non-Resident Indians can park their Indian income in NRO fixed deposits. These deposits offer attractive interest rates, with some banks providing up to 6.75 percent. Banks like Bank of Baroda offer the highest rates on specific tenures. Investors should consider tax implications and Double Taxation Avoidance Agreements. Understanding these factors helps maximize returns on NRO fixed deposits. ...Less

ITR filing: Taxpayers have four days remaining to file their Income Tax Return by the July 31, 2026 deadl ...More

ITR filing: Taxpayers have four days remaining to file their Income Tax Return by the July 31, 2026 deadline. It is important to match Form 16 with AIS and Form 26AS for accurate tax deductions. Gather all income and deduction documents, and choose the correct tax regime for potential savings. ...Less

NRIs face complex tax rules when selling Indian property, often leading to excess tax deductions. Obtaini ...More

NRIs face complex tax rules when selling Indian property, often leading to excess tax deductions. Obtaining a Lower TDS certificate can prevent over-withholding on sale consideration. Understanding capital gains tax and available exemptions is crucial for maximizing returns. Recent changes have altered capital gains taxation for equities and debt funds. Proper documentation and timely filing are essential for claiming refunds and repatriating funds. ...Less

To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his ...More

To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his UAE bank a/c using Dubai exchange bureau; she got tax notice for unexplained property investment; she fights and wins case in ITAT Mumbai for this reason. Know how she won the case in ITAT Mumbai. ...Less

Individuals with business income must file ITR-3 for AY 2026-2027. This form captures various income sour ...More

Individuals with business income must file ITR-3 for AY 2026-2027. This form captures various income sources, including salary and capital gains. Taxpayers can file ITR-3 online through the e-filing portal. The process involves filling general information and specific schedules. E-verification must be completed within thirty days of submission. ...Less

NRI son gifted Rs 30 lakh shares to his father through an off-market transfer. Should it be reported in I ...More

NRI son gifted Rs 30 lakh shares to his father through an off-market transfer. Should it be reported in ITR? Although a genuine gift of shares from a son to his father is not regarded as a transfer for capital gains purposes in the hands of the donor, the reporting of such off-market transactions in the Annual Information Statement (AIS) often creates uncertainty. Experts explain AIS, tax rules and how to avoid notices. ...Less

New EPF withdrawal rules offer greater flexibility for salaried employees. Experts caution against withdr ...More

New EPF withdrawal rules offer greater flexibility for salaried employees. Experts caution against withdrawing retirement savings prematurely due to lost compounding. Transferring EPF balances is generally better than withdrawing when changing jobs. Withdrawing EPF can impact future Employees' Pension Scheme benefits significantly. Consider genuine needs like permanent relocation or financial hardship before withdrawing. ...Less

New income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures w ...More

New income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from October 2024. Prosecution provisions are softened with reduced jail terms and graded punishments. Several penalties are converted into fixed fees to reduce litigation and bring certainty. Penalty proceedings will merge with assessment proceedings from April 2026. ...Less

Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally ...More

Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individuals and HUFs with income up to fifty lakh rupees. However, certain conditions like foreign income or losses necessitate filing ITR-3. Essential documents include PAN, Aadhaar, bank details, and tax payment proofs. Ensuring an active PAN and validated bank account is crucial for filing. ...Less

NRIs investing in India must understand tax rules and residential status. Double Taxation Avoidance Agree ...More

NRIs investing in India must understand tax rules and residential status. Double Taxation Avoidance Agreements offer beneficial tax treatments for certain income streams. Recent changes affect capital gains and mutual fund taxation significantly for investors. Careful planning of investment exits and documentation is crucial for compliance. Adhering to FEMA and RBI regulations ensures smooth repatriation of funds. ...Less

Presumptive taxation simplifies income computation for eligible taxpayers. However, a tax audit may be re ...More

Presumptive taxation simplifies income computation for eligible taxpayers. However, a tax audit may be required if actual income falls below prescribed rates. This scheme benefits professionals and businesses with limited expenses and high margins. It reduces compliance burdens and the need for detailed record-keeping. Freelancers and gig workers should evaluate eligibility and profit margins carefully. ...Less

Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing t ...More

Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing this income tax return is July 31, 2026. This simplified form is for resident individuals with income up to fifty lakh rupees. It covers income from salary, one house property, and other specified sources. Taxpayers must log in to the e-filing portal and follow the guided steps. ...Less

Taxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within ...More

Taxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within thirty days can lead to penalties. Interest accrues on unpaid demands after the stipulated period expires. Ignoring these notices may result in being classified as an assessee in default. This classification empowers the tax department to initiate recovery proceedings. ...Less

After filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice conf ...More

After filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice confirms the tax department's preliminary processing of your filed return. It details any adjustments made to your income, deductions, and tax liability. Taxpayers must review this intimation carefully for any discrepancies or demands. Responding within thirty days is crucial to avoid penalties and interest. ...Less

Government departments must remit employee NPS contributions promptly to PFRDA. Delays in crediting NPS c ...More

Government departments must remit employee NPS contributions promptly to PFRDA. Delays in crediting NPS contributions will incur interest charges for employees. This interest will match the Public Provident Fund rate applicable at that time. Officials causing administrative delays face liability for pecuniary losses to the government. Departments must report actions taken regarding these NPS contribution remittance rules. ...Less

Existing tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications fi ...More

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. ...Less

Indian influencers and gig workers face significant tax compliance challenges. Many struggle with trackin ...More

Indian influencers and gig workers face significant tax compliance challenges. Many struggle with tracking income and claiming eligible deductions accurately. Discrepancies in TDS reporting create difficulties when filing income tax returns. Uncertainty surrounds the classification of influencers as businesses or professionals for taxation. Clearer guidelines are needed to simplify tax procedures for this evolving sector. ...Less

Aircraft lessors are repossessing planes from SpiceJet after the airline failed to pay lease rentals. The ...More

Aircraft lessors are repossessing planes from SpiceJet after the airline failed to pay lease rentals. The finance leasing arm of Industrial and Commercial Bank of China requested the DGCA to take back four Boeing 737 Max aircraft. Nearly eighty percent of SpiceJet's fleet is currently grounded amid continued financial woes and employee salary issues. The airline has run out of cash despite raising funds, which were used for statutory dues. ...Less

The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can ...More

The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can result in losing tax refunds and incurring penalties. Late filing fees of up to Rs 5,000 will apply to delayed submissions. Failure to file can impact loan and visa applications significantly. Filing before the deadline ensures tax compliance and avoids additional costs. ...Less

Taxpayers must review their Annual Information Statement before filing their Income Tax Return. This stat ...More

Taxpayers must review their Annual Information Statement before filing their Income Tax Return. This statement details financial transactions linked to a taxpayer's PAN for a specific year. Information is dynamically updated throughout the year as reports are processed by various entities. ...Less

Salaried individuals, pensioners, and students must select the appropriate ITR form for AY 2026-2027. Tax ...More

Salaried individuals, pensioners, and students must select the appropriate ITR form for AY 2026-2027. Taxpayers not requiring an audit can use ITR-1, ITR-2, or ITR-3 for their filings. The due date for filing income tax returns is July 31, 2027. Certain transactions necessitate filing an ITR even below basic exemption limits. Understanding these guidelines ensures accurate tax compliance for all individuals. ...Less

A careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalt ...More

A careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensuring that all eligible deductions and benefits are correctly claimed. The Income Tax Return (ITR) filing due date for salaried individuals is July 31, 2026 if they are not liable for tax audit. ...Less

Taxpayers should verify Annual Information Statement data for capital gains. Relying solely on AIS may le ...More

Taxpayers should verify Annual Information Statement data for capital gains. Relying solely on AIS may lead to incorrect income reporting for AY 2026-27. Download broker P&L statements and reconcile them with AIS information. Independent capital gains computation is crucial before filing income tax returns. This ensures accurate reporting and compliance with tax regulations. ...Less

According to the income tax rules, car dealers are required to deduct 1% TCS if the ex-showroom value of ...More

According to the income tax rules, car dealers are required to deduct 1% TCS if the ex-showroom value of the car exceeds Rs 10 lakh. However, do not confuse your total car cost with the ex-showroom price, which is the base retail cost excluding any kind of taxes, accessory charges etc. ...Less

Individuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary docum ...More

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. ...Less

Senior citizens can now secure fixed deposit interest rates up to 8.3% for a three-year term with select ...More

Senior citizens can now secure fixed deposit interest rates up to 8.3% for a three-year term with select small finance banks, offering a lucrative opportunity for savings. While deposits are insured up to Rs 5 lakh, experts advise caution. TDS is deducted if FD interest exceeds Rs 1 lakh annually, but eligible individuals can avoid this by submitting Form 15H. ...Less

Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Su ...More

Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Successful e-verification and matching tax records are crucial for timely refund processing. Pre-validating bank accounts and avoiding complex disclosures expedite the refund process. Mismatched information and unverified returns can significantly delay refund issuance. Accurate details and prompt responses ensure smoother refund processing for taxpayers. ...Less

Airlines are now exempt from deducting tax at source on lease rentals paid to eligible aircraft leasing c ...More

Airlines are now exempt from deducting tax at source on lease rentals paid to eligible aircraft leasing companies in GIFT City. This move aims to boost airline cash flow and position India as a global aircraft leasing hub. The exemption, effective immediately, simplifies compliance and raises the competitiveness of GIFT City-based lessors against offshore centers, encouraging more leasing activities within India. ...Less

Miscounted days in India, missed NRO interest and TDS mismatches can invite notices from a data-savvy tax ...More

Miscounted days in India, missed NRO interest and TDS mismatches can invite notices from a data-savvy tax department. ...Less

The Centre approved copra and Totapuri mango procurement for Tamil Nadu farmers. This move aims to shield ...More

The Centre approved copra and Totapuri mango procurement for Tamil Nadu farmers. This move aims to shield growers from distress sales due to falling market prices. The government will buy 87,226 metric tonnes of copra at MSP. Additionally, 96,879 metric tonnes of Totapuri mangoes will be procured under MIS. These interventions ensure remunerative prices and protect farmers from losses. ...Less

Senior Citizens Savings Scheme offers a higher interest rate than the Post Office Monthly Income Scheme. ...More

Senior Citizens Savings Scheme offers a higher interest rate than the Post Office Monthly Income Scheme. An investment of five lakh rupees in SCSS yields approximately forty-one thousand rupees annually. The Post Office Monthly Income Scheme provides nearly thirty-seven thousand rupees in annual interest. SCSS offers tax benefits on principal investment under Section 80C of the Income Tax Act. ...Less

Indian residents holding foreign assets must report them in Schedule FA. This reporting uses the calendar ...More

Indian residents holding foreign assets must report them in Schedule FA. This reporting uses the calendar year ending December 31, 2025. Assets held even for one day during this period require declaration. This applies irrespective of the foreign country's fiscal year. Failure to report can lead to penalties for non-compliance. ...Less

Sold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, wate ...More

Sold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, water, electricity and brokerage as expenses; Tax dept denied the expenses; ITAT Bangalore allows partly allows his expenses claim. Know why did the NRI win the tax case in ITAT Bangalore. ...Less

Mumbai ITAT ruled demerger share issuance by holding company invalidates loss carry-forward. A subsidiary ...More

Mumbai ITAT ruled demerger share issuance by holding company invalidates loss carry-forward. A subsidiary receiving business must issue shares for tax neutrality. This decision affects corporate restructuring and group reorganizations. Companies must now re-evaluate demerger structures and their tax implications. The ruling clarifies statutory conditions for tax-neutral demergers under the Income-tax Act. ...Less

Non-resident Indians (NRIs) and overseas citizens of India (OCIs) can consider investing in FCNR(B) and N ...More

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. ...Less

A Delhi landlord, busy caring for his ailing father, missed the deadline to e-verify his income tax retur ...More

A Delhi landlord, busy caring for his ailing father, missed the deadline to e-verify his income tax return, leading to a denied Rs 17 lakh refund. The Income Tax Appellate Tribunal (ITAT) Delhi intervened, ruling that withholding the refund on a technicality would amount to unjust enrichment. The tribunal emphasized that tax can only be collected by law, allowing the landlord to claim his rightful refund. ...Less

A significant tax relief has been granted to airlines, with India now exempting tax deducted at source (T ...More

A significant tax relief has been granted to airlines, with India now exempting tax deducted at source (TDS) on aircraft lease rentals paid to companies operating from International Financial Services Centres (IFSCs). This move, aimed at boosting aircraft leasing via GIFT IFSC, will ease cash flow for airlines by eliminating the need for upfront tax deductions. ...Less

Taxpayers filing updated returns face incorrect interest charges. Centralised Processing Centre calculate ...More

Taxpayers filing updated returns face incorrect interest charges. Centralised Processing Centre calculates Section 234B interest beyond tax payment dates. This leads to excess demands and additional income tax levies. The law mandates interest cessation upon full tax payment before filing. Taxpayers should seek rectification for these erroneous demands. ...Less

US President Donald Trump has shared an AI-generated video on Truth Social, depicting himself as a doctor ...More

US President Donald Trump has shared an AI-generated video on Truth Social, depicting himself as a doctor offering a 'treatment plan' for TDS. The clip features fictional patients crediting his advice for their recovery. The video concludes with Trump recommending avoiding 'fake news,' praying, and enjoying a Diet Coke for a remarkable life improvement. ...Less

New rules under the Income Tax Act 2025 are set to curb tax evasion by limiting cash transactions. Indivi ...More

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. ...Less

Consistently filing Income Tax Returns creates a verifiable financial document. Banks often request these ...More

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. ...Less

Foreign investors are receiving unexpected tax notices in India, even for transactions where no profit or ...More

Foreign investors are receiving unexpected tax notices in India, even for transactions where no profit or dividend was earned. The tax department is initiating reassessment proceedings, questioning the absence of income tax returns for share purchases. Experts highlight that such notices, potentially triggered by remittance data, may be misapplied to transactions that didn't generate income, causing confusion and compliance burdens for overseas entities. ...Less

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July marks crucial income tax deadlines for Indian taxpayers. The major deadline is July 31 for salaried ...More

July marks crucial income tax deadlines for Indian taxpayers. The major deadline is July 31 for salaried individuals and pensioners to file their Income Tax Returns (ITR), alongside numerous other compliance forms. ...Less

Parliament's Standing Committee on Finance is set to scrutinize the regulatory future of Virtual Digital ...More

Parliament's Standing Committee on Finance is set to scrutinize the regulatory future of Virtual Digital Assets (VDAs) on July 2nd. The committee will hear from the Reserve Bank of India regarding financial stability and money laundering concerns, followed by discussions with the Institute of Chartered Accountants of India on taxation and accounting. This crucial meeting aims to gather expert insights to shape India's approach to the burgeoning crypto ecosystem. ...Less

ITAT Mumbai found that full TDS credit has not been granted since assessee’s employer has deducted TDS bu ...More

ITAT Mumbai found that full TDS credit has not been granted since assessee’s employer has deducted TDS but has not remitted the same to the revenue. Because of this, full TDS credit didn’t reflect in her Form 26AS and so the Rs 3.91 lakh TDS credit claim was denied. Read on to know how the taxpayer won the case. ...Less

Even if your Form 16 shows zero tax payable due to the Section 87A rebate, filing an Income Tax Return (I ...More

Even if your Form 16 shows zero tax payable due to the Section 87A rebate, filing an Income Tax Return (ITR) might still be mandatory. Certain income levels, high-value transactions like significant bank deposits, foreign travel, or owning foreign assets can trigger a filing requirement. ...Less

ITR filing: Filing your Income Tax Return (ITR) offers significant advantages beyond just tax payment. It ...More

ITR filing: Filing your Income Tax Return (ITR) offers significant advantages beyond just tax payment. It's crucial for claiming refunds, carrying forward losses to reduce future tax, and enhancing loan and visa application prospects. Even if your income is below taxable limits, filing might be mandatory under certain conditions. ...Less

As taxpayers gear up for ITR filing in AY 2026-27, understanding the consolidated Form 168 (formerly AIS ...More

As taxpayers gear up for ITR filing in AY 2026-27, understanding the consolidated Form 168 (formerly AIS and Form 26AS) is crucial. This unified document offers a comprehensive view of your financial footprint, detailing income sources, investments, and tax credits. Reviewing it meticulously against your records helps ensure accurate reporting, prevent mismatches, and avoid potential tax notices, streamlining your return submission. ...Less

Crypto trading is booming in India's smaller cities, with Delta Exchange India emerging as a key player. ...More

Crypto trading is booming in India's smaller cities, with Delta Exchange India emerging as a key player. The platform offers low fees, full INR settlement, and features catering to both beginners and advanced traders. Notably, F&O trading on Delta Exchange avoids the 1% TDS and 30% flat tax, making it an attractive option for active participants seeking affordability and regulatory compliance. ...Less

Understanding Tax Deducted at Source (TDS) on your salary is crucial. Employers calculate your annual tax ...More

Understanding Tax Deducted at Source (TDS) on your salary is crucial. Employers calculate your annual tax liability based on declared income and deductions, then divide it to deduct tax monthly. This ensures smooth tax collection throughout the year. The article details TDS calculations for CTCs of Rs 15, 20, and 25 lakh under both old and new tax regimes, offering insights for salaried individuals. ...Less

With tech employees holding up to 80% of their net worth in a single stock, advisers say not selling is a ...More

With tech employees holding up to 80% of their net worth in a single stock, advisers say not selling is a real danger. ...Less

Individuals and Hindu Undivided Families (HUFs) are required to file income tax returns (ITR) if their to ...More

Individuals and Hindu Undivided Families (HUFs) are required to file income tax returns (ITR) if their total taxable income before the applicable exemptions and deductions exceeds the basic exemption limit. Even if you’re exempt, file a return if you have a refund due, or you need to apply for a loan, passport or visa. ...Less

EPFO services, including online claim submissions and passbook downloads, will be unavailable until July ...More

EPFO services, including online claim submissions and passbook downloads, will be unavailable until July 2 2026, due to a system migration. Members can check their EPF balance via a missed call if their UAN is linked with Aadhaar, PAN, and bank details. ...Less

Aarogya Setu 2.0, a new Personal Health Record app, launched today, offering users access to health servi ...More

Aarogya Setu 2.0, a new Personal Health Record app, launched today, offering users access to health services, secure record storage, and nearby facility searches. Developed under Ayushman Bharat Digital Mission, it integrates PM-JAY services and introduces Ayushman Sarathi, a WhatsApp chatbot for easier access. ...Less

Salaried individuals awaiting Form 16 for ITR filing can still proceed without it. Employers must issue t ...More

Salaried individuals awaiting Form 16 for ITR filing can still proceed without it. Employers must issue this TDS certificate by June 15th. If delayed, taxpayers can use salary slips, bank statements, and crucial documents like AIS and Form 26AS to verify income and tax details. These online statements, accessible via the Income Tax portal, are vital for accurate filing and ensuring TDS credit. ...Less

Over 30 years ago in 1995, Amish Anantrai Modi had booked some shops in a project for a total considerati ...More

Over 30 years ago in 1995, Amish Anantrai Modi had booked some shops in a project for a total consideration of Rs 25 lakh. In his complaint, the buyer said that he needed suitable commercial premises to expand his existing business activities and earn his livelihood by means of self-employment. However, the builder never started construction of the proposed project. ...Less

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NRIs view India with cautious optimism, recognizing its long-term growth potential despite recent market ...More

NRIs view India with cautious optimism, recognizing its long-term growth potential despite recent market flatness and rupee depreciation. Domestic institutional investment provides a structural buffer against volatility. Experts advise focusing on earnings compounding, financialization, and manufacturing themes, while carefully managing currency risks and tax regulations for optimal portfolio construction and wealth preservation. ...Less

NRIs are questioning India's investment appeal due to recent flat returns and rupee depreciation. However ...More

NRIs are questioning India's investment appeal due to recent flat returns and rupee depreciation. However, experts emphasize India's strong long-term structural growth story, driven by a young population and rising consumption. Despite short-term cycles and US market rallies, India offers attractive dollar returns over the long haul, supported by improving corporate earnings and a stable currency outlook. Diversified investment across key themes is recommended for sustained wealth creation. ...Less

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it ...More

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional tax and penalties may apply. This voluntary step helps avoid future disputes and keeps your tax records accurate. ...Less

ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income T ...More

ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income Tax Department scrutinises fund sources and can club income back to the original provider. This applies to FDs, shares, and gold, where income or capital gains from gifted assets are often taxed in the transferor's hands. Proper documentation and reporting are crucial to avoid penalties and tax demands. ...Less

The SC said that the homebuyer can make a claim for compensation for delayed possession. “The subsequent ...More

The SC said that the homebuyer can make a claim for compensation for delayed possession. “The subsequent receipt of possession cannot, by itself, extinguish the right of the allottee to seek adjudication of a claim for compensation for the alleged delay,” the top court stated. The top court has also revived the 2005 complaint made by the homebuyer. ...Less

Senior citizen FD interest rates: Bandhan Bank has boosted fixed deposit interest rates, offering senior ...More

Senior citizen FD interest rates: Bandhan Bank has boosted fixed deposit interest rates, offering senior citizens a compelling up to 7.95% rate on select tenures. This revision, effective June 20, 2026, also sees other customers benefiting from competitive rates. The bank's savings accounts also provide attractive returns for higher balances. ...Less

Resident and Ordinarily Resident (ROR) taxpayers with foreign assets or income must carefully disclose ov ...More

Resident and Ordinarily Resident (ROR) taxpayers with foreign assets or income must carefully disclose overseas investments, dividends and accounts while filing ITR. Direct foreign holdings require Schedule FA reporting, unlike Indian international mutual funds. Errors can attract penalties under the Black Money Act, making accurate disclosure and timely corrections essential for compliance. ...Less

Taxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the ...More

Taxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the challan was mistakenly filed under FY 2025-26. Failure to correct will prevent TDS credit for Tax Year 2026-27, increasing tax liability. The new TRACES portal does not yet support this correction. Timely correction ensures proper tax credit and avoids disputes. ...Less

While chasing higher returns often feels thrilling and makes you feel like you are winning, following dis ...More

While chasing higher returns often feels thrilling and makes you feel like you are winning, following disciple with a proper plan in mind is more likely to yield better returns for you over the long run. Financial planning helps you keep track of how much and where your hard-earned money is going. ...Less

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NRIs can significantly reduce tax on NRE deposits in India, as this income is tax-exempt. While NRO accou ...More

NRIs can significantly reduce tax on NRE deposits in India, as this income is tax-exempt. While NRO account interest is taxable in India, NRIs can leverage Double Taxation Avoidance Agreements (DTAAs) to potentially lower their tax burden or claim credits in their country of residence, avoiding double taxation. ...Less

The I-T Department’s growing scrutiny, using AI and data analytics tools, leaves little room for omission ...More

The I-T Department’s growing scrutiny, using AI and data analytics tools, leaves little room for omissions and errors, making accurate tax return filing more important than ever. ...Less

Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Informat ...More

Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Information Statement, effectively superseding the traditional Form 26AS. This new form consolidates all tax-related and financial transaction data linked to your PAN, offering a holistic view of your tax compliance. It's automatically generated, so taxpayers don't need to file it. ...Less

The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' tri ...More

The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability. This involves manipulating claims like House Rent Allowance (HRA) for undue benefits. Taxpayers who engaged in this practice are advised to voluntarily pay the correct tax and interest, or seek condonation from the department to avoid penalties and potential legal action. ...Less

NRIs and OCIs can use NRE accounts for overseas income and NRO accounts for India-sourced income, but tax ...More

NRIs and OCIs can use NRE accounts for overseas income and NRO accounts for India-sourced income, but tax treatment differs sharply. NRE interest is tax-free in India, while NRO interest attracts TDS and taxation. However, DTAA benefits may reduce the tax burden on NRO income and help avoid double taxation. ...Less

The "Nature of Employment" field in the ITR is more than a routine disclosure. An incorrect selection can ...More

The "Nature of Employment" field in the ITR is more than a routine disclosure. An incorrect selection can affect certain tax benefits, including exemptions on gratuity, commuted pension and leave encashment, as well as deductions for employer contributions to NPS, potentially leading to incorrect tax computation and compliance issues. ...Less

Multinational corporations in India face a new tax challenge following a High Court ruling against EY US. ...More

Multinational corporations in India face a new tax challenge following a High Court ruling against EY US. The court determined that payments for employees deputed to India constitute taxable 'foreign technical services' (FTS), not mere cost reimbursements. This decision could increase the cost of bringing in foreign expertise by up to 10%, prompting companies to re-evaluate their secondment arrangements and potential GST liabilities. ...Less

WazirX Futures brings direct INR access, the lowest fees in the domestic market, and built-in risk guardr ...More

WazirX Futures brings direct INR access, the lowest fees in the domestic market, and built-in risk guardrails to a segment that has quietly been leaking volume to offshore platforms. ...Less

A health probe is underway into liquid discharge from Tata's iPhone parts factory in Hosur. Farmers repor ...More

A health probe is underway into liquid discharge from Tata's iPhone parts factory in Hosur. Farmers report skin issues and contaminated farmland. The investigation adds to environmental concerns for Apple's manufacturing expansion in India. Water samples tested positive for E. coli. Tata states its analysis shows no contamination. The situation highlights a clash between industrial growth and local farming communities. ...Less

ET Wealth Reader's Query: I contributed to EPF until 2021 while working at an MNC. Since moving to a star ...More

ET Wealth Reader's Query: I contributed to EPF until 2021 while working at an MNC. Since moving to a startup in 2022 that doesn’t offer PF, my EPF account has been inactive. The corpus is about Rs 32 lakh, and I’m considering withdrawing and reinvesting it. Will the withdrawal be tax-free since my total service exceeds five years? Are there better options than withdrawal, such as transferring to NPS? What would be a good long-term investment strategy for this? ...Less

With the ITR filing season for AY 2026-27 now underway, many salaried taxpayers who faced TDS shocks in t ...More

With the ITR filing season for AY 2026-27 now underway, many salaried taxpayers who faced TDS shocks in the last quarter of FY 2025-26 are now encountering self-assessment tax and interest liability while preparing to file their income tax returns. This article outlines five practical ways, including the use of Forms Nos. 122 and 124, through which salaried employees can avoid such tax shocks for Tax Year 2026-27. ...Less

Tenants paying over Rs 50,000 monthly rent must deduct TDS. This applies to individuals and HUFs not requ ...More

Tenants paying over Rs 50,000 monthly rent must deduct TDS. This applies to individuals and HUFs not requiring tax audits. The TDS rate is 2% on gross rent. Tax is deducted in the last month of tenancy or financial year. Tenants deposit TDS via Form 26QC and issue Form 16C to landlords. Failure to comply incurs interest and penalties. ...Less

Delhi Jal Board has started a pilot project to monitor water quality in real-time. An online water analys ...More

Delhi Jal Board has started a pilot project to monitor water quality in real-time. An online water analyser is installed in Gulmohar Park to check pH and disinfectant levels. This initiative follows recent complaints of water contamination. If successful, the project will expand across Delhi. The technology aims to quickly identify contamination sources. ...Less

India's tax season now demands greater scrutiny for crypto investors as enforcement intensifies. New repo ...More

India's tax season now demands greater scrutiny for crypto investors as enforcement intensifies. New reporting requirements, including transaction-by-transaction entries in Schedule VDA and cross-referencing with exchange data, are crucial. Failure to comply accurately can lead to significant penalties, making diligent record-keeping essential for all participants. ...Less

The case dates back to 2010 when the two homebuyers had made bookings for 3BHK flats in a housing society ...More

The case dates back to 2010 when the two homebuyers had made bookings for 3BHK flats in a housing society project initially proposed in Noida. They were promised the possession of the flats in two years by 2012. However, following alleged disputes over land, the society shifted the project to Ghaziabad. ...Less

Tokenised gold is emerging as a new investment option in India. It uses blockchain to represent physical ...More

Tokenised gold is emerging as a new investment option in India. It uses blockchain to represent physical gold digitally. Investors can trade tokens easily, even in small amounts. However, this new product lacks regulation and faces high taxes. Experts advise caution and suggest it as an experimental investment. ...Less

The All India Defence Employees’ Federation (AIDEF) has urged the 8th Pay Commission to replace the AICPI ...More

The All India Defence Employees’ Federation (AIDEF) has urged the 8th Pay Commission to replace the AICPI-IW-based inflation measure with a dedicated cost-of-living index for central government employees and pensioners. It argues the revised CPI underestimates rising expenses on food, healthcare, housing and education, leading to inadequate DA, DR, pay revisions and pension protection. ...Less

Delhi is experiencing water shortages across several areas. The Delhi Jal Board's water production is sig ...More

Delhi is experiencing water shortages across several areas. The Delhi Jal Board's water production is significantly below its summer target. Low raw water supply has impacted major treatment plants. Efforts are underway to increase supply from Haryana. A pilot project for real-time water quality monitoring has been launched in Gulmohar Park. ...Less

Salaried individuals can still reduce their tax liability under the new tax regime for FY 2025-26. Key de ...More

Salaried individuals can still reduce their tax liability under the new tax regime for FY 2025-26. Key deductions include employer contributions to NPS and EPF, a standard deduction of Rs 75,000, and interest on home loans for let-out properties. Exempt perquisites and certain official allowances also offer tax benefits. ...Less

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India's income tax administration has become increasingly data-driven, with information from TDS/TCS repo ...More

India's income tax administration has become increasingly data-driven, with information from TDS/TCS reporting, SFT filings and other sources being integrated into the Annual Information Statement (AIS) and used to cross-check taxpayer disclosures. In this environment, filing an accurate and complete ITR is essential to avoid refund delays, tax demands, penalties, compliance alerts and notices. ...Less

An Indian pollution regulator has warned Tata Electronics, a key supplier for Apple's iPhones, about a po ...More

An Indian pollution regulator has warned Tata Electronics, a key supplier for Apple's iPhones, about a potential factory shutdown. The regulator alleges wastewater from the Tata plant in Hosur has contaminated groundwater near farms. Inspections found the factory discharged wastewater into a pond that overflowed. Tata claims an independent analysis shows full compliance with regulations. ...Less