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TAXABLE INCOME BELOW RS 12 LAKH
Rs 6.42 lakh travel expense disallowed as business expenditure over use of wife’s credit card; businessman contests tax order, wins relief in ITAT MumbaiRs 6.42 lakh foreign travel expenditure disallowed from business income as businessman used wife’s credit card to pay for it; ITAT Mumbai g...- Taxable income below Rs 12 lakh: Will you pay zero income tax if this income includes LTCG and STCG for Tax Year 2026-27?Indian residents and HUFs can use the basic exemption limit to lower capital gains tax. This provision under the Income Tax Act, 2025, rema...
- Rs 1.17 crore interest income of minor child: Father faces Rs 12.83 lakh penalty; ITAT Delhi cancels itSatbeer Singh Godara, judicial member and Amitabh Shukla, accountant member of ITAT Delhi, in a recent judgement ruled that a father can’t ...
- FD rate up to 8.5% for senior citizens investing for five years; know the list of banksSelect small finance banks offer senior citizens fixed deposit rates up to 8.5 percent. Suryoday Small Finance Bank provides 8.5 percent in...
- Rs 2.42 lakh FD investment and Rs 1.06 lakh cash deposits, no ITR filed, got income tax notice; senior citizen wins case in ITAT Jaipur after 9-year fightNo ITR filed, yet Rs 2.42 lakh FD investment, Rs 1.06 lakh cash deposits triggers tax notice for senior citizen; she wins case in ITAT Jaip...
- Will you pay lower income tax on mutual fund capital gains after retirement? Know 7 ways to reduce your tax burdenRetirement doesn't mean tax-free mutual fund income. Understand how capital gains, IDCW payouts, and SWPs are taxed. Discover strategies li...
- Two incomes, Rs 3 lakh a month, yet financial freedom feels distant: The double-income trapA Gurgaon-based founder has sparked an online discussion about why a household earning Rs 3 lakh a month may still struggle to feel financi...
- Landlord deposited Rs 14.96 lakh cash during demonetisation, got tax notice: ITAT Bangalore grants reliefLandlord took rent in cash, deposited Rs 14.96 lakh cash during demonitisation period; got Income tax notice, he wins case in ITAT Bangalor...
- How to get Rs 3 lakh/month from my Rs 2 crore EPF corpus?ET Wealth Reader's Query: I retired at 53 and have Rs 2 crore in my EPF account. I understand that I can continue to earn interest on the b...
- Rs 2 lakh a month by 25 or failure? CA explains why this social media benchmark could be financially dangerousCA Nitin Kaushik questions whether earning Rs 2 lakh a month by 25 is a genuine financial goal or merely a social media benchmark. He warns...
- Woman retired at 64 with $380,000 in her 401(k). Nine years later, her first RMD faced a 22% tax rateDuring the gap years, retirees often overlook essential tax planning opportunities. This crucial time allows them to manage their taxable i...
- Bengali Hindu landlord’s Rs 1.89-crore rental income faced tax dispute over HUF status: Why ITAT Delhi gave reliefBengali Hindulandlord earns Rs 1.89 crore rental income in Delhi, reports it in his HUF’sITR; Income Tax dept rejects it on the ground that...
- Rs 34.8 lakh difference in price and stamp duty added to husband's income for taxation despite jointly owned property - ITAT Mumbai calls it 'not justified'A husband and a wife bought a flat jointly for Rs 60 lakh, however, the stamp duty value stood at Rs 94.8 lakh, leading to a difference of ...
- Gamer invested Rs 2.61 crore to play online rummy and poker games; loses net Rs 28 lakh, files ITR reporting Rs 4 lakh income; gets tax notice; he wins case in ITAT BangaloreGamer invested Rs 2.61 crore to play online Rummy, poker games; loses net Rs 28 lakh, stops playing, files ITR reporting Rs 4 lakh income; ...
- Employee showed Rs 9.6 lakh EPF interest in ITR by mistake, got income tax notice: He fought and got full relief in ITAT MumbaiIncome Tax Dept sent tax notice for Rs 9.6 lakh EPF interest which employee never received but erroneously shown in ITR as received; he fig...
- Bengaluru earns, Chandigarh spends, Chennai borrows the most, Delhi is India’s biggest market: Study shows where Indians earn, save, spend and borrow the mostBengaluru tops the charts for household income and savings among India’s major cities, while Chennai records the highest debt-to-income rat...
- Missed August 31 ITR deadline? Know what ITR 3 and ITR 4 filers can do nowITR deadline: By the end of August 31, 2026, over 7.8 crore individuals completed their income tax return submissions. Those who did not fi...
- F&O tax rules: How derivatives traders should report profits, losses and expensesOne of the biggest misconceptions among retail traders is that profits from F&O are taxed like stock market gains. That is not the case. Un...
- New labour code impact: Rs 8k less take home pay likely for employee with Rs 15 lakh CTC; check the impact on CTCs of Rs 10 lakh, Rs 25 lakh and Rs 50 lakhNew labour codes mandate higher provident fund contributions for employees. This change reduces monthly take-home pay for many salaried ind...
- FD rate up to 8.5% for senior citizens investing for five years; know the list of banksFor senior citizens, certain banks have enticing fixed deposit options offering interest rates as high as 8.5 percent. These deposits, with...
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