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UPDATED RETURN TAX RULES
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...- Finance Act 2026: Updated return rules change for taxpayers reporting reduced lossesThe Finance Act, 2026, has plugged a significant gap. Earlier, an updated return could not be filed if unaccounted income merely reduced a ...
- $40 million Ferrari, $13 million tax twist: 87-year-old billionaire’s charity buy could cut his US tax billHerbert Wertheim purchased a Ferrari electric vehicle for forty million dollars. This significant charitable donation may qualify for a sub...
- India working on FDI clarifications for foreign money from its land-border neighboursIndia is clarifying foreign direct investment rules for bordering nations. These clarifications will guide investors from countries sharing...
- Rs 2.25-crore notice under Black Money Act to Delhi couple over Singapore, British Virgin Islands assets: ITAT Delhi gave full relief to taxpayer, know whyTax officer sent black money notice to Pitampura based couple and added Rs 2.25 undisclosed money from Singapore and British Virgin Islands...
- Retiring early? Know how much tax exemption can employees claim for VRSYou can claim full tax exemption on VRS if the scheme was launched under special framework; Know how it works for employees claiming VRS.
- Husband claims annual salary fell to Rs 36 lakh, cites Rs 1.7 crore home loan; court orders Rs 2 lakh monthly maintenance to wifeA Gurgaon family court ordered a husband to pay Rs 2 lakh monthly maintenance to his estranged wife and children despite a sharp income dro...
- Wealth managers turn to hybrid SIFs for higher, tax-efficient returnsSpecialised investment funds are changing wealth manager portfolio structures. Hybrid SIF strategies are increasingly included in allocatio...
- Rupee slide, valuation rules put foreign asset disclosure scheme out of reach for manyThe rupee's depreciation and strict valuation rules hinder foreign income disclosure. A one-time voluntary disclosure window allows regular...
- Tax notice in a deceased person's name? Don't ignore it; here's what legal heirs should doDid someone close to you leave behind unresolved tax responsibilities? Explore how heirs can address income tax notices, file overdue retur...
- Filing ITR4 by August 31 deadline? Check these 6 major changes if opting for presumptive taxation for AY 2026-27For the assessment year 2026-2027, new changes have been introduced impacting those filing ITR-4. Taxpayers need to be aware of six major u...
- Should you close your PPF account after becoming an NRI? Here’s what to know about maturity, withdrawal, and tax rulesMoving abroad as an NRI? Your PPF account might not need immediate closure. Discover how your contribution, withdrawal, and maturity option...
- Japan plans tax break to shake up low-return businessesJapan's government is considering tax breaks on non-core business sales. This move aims to accelerate corporate restructuring and industry ...
- FBAR 2026: Have more than $10,000 in foreign accounts? This overlooked U.S. filing rule could cost you thousands if you miss Form 114A foreign bank account can create a major U.S. tax filing duty. The FBAR, or FinCEN Form 114, applies when qualifying foreign accounts exce...
- Rs 5.31 lakh income tax refund denied as taxpayer did not claim it in the original ITR; he approaches ITAT Delhi and wins the case to get tax refund with interestRs 5.31 lakh tax refund denied as it was not claimed in the original ITR but in the subsequently filed Section 148 ITR; ITAT Delhi orders t...
- Missed reporting of overseas bank accounts, ESOPs, and foreign assets in Schedule FA of ITR? FAST-DS offers a chance to come cleanThere is an important caveat: the Black Money Act provides relief from Schedule FA penalty for certain foreign assets, other than immovable...
- IRS Adoption Credit 2026: Can eligible families claim up to $17,670 per child with Form 8839 and $5,120 refundable?The IRS Adoption Credit 2026 can provide up to $17,670 per eligible child for qualifying adoption expenses. The IRS raised the maximum from...
- Can the IRS EITC 2026 really deliver up to $8,231? Check these income and child rules before filing Form 1040The IRS EITC 2026 can put up to $8,231 back into the hands of eligible workers. But it is not a payment for everyone. Your earned income, f...
- US proposes new tax credit rules restricting refunds for some non-citizensThe US Treasury and IRS have proposed new rules restricting the refundable portion of four federal tax credits to US citizens, nationals an...
- Moving back to India? What NRIs need to know about US tax obligationsFrom RSUs to retirement accounts, what returning Indians must settle before—and after—they land. The first thing to understand is that immi...
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