The TDS rulesfor NRIs say that there isno thresholdlimit for TDS deduction, whereas resident Indians get ...More

The TDS rulesfor NRIs say that there isno thresholdlimit for TDS deduction, whereas resident Indians get a threshold limit of Rs 50 lakh before TDS isrequired to be deducted. Also the TDS rate for NRIs depends on three factors. Read the article. ...Less

For senior citizens, certain banks have enticing fixed deposit options offering interest rates as high as ...More

For senior citizens, certain banks have enticing fixed deposit options offering interest rates as high as 8.5 percent. These deposits, with a maximum limit of Rs 3 crore, are typically available for a five-year tenure. Importantly, if the interest earned exceeds Rs 1 lakh in a year, TDS is deducted. ...Less

SBI paid Rs 40.62 lakh rent to three landlords but erroneously reported entire TDS against one landlord's ...More

SBI paid Rs 40.62 lakh rent to three landlords but erroneously reported entire TDS against one landlord's PAN, leading to tax dept denying Rs 2.7 lakh TDS credit as landlord only declared 1/3rd rent in ITR; Landlord fights in ITAT Agra and wins case; Know why ...Less

Employee switched job and got Rs 30 lakh salary on which TDS was deducted, forgot to file ITR, Tax dept s ...More

Employee switched job and got Rs 30 lakh salary on which TDS was deducted, forgot to file ITR, Tax dept sent notice and imposed Rs 3.74 lakh penalty, he fights and wins case in ITAT Delhi ...Less

The Finance Act, 2026, has plugged a significant gap. Earlier, an updated return could not be filed if un ...More

The Finance Act, 2026, has plugged a significant gap. Earlier, an updated return could not be filed if unaccounted income merely reduced a reported loss and the corrected return remained a loss return. The amendment now permits such loss reduction updated returns retrospectively from 1 March 2026. ...Less

Rs 5.31 lakh tax refund denied as it was not claimed in the original ITR but in the subsequently filed Se ...More

Rs 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 the tax dept to issue the refund with interest. ...Less

New York's Tonawanda Creek was once impaired by agricultural pollution. Farmers implemented best manageme ...More

New York's Tonawanda Creek was once impaired by agricultural pollution. Farmers implemented best management practices to reduce soil erosion and nutrient runoff. Water quality monitoring showed significant improvements after these conservation efforts. Grants supported these practices, which helped meet state water standards. ...Less

Fixed Deposit (FD) rate for senior citizens investing for five years. The article has a chart using which ...More

Fixed Deposit (FD) rate for senior citizens investing for five years. The article has a chart using which you can compare the top banks which is giving such high interest rate on FDs. Also know about when you can prevent TDS deduction from FD using Form 15H (senior citizens only). ...Less

Selling inherited property? Know who among the brothers and sisters are liable to pay capital gains tax o ...More

Selling inherited property? Know who among the brothers and sisters are liable to pay capital gains tax on it and how to claim tax relief. ...Less

R Sivakumar, CIO, Axis Mutual Fund, believes the starting point should be a diversified asset-allocation ...More

R Sivakumar, CIO, Axis Mutual Fund, believes the starting point should be a diversified asset-allocation framework rather than market views alone. ...Less

Freelancers preparing for AY 2026-27 have a new ITR submission deadline, offering relief to many. Underst ...More

Freelancers preparing for AY 2026-27 have a new ITR submission deadline, offering relief to many. Understanding tax audit requirements is essential and varies based on turnover, with distinct reporting dates. Selecting the appropriate ITR form such as ITR-3 or ITR-4 plays a crucial role in accurately reporting income. Eligible business expenses can be claimed by freelancers, which helps minimize their tax burden, while income from foreign clients needs clear disclosure. ...Less

ET Wealth Reader's Query: I jointly own a property with my wife, although it was funded entirely by me. I ...More

ET Wealth Reader's Query: I jointly own a property with my wife, although it was funded entirely by me. If I sell this property, is it necessary to purchase the new property in our joint names to qualify for the Long-Term Capital Gains (LTCG) tax exemption, or can I purchase the new property solely in my name? ...Less

Senior Income Tax officials met in Jaipur for a two-day conclave. They discussed improving taxpayer servi ...More

Senior Income Tax officials met in Jaipur for a two-day conclave. They discussed improving taxpayer services and reducing litigation for the department. Discussions also covered strengthening infrastructure and creating an actionable future roadmap. E-HRMS, service matters, and capacity building were extensively deliberated upon. The conclave concluded with a focus on future departmental functioning and priorities. ...Less

New labour codes mandate higher provident fund contributions for employees. This change reduces monthly t ...More

New labour codes mandate higher provident fund contributions for employees. This change reduces monthly take-home pay for many salaried individuals. Salaried employees having Rs 15 lakh CTC may get up to Rs 7,928 less net take home pay after new labour code is applied; Know what happens for Rs 10 lakh, 25 lakh and 50 lakh CTC. ...Less

A recent ITAT decision clarified ESOP repurchase taxation. The tax tribunal ruled that repurchased option ...More

A recent ITAT decision clarified ESOP repurchase taxation. The tax tribunal ruled that repurchased options are capital assets, not perquisites. This decision provides significant relief and clarity for employees and startups. Substance over form prevails, ensuring correct tax treatment regardless of filings. Employees should understand vesting, exercise, and repurchase rules for ESOPs. ...Less

New rules are being prepared for electronic applications for lower TDS certificates. Taxpayers can soon a ...More

New rules are being prepared for electronic applications for lower TDS certificates. Taxpayers can soon apply online for reduced or nil tax deductions. This initiative aims to ease compliance burdens for small taxpayers. The Income Tax department disposed of many appeals in the last fiscal year. Faceless assessments were also completed, though fewer than previously. ...Less

While a weaker rupee means more rupees for every dollar remitted, it can also erode the dollar value of I ...More

While a weaker rupee means more rupees for every dollar remitted, it can also erode the dollar value of INR-denominated investments over time. ...Less

Rising crypto Futures trading volumes in India do not signal market maturity, writes Vikram Subburaj, CEO ...More

Rising crypto Futures trading volumes in India do not signal market maturity, writes Vikram Subburaj, CEO of Giottus.com. High leverage inflates turnover without building spot market depth. True maturity requires transparent disclosures, robust spot liquidity, strict asset segregation, verifiable custody, and stronger investor protection safeguards on compliant onshore platforms. ...Less

When selling Indian assets, be cautious of the potential tax implications linked to your country of resid ...More

When selling Indian assets, be cautious of the potential tax implications linked to your country of residence. Tax obligations can vary based on your residency timeline and applicable regulations. Read on to understand how your residency can impact your tax bill if you are an NRI in the US, UK, Canada, Australia, Singapore or UAE. ...Less

Post office time deposits provide a reliable income source, supported by government assurance for investo ...More

Post office time deposits provide a reliable income source, supported by government assurance for investors. When you invest Rs 5 lakh, the maturity amounts vary significantly depending on your chosen tenure. The government updates interest rates quarterly, resulting in maturity values ranging from Rs 5.35 lakh to Rs 7.24 lakh. It's important to note that only the 5-year time deposit qualifies for tax benefits. ...Less

Raghvendra Nath, MD, Ladder Up Wealth Management, believes equities should form the core of an NRI’s Indi ...More

Raghvendra Nath, MD, Ladder Up Wealth Management, believes equities should form the core of an NRI’s India portfolio, while fixed income and alternative investments can provide diversification. ...Less

Private credit, REITs, InvITs and PMS are gaining interest for their potential to provide differentiated ...More

Private credit, REITs, InvITs and PMS are gaining interest for their potential to provide differentiated return streams, contractual cash flows and exposure to India’s growth story. ...Less

This Haryana man's case was picked up for scrutiny, and during the proceedings the Assessing Officer foun ...More

This Haryana man's case was picked up for scrutiny, and during the proceedings the Assessing Officer found large cash deposits, unsecured loans worth crores, and discovered that the Rs 3 lakh agricultural income wasn’t substantiated by supporting evidence. Read on to know what happened next, and what has the ITAT ordered. ...Less

Succession planning involves connected legal and tax events, not just death. Income earned before death m ...More

Succession planning involves connected legal and tax events, not just death. Income earned before death must be reported by the deceased's representative. Income arising after death is taxable to the executor or administrator. Individual and HUF property tax treatments differ significantly based on acquisition. Proper record-keeping is essential for calculating capital gains and tax liabilities. ...Less

Earning income from futures and options trading or other side hustles? Cumbersome compliance, reconciliat ...More

Earning income from futures and options trading or other side hustles? Cumbersome compliance, reconciliation and disclosures mean taxpayers should not wait until 31 August to file. Salaried taxpayers with income from side hustles should start by reconcil ing their Form 16 with the Annual Information Statement (AIS) and Form 26AS. Tally your income records with tax credits displayed in the form. ...Less

India could reach a $20 trillion economy by 2036 with reforms. This requires sustained rupee growth and a ...More

India could reach a $20 trillion economy by 2036 with reforms. This requires sustained rupee growth and appreciation, according to a research report. Services will become the principal engine of economic expansion, growing significantly. Proposed reforms span multiple sectors, including capital markets and human capital. Successful execution across many fronts will determine achieving this ambitious economic milestone. ...Less

Over the last decade, Crompton has expanded beyond its core categories through sustained investments in t ...More

Over the last decade, Crompton has expanded beyond its core categories through sustained investments in technology and product innovation. ...Less

The Delhi High Court has asked the government for its response on a plea. This plea seeks automatic tax d ...More

The Delhi High Court has asked the government for its response on a plea. This plea seeks automatic tax deducted at source refunds for individuals not owing income tax. Currently, these individuals must file an income tax return to claim their refunds. The court is considering directing immediate processing of unclaimed TDS refunds up to ₹5,000. A permanent automatic TDS refund mechanism for future years is also being sought. ...Less

Based on ground intelligence and analysis of data, Income tax dept Income tax dept has identified suspici ...More

Based on ground intelligence and analysis of data, Income tax dept Income tax dept has identified suspicious entities who sent money abroad; Know what to do ...Less

Filing your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, ...More

Filing your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between reported earnings and the data the department holds. Additional sources of income, misreported TDS or TCS credits, and large cash transactions lacking corresponding declared income can trigger further scrutiny. ...Less

Indian residents' outward remittances have significantly increased, reaching a record USD 31.73 billion b ...More

Indian residents' outward remittances have significantly increased, reaching a record USD 31.73 billion by FY2023-24. Digital reforms and infrastructure upgrades have streamlined the process for investing abroad. Online Form A2 submissions and remote identification now allow faster transactions. Recent changes have removed value caps and widened permissible remittance purposes. These developments make global markets more accessible for millions of Indians. ...Less

The Central Secretariat Club faces eviction after its recognition was revoked by the Department of Person ...More

The Central Secretariat Club faces eviction after its recognition was revoked by the Department of Personnel and Training. The Directorate of Estates has ordered the club to vacate its government-allotted premises at Park Lane. The club has challenged both orders in the Delhi High Court, seeking to maintain status quo. ...Less

TD Power Systems shares surged after the company reported a strong Q1FY27 performance. Profit after tax r ...More

TD Power Systems shares surged after the company reported a strong Q1FY27 performance. Profit after tax rose 72% YoY to Rs 86 crore, while revenue and EBITDA jumped 71% and 72%, respectively, driven by robust operational growth. ...Less

Retirement is not synonymous with tax freedom. Your pensions, interest income, rental earnings, and capit ...More

Retirement is not synonymous with tax freedom. Your pensions, interest income, rental earnings, and capital gains may still incur taxes. It's crucial to identify which income streams are subject to taxation and which advantages remain untaxed to prevent errors and manage your finances wisely. Learn strategies to legally minimize your tax responsibilities after retirement and bolster your financial stability. ...Less

Dubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn ...More

Dubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Schedule FA of ITR; ITAT Delhi upholds Rs 1.86 lakh penalty under Black Money Act, 2015. Know why did he lose the case. ...Less

Digital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transacti ...More

Digital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transactions do not match your declared income. The Income Tax Department cross-verifies financial data from various sources. Taxpayers should regularly check their Annual Information Statement and reconcile records. Maintaining transaction records and accurately reporting income prevents unnecessary scrutiny. ...Less

Select banks offer senior citizens fixed deposit interest rates up to 8.3 percent. Jana Small Finance Ban ...More

Select banks offer senior citizens fixed deposit interest rates up to 8.3 percent. Jana Small Finance Bank provides this highest rate for a three-year term. TDS is deducted if FD interest exceeds Rs 1 lakh annually for senior citizens. Senior citizens can submit Form 15H to avoid TDS if their tax liability is zero. This form helps banks avoid deducting tax when income falls below taxable limits. ...Less

Non-Resident Indians (NRIs) are prohibited from making new investments in RBI floating rate savings bonds ...More

Non-Resident Indians (NRIs) are prohibited from making new investments in RBI floating rate savings bonds; however, those who are existing holders may maintain their investments. The bonds offer an attractive interest rate of 8.05%, bolstered by government guarantees. ...Less

Urban Company has launched its Native M3 and Native M3 Pro water purifiers with a three-year unconditiona ...More

Urban Company has launched its Native M3 and Native M3 Pro water purifiers with a three-year unconditional warranty and no routine servicing or filter replacement during that period. Speaking to The Economic Times, Co-Founder and COO Varun Khaitan said the company's years of experience in repairing appliances and serving customers helped shape better products, with the latest purifiers featuring long-lasting filters, connected monitoring and lower lifetime ownership costs. ...Less

Selling Indian investments triggers capital gains tax for NRIs, with rules varying by asset type. Propert ...More

Selling Indian investments triggers capital gains tax for NRIs, with rules varying by asset type. Property sales offer significant tax reduction opportunities through reinvestment and documentation. Agricultural land taxation depends on its location, with rural land generally exempt from tax. Listed shares and mutual funds have specific tax treatments and exemptions for long-term gains. Careful planning and seeking expert advice are crucial before selling any Indian asset. ...Less

FCNR (B) FD: For NRIs, the potential gains from FCNR(B) deposits may be undermined by Singapore's tax pol ...More

FCNR (B) FD: For NRIs, the potential gains from FCNR(B) deposits may be undermined by Singapore's tax policies. Interest earnings from Indian banks are recognized as originating from Singapore, triggering local taxes that can diminish effective yields on these deposits. Conversely, payments made to Indian banks' Singapore branches do not incur this tax. It's crucial for investors to assess these tax ramifications before engaging in FCNR(B) investment activities. ...Less

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

Higher monetary limits for tax appeals have reduced disputed tax demand by about ₹16,690 crore, with over ...More

Higher monetary limits for tax appeals have reduced disputed tax demand by about ₹16,690 crore, with over 23,000 departmental cases withdrawn or not filed across ITAT, high courts and the Supreme Court. ...Less

Sweep-in fixed deposits and liquid funds offer better returns than savings accounts. Sweep-in FDs provide ...More

Sweep-in fixed deposits and liquid funds offer better returns than savings accounts. Sweep-in FDs provide immediate access for money needed within a week. Liquid funds become more attractive for holding periods around three months. Combining both options balances liquidity, returns, and flexibility effectively. Taxation differs, with FD interest taxed as it accrues and fund gains taxed upon redemption. ...Less

Taxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income ...More

Taxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income Tax Department processes refunds after successful e-verification of the filed returns. ...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

Despite their benefits, REITs have not found widespread acceptance. Tax treatment is a major hurdle. When ...More

Despite their benefits, REITs have not found widespread acceptance. Tax treatment is a major hurdle. When investing directly in REITs, investors face multiple layers of taxes. But two things have now changed. From 1 January 2026, REITs are classified as equity for taxation purposes. This means gains on investments held for more than 12 months qualify as LTCG and are taxed at 12.5%. ...Less

GIFT City offers NRIs and OCIs a dollar-denominated investment ecosystem. This financial hub provides acc ...More

GIFT City offers NRIs and OCIs a dollar-denominated investment ecosystem. This financial hub provides access to global and Indian investment products. Investors can avoid rupee conversion and navigate repatriation rules easily. Various investment options like mutual funds and fixed deposits are available. Read the article to look at the investment options, tax benefits, and the process to get started. ...Less

FPIs pulled out a record ~$18 billion (₹1.7 lakh crore) that year. 2026 has been worse, rupee returns are ...More

FPIs pulled out a record ~$18 billion (₹1.7 lakh crore) that year. 2026 has been worse, rupee returns are down 10% from the year's high, and FPIs have now taken out close to $28 billion (₹2.6 lakh crore). ...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

Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice ...More

Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent liability; ITAT Mumbai cancels tax notice and rejects tax dept's contention. Know the full details of what happened in this case. ...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

Missing the July 31, 2026 ITR filing deadline incurs a late fee. Belated returns can be filed with intere ...More

Missing the July 31, 2026 ITR filing deadline incurs a late fee. Belated returns can be filed with interest and a penalty up to Rs 5,000. Crypto investors lose the ability to carry forward losses to future tax periods. Non-filing can trigger tax notices from the department. Options include condoning the delay or filing a belated return. ...Less

Rs 6.63 crore penalty imposed on salaried employee for reporting perquisite as capital gains in ITR; ITAT ...More

Rs 6.63 crore penalty imposed on salaried employee for reporting perquisite as capital gains in ITR; ITAT Mumbai grants relief, says salaried employees may not be well versed in complex tax provisions. Read the story to know the full details. ...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

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 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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

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