With the introduction of Form 141, taxpayers can easily report TDS by combining several earlier forms int ...More

With the introduction of Form 141, taxpayers can easily report TDS by combining several earlier forms into one streamlined approach. This update simplifies compliance for reporting transactions relating to rent, property transfers, and virtual digital assets. ...Less

Currently, multiple banks are offering attractive fixed deposit interest rates that go up to 8.25% specif ...More

Currently, multiple banks are offering attractive fixed deposit interest rates that go up to 8.25% specifically for senior citizens. Suryoday Small Finance Bank stands out, boasting the highest rate for five-year deposits. While many banks propose rates hovering between 5.75% and 7.77%. ...Less

The income tax department in India has identified significant tax evasion by thousands of restaurants. Ap ...More

The income tax department in India has identified significant tax evasion by thousands of restaurants. Approximately 8,000 restaurants showed discrepancies between their earnings and income tax filings over four years. The government aims to improve tax compliance through new measures and data analytics. Authorities previously estimated substantial under-reported income linked to missing sales records. The initiative intends to ensure fair taxation within the restaurant sector moving forward. ...Less

The proposed levy covers plastic waste, discarded tyres, electrical and electronic scrap, and used cookin ...More

The proposed levy covers plastic waste, discarded tyres, electrical and electronic scrap, and used cooking oil. Under the framework, registered buyers will have to deduct TDS when purchasing from registered suppliers and pay GST under RCM on purchases from unregistered sellers, even when the latter fall below the GST registration threshold. ...Less

Contemplating a Voluntary Retirement Scheme (VRS)? Prior to making your decision, it’s crucial to analyze ...More

Contemplating a Voluntary Retirement Scheme (VRS)? Prior to making your decision, it’s crucial to analyze the overall financial implications, including taxation aspects and the treatment of different package components. Be clear on the eligibility for tax breaks and ensure that your financial security after retirement is adequately planned. ...Less

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When it comes to Non-Resident External (NRE) and Non-Resident Ordinary (NRO) fixed deposits, understandin ...More

When it comes to Non-Resident External (NRE) and Non-Resident Ordinary (NRO) fixed deposits, understanding their distinct tax implications is crucial. NRE deposits provide tax-free interest earnings in India, making them advantageous for NRIs. On the other hand, interest from NRO fixed deposits incurs TDS. ...Less

SBI FD interest rate: Investors frequently look to calculate the maturity amounts for their fixed deposit ...More

SBI FD interest rate: Investors frequently look to calculate the maturity amounts for their fixed deposit investments with the State Bank of India. Factors such as tenure and current interest rates play significant roles in these calculations. ...Less

FD interest rate for senior citizents: Senior citizens can take advantage of attractive fixed deposit int ...More

FD interest rate for senior citizents: Senior citizens can take advantage of attractive fixed deposit interest rates from various banking institutions. For instance, Suryoday Small Finance Bank shines by offering an impressive 8.50% on five-year fixed deposits, while DCB Bank provides a commendable 8%. ...Less

For senior citizens eyeing steady income, evaluating National Savings Certificates against bank fixed dep ...More

For senior citizens eyeing steady income, evaluating National Savings Certificates against bank fixed deposits is crucial. Investing Rs 2.5 lakh in NSC yields a more favorable maturity amount than many bank FDs. ...Less

Arch Manning's recent performances have impacted his draft stock negatively, allowing Jeremiah Smith to r ...More

Arch Manning's recent performances have impacted his draft stock negatively, allowing Jeremiah Smith to rise as the potential first overall pick. Mock drafts are considering Notre Dame's cornerback Leonard Moore or Oklahoma State's quarterback Drew Mestemaker for the second overall pick, both showcasing impressive talents. Additionally, edge rushers Colin Simmons and Dylan Stewart are competing fiercely for draft positions. ...Less

Beginning 1 October 2026, resident Indian buyers will enjoy simplified compliance when purchasing propert ...More

Beginning 1 October 2026, resident Indian buyers will enjoy simplified compliance when purchasing property from non-resident sellers. They will be able to use their Permanent Account Number instead of obtaining a Tax Deduction and Collection Account Number. This amendment aims to reduce the burden of compliance on individual buyers. Buyers will also be required to provide the seller's contact information and overseas address. ...Less

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For senior citizens aged 60 and above, numerous banks are offering fixed deposit interest rates as high a ...More

For senior citizens aged 60 and above, numerous banks are offering fixed deposit interest rates as high as 8.5%. Jana Small Finance Bank has an attractive 8.3% rate for three-year terms, while Utkarsh Small Finance Bank offers 8%. To avoid TDS, seniors should submit Form 15H if their annual income stays beneath the taxable limit, with TDS applied if FD interest exceeds Rs 1 lakh. ...Less

The Central Board of Direct Taxes is set to simplify TDS compliance requirements for residents buying pro ...More

The Central Board of Direct Taxes is set to simplify TDS compliance requirements for residents buying property from non-residents. From October 1, 2026, residents can use their PAN instead of obtaining a TAN for taxing purposes. This change is aimed at making tax compliance easier in such real estate transactions. Eligible resident individuals and Hindu undivided families can use Form 141 to report TDS deductions. ...Less

ET Wealth reader's query: I was an NRI until FY2024–25. After relocating to India, my residential status ...More

ET Wealth reader's query: I was an NRI until FY2024–25. After relocating to India, my residential status changed to ‘resident’ from FY2025–26. While I was an NRI, I invested in fixed deposits through my NRE account, and these deposits are due to mature in FY27. Will the interest earned on these NRE fixed deposits be taxable in India? ...Less

The CBDT has announced an extension for tax audit and ITR filing deadlines for Assessment Year 2026-27. T ...More

The CBDT has announced an extension for tax audit and ITR filing deadlines for Assessment Year 2026-27. Taxpayers must now file their returns by November 21, 2026, while the tax audit report is required by October 21, 2026. Accurate reporting and compliance checks are essential to avoid scrutiny from the income tax department. Companies should reconcile tax details and be mindful of additional reporting obligations. ...Less

From October 1, 2026, Indian property buyers can buy properties from non-residents without getting a TAN. ...More

From October 1, 2026, Indian property buyers can buy properties from non-residents without getting a TAN. Instead a new system has been launched by the Finance Ministry under which the buyer needs to file Form 141 and fill Schedule E and then issue the TDS certificate in Form 132 to the non-resident. Earlier this system was very complicated, now it has been made comparatively easier. ...Less

The CBDT has amended Income-tax Rules, 2026, allowing buyers to deposit and report TDS under Section 393( ...More

The CBDT has amended Income-tax Rules, 2026, allowing buyers to deposit and report TDS under Section 393(2) of the Income-tax Act, 2025 through a PAN-based challan-cum-statement in Form 141. The changes will take effect from October 1, 2026. The move, which follows the Budget 2026 announcement, is aimed at simplifying compliance for property buyers, particularly in transactions that may be one-off in nature. ...Less

Missed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing be ...More

Missed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing belated returns, potential fees, interest, and the crucial condonation process if even that window has passed. Understand the implications for carry-forward losses and deductions. Avoid common mistakes to ensure your refund is processed smoothly. ...Less

NPCI, which manages UPI, has brought in a merchant discount rate of 0.4% on certain person-to-merchant UP ...More

NPCI, which manages UPI, has brought in a merchant discount rate of 0.4% on certain person-to-merchant UPI payments above Rs 2,000. ...Less

In a standout performance, Drake London caught nine passes for an astounding 194 yards, helping the Atlan ...More

In a standout performance, Drake London caught nine passes for an astounding 194 yards, helping the Atlanta Falcons secure a 35-14 win against the Green Bay Packers. His fiancee, Sofia Rose Gabay, gave him a simple yet crucial advice before he entered the field. London and Gabay got engaged in in July this year as they marked three years of togetherness. ...Less

The proposed transaction shall be subject to satisfactory completion of due diligence, receipt of all req ...More

The proposed transaction shall be subject to satisfactory completion of due diligence, receipt of all requisite approvals and execution of the JDA. ...Less

Tax residency, bank accounts, Dubai property and gratuity all need sorting before and after you fly home. ...More

Tax residency, bank accounts, Dubai property and gratuity all need sorting before and after you fly home. ...Less

FD interest rates: Many banks are currently promoting compelling interest rates for 555-day fixed deposit ...More

FD interest rates: Many banks are currently promoting compelling interest rates for 555-day fixed deposits. While general depositors can enjoy rates of up to 7.25%, senior citizens benefit even more, with rates peaking at 7.50% for the same duration. Notably, City Union Bank and Karnataka Bank offer competitive options. It's advisable for depositors to check the latest rates before making any decisions on fixed deposits. ...Less

Gig platforms are integrating tax filing assistance into their apps. Many delivery partners receive tax r ...More

Gig platforms are integrating tax filing assistance into their apps. Many delivery partners receive tax refunds after deductions at source. This service helps workers establish formal financial records for credit applications. Platforms like Zomato and Swiggy facilitate these filings for numerous partners. This shift signifies growing tax compliance within India's gig economy. ...Less

The excitement around AI and high-profile IPOs is undeniable—but the bigger question is whether valuation ...More

The excitement around AI and high-profile IPOs is undeniable—but the bigger question is whether valuations are being driven by current business economics or expectations of what these companies could become five or ten years from now. ...Less

Select small finance banks offer senior citizens fixed deposit rates up to 8.5 percent. Suryoday Small Fi ...More

Select small finance banks offer senior citizens fixed deposit rates up to 8.5 percent. Suryoday Small Finance Bank provides 8.5 percent interest on five-year fixed deposits for seniors. Jana Small Finance Bank offers 8 percent interest on similar fixed deposit terms. Banks deduct TDS on FD interest exceeding one lakh rupees for senior citizens. Senior citizens can submit Form 15H to avoid TDS if their tax liability is zero. ...Less

The second advance tax instalment deadline is September 15, 2026. Failure to pay by this date incurs pena ...More

The second advance tax instalment deadline is September 15, 2026. Failure to pay by this date incurs penal interest charges. Advance tax is income tax paid in instalments during the financial year. Individuals with a tax liability exceeding Rs 10,000 must pay advance tax. Penal interest under Sections 234B and 234C applies for late or short payments. ...Less

Satbeer Singh Godara, judicial member and Amitabh Shukla, accountant member of ITAT Delhi, in a recent ju ...More

Satbeer Singh Godara, judicial member and Amitabh Shukla, accountant member of ITAT Delhi, in a recent judgement ruled that a father can’t be slapped with Rs 12.83 lakh penalty under Section 270A if his ITR-reported income matches the assessed income and the only point of contention is the tax benefit from the India-United Arab Emirates (UAE) DTAA treaty. ...Less

Rs 6.42 lakh foreign travel expenditure disallowed from business income as businessman used wife’s credit ...More

Rs 6.42 lakh foreign travel expenditure disallowed from business income as businessman used wife’s credit card to pay for it; ITAT Mumbai gives relief to taxpayer. Challa Nagendra Prasad, Judicial Member and G.M. Doss, Accountant Member of ITAT Mumbai heard this case. ...Less

Highest senior citizen FD interest rates: Small finance banks offer senior citizens the highest fixed dep ...More

Highest senior citizen FD interest rates: Small finance banks offer senior citizens the highest fixed deposit rates currently. Equitas, ESAF, and Suryoday Small Finance Banks provide 8.50% interest. Public sector banks like Bank of India offer competitive rates on specific tenures. ...Less

The Taxation and Other Laws (Amendment) Act, 2026 addresses existing dividend tax discrepancies for unith ...More

The Taxation and Other Laws (Amendment) Act, 2026 addresses existing dividend tax discrepancies for unitholders by granting unconditional exemptions. Despite this, the established withholding tax regulations for BTs have not been modified, leading to possible inconsistencies. Non-resident investors may need to submit tax returns to retrieve withheld taxes, highlighting the need for a future alignment of withholding practices with the new exemption framework. ...Less

A husband and a wife bought a flat jointly for Rs 60 lakh, however, the stamp duty value stood at Rs 94.8 ...More

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 Rs 34.8 lakh. The amont was added to the husband's income alone by the tax office, despite him having a lower ownership in the property. ITAT Mumbai has delivered a ruling which could have significant takeaways for property owners. ...Less

The Income Tax Department is set to enhance its Annual Information Statement by incorporating additional ...More

The Income Tax Department is set to enhance its Annual Information Statement by incorporating additional data. This revision extends to GST returns, foreign remittances linked to mutual funds, off-market securities, and overseas investments. Furthermore, data from another taxpayer's income tax returns will be added, aiming to fortify the verification of income and transaction details for taxpayers. ...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

FCNR(B) deposits could boost banks’ return on equity despite a mild impact on net interest margins, accor ...More

FCNR(B) deposits could boost banks’ return on equity despite a mild impact on net interest margins, according to Anand Rathi. Exemptions from reserve requirements, capital-efficient lending and longer tenors could improve returns. The brokerage analysed four scenarios, including deposit costs, leverage and rising rates, to assess the scheme’s benefits. ...Less

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

Gamer invested Rs 2.61 crore to play online Rummy, poker games; loses net Rs 28 lakh, stops playing, file ...More

Gamer 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; gets tax notice; he wins case in ITAT Bangalore. Waseem Ahmed, the Accountant Member, and Soundararajan K., the Judicial Member of ITAT Bangalore heard this case. ...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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

From April 1, 2025, TDS threshold changes will increase limits on interest income, dividends, rent, and c ...More

From April 1, 2025, TDS threshold changes will increase limits on interest income, dividends, rent, and commissions. The updates aim to improve cash flow and reduce tax burdens. Key adjustments include higher limits for senior citizens, small investors, and professionals. These alterations will provide significant relief to depositors, investors, and those earning through commissions. ...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

Effective from July 1, 2022, TDS will be applicable at the time of transfer of virtual digital assets, cr ...More

Effective from July 1, 2022, TDS will be applicable at the time of transfer of virtual digital assets, crypto and NFTs. The TDS will be applicable at the rate of 1%. However, the Central Board of Direct Taxes (CBDT) has announced that TDS will be applicable if the amount paid exceeds the specified limits. ...Less

Officials said the national capital-based TDS wing recently visited the premises of a budget hotels and g ...More

Officials said the national capital-based TDS wing recently visited the premises of a budget hotels and guest houses aggregator firm and found it had allegedly not deducted tax (TDS) on about Rs 280 crore payments that were made on rentals over a seven-year period. ...Less

Under the income tax laws, TDS is levied on various incomes such as salaries, fixed deposits, recurring d ...More

Under the income tax laws, TDS is levied on various incomes such as salaries, fixed deposits, recurring deposits etc. The tax is deducted when income is accrued or paid whichever is earlier. There are different TDS rates for different incomes under the Income Tax Act. Read on to know what are the different TDS rates for current financial years. ...Less

If an individual is liable to deduct TDS before making certain specified payments then it must be done at ...More

If an individual is liable to deduct TDS before making certain specified payments then it must be done at once. Otherwise the consequences will be dire. Further after deducting and depositing the TDS, an individual must also file a TDS challan cum statement form too. Failure to do so might attract penalty. ...Less

Cleartax.in lists the incomes and transactions on which TDS is applicable and how one can avoid it. ...More

Cleartax.in lists the incomes and transactions on which TDS is applicable and how one can avoid it. ...Less

TDS or tax deducted at source was introduced to collect tax at the source from where an individual's inco ...More

TDS or tax deducted at source was introduced to collect tax at the source from where an individual's income is generated. TDS works on the concept that every person making specified types of payments to any person will deduct tax at rates prescribed in the Income-tax Act while making the payment or when the payment is accrued and will deposit the same into the government's account. ...Less

New TDS deposit rules for companies: From October 1, 2024, companies will have more time to deposit TDS a ...More

New TDS deposit rules for companies: From October 1, 2024, companies will have more time to deposit TDS and penal interest with the government before a prosecution notice is sent. However, the question arises of whether this relaxation puts employees' tax credits at risk. Read on to know if employees will be impacted by the new income tax laws. ...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

Millions of I-T returns are processed with such TDS credit being denied. Taxpayers then apply for online ...More

Millions of I-T returns are processed with such TDS credit being denied. Taxpayers then apply for online rectification, which also doesn’t provide the correct TDS credit. ...Less

TDS: If you are paying rent above Rs 50,000 then you need to deduct TDS at 2% rate from October 2024. But ...More

TDS: If you are paying rent above Rs 50,000 then you need to deduct TDS at 2% rate from October 2024. But this rate of TDS was 5% earlier, hence in this confusion if you deducted a higher TDS then you have two options- either negotiate with your landlord or seek excess TDS refund from the income tax department through the TRACES portal. Read to know more. ...Less

The imminent introduction of the GST will make the idea of TDS on services look even more ridiculous. ...More

The imminent introduction of the GST will make the idea of TDS on services look even more ridiculous. ...Less

Tax deducted at source (TDS): While it is important to deduct a correct amount of TDS in certain transact ...More

Tax deducted at source (TDS): While it is important to deduct a correct amount of TDS in certain transactions, it is also important to check the status of the deductee's PAN. If the TDS deductor does not check the status of PAN of the deductee on the date of TDS deduction then all the penalty and other legal repercussions would be applied to him and nobody else. ...Less

Here are three common TDS-related queries answered by the income tax department. ...More

Here are three common TDS-related queries answered by the income tax department. ...Less

Budget 2025: The Union Budget 2025 presents a crucial opportunity to streamline and simplify TDS and TCS ...More

Budget 2025: The Union Budget 2025 presents a crucial opportunity to streamline and simplify TDS and TCS rules, enhancing clarity, reducing disputes, and fostering a more business-friendly environment. Let's understand some key changes the Government should consider streamlining the TDS provisions in Budget 2025. ...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

Any payment to a Non-Resident Indian (NRI) is subject to deduction of TDS. However if the NRI wants the r ...More

Any payment to a Non-Resident Indian (NRI) is subject to deduction of TDS. However if the NRI wants the rate of TDS deduction to be made at a lower or nil rate then an application using Form 13 needs to be submitted on the TDS TRACES portal. ...Less

The government has lowered the TDS and TCS rates by 25% on non-salaried payments effective from May 14, 2 ...More

The government has lowered the TDS and TCS rates by 25% on non-salaried payments effective from May 14, 2020, till March 31, 2021. The decision was taken to provide more liquidity to the individuals by lowering the tax rates. ...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

Budget 2025 proposes raising the TDS threshold on interest earned from fixed deposits by non-senior citiz ...More

Budget 2025 proposes raising the TDS threshold on interest earned from fixed deposits by non-senior citizens from Rs 40,000 to Rs 50,000 per annum, effective April 1, 2025. TDS is deducted by banks on interest exceeding specified limits, with current rules imposing a 10% rate if PAN is available and 20% if not. ...Less

If the interest amount earned on your FD goes beyond applicable threshold limit within any given financia ...More

If the interest amount earned on your FD goes beyond applicable threshold limit within any given financial year TDS is deducted by the entity with which you are holding the FD. When TDS is deducted from the interest earned on a cumulative FD in a given financial year, the FD not only loses the TDS amount but also the compound interest it would have earned throughout the remaining tenure of the deposit. ...Less

As per income tax rules, you should claim credit for TDS on income that is paid or accrues to you in the ...More

As per income tax rules, you should claim credit for TDS on income that is paid or accrues to you in the same financial year as the TDS is deducted. ...Less

The law for higher TDS, TCS in case of not filing ITR was announced in Budget 2021 and amended in Budget ...More

The law for higher TDS, TCS in case of not filing ITR was announced in Budget 2021 and amended in Budget 2022. If an individual does not file ITR for FY 2020-21 by this date, then higher TDS will be applicable on certain incomes such as interest, dividend etc. from April 1, 2022. ...Less