BUSINESS
New Tax Regime: Can one claim LTA, profession tax, academic and uniform allowances?
Leave Travel Allowance (LTA), House Rent Allowance (HRA), children’s education allowance, and hostel allowance are now taxable if you opt for the new regime.
BUSINESS
I am 88 years old and got a share of terrace rent from a mobile tower company. Do I need to pay tax?
Since the rent from the tower company is received by the society, it is taxable in the hands of the society and not the members.
BUSINESS
ITR filing rules if you worked abroad and paid taxes overseas
Your residential status in India for the financial year and whether the income was earned, received, or accrued in the country or outside determine if you are liable to pay tax in India and file returns
PERSONAL-FINANCE
Paid income tax under new regime, but old regime shows zero tax liability—can I revise ITR and switch regime now for FY25
Moneycontrol’s Ask Wallet-wise initiative offers expert advice on matters related to personal finance and money-related queries
BUSINESS
ITR Filing: How to claim capital loss on shares of delisted companies?
The income tax act defines the term “transfer" to include extinguishment of the rights in the asset in addition to actual transfer of the asset.
BUSINESS
ITR Filing: How to report NSC interest if AIS shows unpaid income
Interest accrued on NSC in all the years except the year of maturity can be claimed as deduction under Section 80C. So it is advisable to follow accrual basis of accounting for interest on NSC which will make your interest on NSC tax free for all years except year of maturity.
BUSINESS
Do you need to file ITR for father who died without a will?
For operational matters, complete legal-heir registration on the income-tax portal, obtain the death certificate and succession proofs
BUSINESS
I have withdrawn from EPFO to start my own start-up. Will the amount be taxable?
If an employee withdraws the balance in their EPF account before completing five years of continuous contributions, except under certain unavoidable circumstances, the amount withdrawn becomes taxable.
BUSINESS
I left my job early and bore heavy costs — Can I claim tax relief on joining bonus repayment and notice period shortfall?
Any amount received from an employer, such as a joining bonus, is taxed as salary. While you may have refunded the bonus and paid notice pay, the tax laws do not permit you to adjust these amounts against taxable salary.
BUSINESS
Gifting to wife and son: How tax rules and clubbing provisions apply
For income earned by your wife, it will be clubbed with your own income under Section 64 of the Income Tax Act. This clubbing applies only to income arising directly from the gift, not to returns from reinvestment of already clubbed income.
BUSINESS
When my daughter sends me money from abroad — is it tax-free in India?
The amount a daughter remits every quarter to her mother is not considered income in her mother’s hands and is fully exempt from tax.
BUSINESS
I have sold rural agricultural land which appears in AIS. How to mention it while filing ITR?
As per the definition of capital assets contained in section 2(14) an agricultural which is situated beyond the prescribed limit of municipal limit is not a capital asset
BUSINESS
Can one claim both HRA and home loan benefits? How should a vacant house be classified in ITR?
The tax benefits for a home loan are available for the full year in which possession of the property is taken. So you will be able to claim the benefits of HRA as well as a home loan for the full year.
BUSINESS
Is there a tax exemption limit for gifting money to a married daughter?
Gifts received from specified relatives are fully exempt, regardless of their value. Parents fall within this definition of specified relatives.
BUSINESS
Is inherited money taxable in India after a parent’s death?
Amounts received either under a Will or as inheritance are outside the scope of Section 56(2) and are not taxable.
BUSINESS
Freelancer or Salaried: How your income is taxed differently in ITR 2025
Freelancers are not eligible for standard deduction. Instead, they can claim actual business-related expenses incurred in the course of their work, excluding personal expenses.
BUSINESS
ITR 2025: Know the difference between due date and last date of filing income tax return
If you fail to file the ITR by September 15, you can still file it by December 31, 2025, which is the final deadline. After this date, filing will no longer be possible.
BUSINESS
I have crossed Rs 1 crore income. But why is my CA asking for a balance sheet?
While you are not required to submit a formal balance sheet unless you are engaged in business or profession, you do have to provide asset and liability details since your taxable income has now crossed Rs 1 crore.
BUSINESS
ITR 2025: How to file income tax return (ITR) when I earn income from multiple sources?
If the employer treats you as an employee, the income would fall under Salaries, and you would be entitled to the standard deduction of Rs 50,000 under the old tax regime or Rs 75,000 under the new regime.
BUSINESS
My dividend income is below exemption limit, yet TDS was deducted: How to claim refund while filing ITR 2025”
TDS on dividend income is deducted if the total dividend payable by a company in a financial year exceeds Rs. 5,000.
BUSINESS
I have received a gift of Rs 10 lakh from my father through his HUF. Will it be taxable?
Making a gift by an HUF to a member is considered a partial partition, and since partial partitions are not recognized under income tax laws, the gift will not qualify as exempt.
BUSINESS
ITR 2025: I declare NSC interest yearly, what if AIS shows it as lump sum in last year? Can I get income tax notice?
In case any notice is received for a mismatch, you can always explain that, though the post office has shown the lump-sum interest on NSC for all the years in the year of maturity/payment, you have been offering it year after year
BUSINESS
I am an NRI with short term capital gains. How to file ITR 2025?
As per current tax laws, if the aggregate value of all gifts received during a year exceeds Rs 50,000, the same is treated as income in the recipient’s hands. However, gifts received from specified relatives, including spouse, are not considered income, regardless of the amount.
BUSINESS
Will my NRI child pay tax on selling an inherited Indian home?
Article 13 of the India–US DTAA entitles each country to levy tax on capital gains as per their domestic laws. Therefore, the son will have to pay tax on long-term capital gains whenever the residential house property inherited by him in India is sold.
