-
8th Pay Commission in focus as FM expected to preserve fiscal headroom
-
The Income tax Rules provide a detailed mechanism for calculating the car perquisite for fuel vehicles; the same clarity is absent for EVs.
-
Section 80C limit of Rs 1.5 lakh will be hiked to Rs 2.5 lakh?
-
ESOP taxation is clear for employees working only in India, but remains uncertain for cross-border employees. Tax experts say Budget 2026 should clarify rules for cross-border ESOPs.
-
The proposed reform by ICAI will allow couples to file a joint tax return, offering relief to families that depend on a single source of income
-
No rate cuts, fewer tweaks: tax experts want FM to focus on fixing everyday pain points that continue to trouble taxpayers
-
Tax experts advocate increasing India's 30% tax slab from Rs 24 lakh to Rs 35 lakh to counter inflation, boosting middle-class disposable income and economic growth, amid Union Budget 2025-26 discussions
-
Under-construction bookings qualify for LTCG exemption under Section 54 if possession is made within three years.
-
The companies plan to challenge the assessments before income-tax officers or the Dispute Resolution Panel, as the matter centres around the definition and scope of permanent establishment
-
As India prepares for the Union Budget 2026, here’s a quick run-down of income tax slabs under both old and new regimes— highlighting key differences in rates, exemptions, and deductions for taxpayers to make informed decisions.
-
As compared to the corresponding period of last fiscal year, the net direct tax collections were up 8.8 percent on year. This growth is lower than the projection made in the Budget.
-
Equity investors seek predictability and lower friction as tax costs weigh on post-tax returns
-
For returns filed for FY25, the department has time till December 31, 2026 to process returns under Section 143(1) of the Income Tax Act
-
For income not subject to TDS such as capital gains from shares or mutual funds taxpayers are required pay advance tax in instalments during the year. Delays can attract interest under Sections 234B and 234C.
-
Taxpayers who claim substantial tax-saving deductions, often summing up to several lakh rupees, generally find the old tax regime more beneficial, experts say.
-
Between 2019-20 and 2022-23, income offered for tax under the 22% tax slab grew by 97% while that offered to the higher 30% tax slab grew by 130%
-
Section 80CCD allows taxpayers to claim deductions on amounts they contribute to government-backed pension schemes such as the NPS, UPS and the Atal Pension Scheme.
-
While the demands themselves may be genuine, establishing that statutory notices and assessment orders were properly delivered years ago could prove difficult for the department
-
Key proposals for the Union Budget 2026 include increasing tax deductions on home loan interest, reviving subsidies for mid-income buyers, simplifying loan portability, and linking disbursements to construction milestones.
-
So far, there has been no official communication from the government or the Income Tax Department announcing any extension of the PAN-Aadhaar linking deadline
-
The tax return using ITR-U (updated return) can be filed regardless of whether the taxpayer filed an ITR in the relevant assessment year
-
Taxpayers want the Budget to make transition to new tax law simpler, slabs to be inflation-adjusted, deductions to be restored and easing of charitable trust rules
-
The initiative, which is advisory in nature, requires identified taxpayers to file revised income-tax returns (ITRs) by December 31, 2025.
-
If the taxpayer has failed to report foreign assets and income in the original ITR, there is an opportunity to rectify this through filing a revised return
-
As compared to the corresponding period of last fiscal year, the net direct tax collections were up 8 percent on year. This growth is lower than the projection made in the Budget.
