co-presented by
ASSOCIATE SPONSORS
co-presented by
ASSOCIATE SPONSORS
The rental income would be taxable in the hands of the father due to clubbing provisions
All central government employees who were covered under the NPS as of 1st April 2025 are eligible to switch from NPS to UPS. Employees who join central government service after 1st April 2025 must exercise their option to choose either NPS or UPS within thirty days of joining.
Gifting is not advisable because of the clubbing provisions, where the income arising to the spouse from such gifted assets is required to be taxed in the hands of the spouse making the gift.
Foreign Currency Non-Resident (FCNR) deposits is tax-free in the hands of a person as long as they are not a resident under the income tax laws.
The I-T department is allowed up to nine months from the end of the financial year in which the return is filed to process refund
October will be a busy month with multiple critical deadlines and a number of holidays due to the festival season, which will mean fewer working days
Gifts received from one’s spouse are not treated as income for the recipient. But any income earned on such a gifted amount will be clubbed with the spouse's income.
The CBDT clarified that the Income-tax e-filing portal has been functioning smoothly without technical glitches, with over 4.02 lakh Tax Audit Reports (TARs) submitted as of September 24, 2025
Sumit Garg, a Chartered Accountant, recently filed a writ petition in the Delhi High Court (dated September 22, 2025) seeking an extension of the tax audit report filing deadline for FY 2024-25.
The STT collections this year, so far, are approximately Rs 26,300 crore, similar to previous year’s collections around the same time.
The Rajasthan and Karnataka high courts' decision to extend tax audit reports filing deadline to October 31 is applicable to only these two states. CBDT is yet to speak on the matter
If your normal income, including profit from conservative hybrid funds, does not exceed Rs 12 lakh in the current financial year, you will be eligible for rebate under Section 87A and will not have to pay any tax.
This comes after Rajasthan HC passed a similar order. For now, the order will apply to these two states only if a review petition is not filed by CBDT in the Supreme Court, a tax expert said
Section 44AD requires a person to get their accounts audited if profits from business are lower than prescribed limit or if a loss is incurred, provided the person had opted for Section 44AD in any of the five preceding years and their total income exceeds the basic exemption limit.
No interest will be levied if the income tax due is deposited by December 31, says CBDT circular.
Though the benefit of indexation is abolished but it is still available for the limited purpose of computation of tax liability in respect of land and building, acquired by a resident individual and a resident HUF and sold on or after 23rd July 2024.
Lower taxes on essentials and aspirational products create household relief, stimulate consumption, and unlock sectoral opportunities
Tax audit depends on the turnover from F&O trading. Turnover is a critical factor because tax audit is triggered only when turnover crosses prescribed limits
A taxpayer needs to pay advance tax on both LTCG and STCG arising from all capital assets, including unlisted shares
One of the conditions for being eligible under Section 54F is that you should not own more than one residential property on the date of sale of the capital asset in respect of which the exemption is claimed.
Group health covers offer several advantages over retail policies, including smoother claim settlement, no waiting period for pre-existing diseases, which are critical for employees' elderly parents, in particular.
If you’re a freelancer or a professional like a doctor, lawyer, architect or a CA and your annual income exceeds Rs 50 lakh, you need a tax audit
Indexation is now available only for a limited purpose. It is available on computing tax liability on the sale of land and buildings purchased before July 23, 2024 and sold on or after that date
If the income tax officer finds a defect in your ITR, they will issue a notice under Section 139(9), asking you to correct the issue within 15 days.
Early tax filing has several advantages, as it allows the taxpayer to carry forward losses, avoid late fees and ensures that refunds, if any, are processed faster.
