September 15 ITR Deadline Nears: Easy guide to advance tax payment, due dates & late payment interest
If you haven’t paid advance tax for FY25 yet, you can pay it at the time of filing your ITR. But for the next year, plan better by paying the due advance tax for FY26 by September 15 2025.
Last minute rush: Steer clear of these common ITR filing errors to avoid I-T queries, notices later
Filing income tax returns in a hurry can increase the risk of errors, defective returns and, thus, I-T notices. Here’s a last-minute guide to avoiding costly mistakes.
OPINION | Macroeconomic implications of GST 2.0
The weighted average GST rate after the new structure takes effect is likely to be about 9.5%, the optimal rate that maximises revenue in a Laffer Curve sense. It is likely, however, that the economic boost from the new structure may come more construction-led investment rather than consumption
OPINION | India’s economic future hinges on interest income tax reform
India’s high interest income tax deters individual investors, limiting affordable debt for infrastructure and SMEs. Reforming to a concessional rate could unlock domestic capital, reduce costs, and boost economic growth
ITR Filing: Can NRIs claim refund on short-term capital gains tax if income is below the exemption limit?
As an NRI, you must pay the full tax on your STCG—20% on gains realized on or after July 23, 2024, and 15% on gains realized before this date.
OPINION | GST Reform: Promise, pitfalls and the road ahead
Categorizing most items into just two tax slabs shows that the GST Council prioritised efficiency over other goals. Some potential benefits of this move are a positive impact on consumer demand and lower incidence of tax evasion. However, the gap between tax slabs can lead to distortions
ITR Filing: Can you switch between the old and new tax regimes when your source of income changes?
As per current income-tax provisions, the new tax regime is the default option. If you wish to opt for the old tax regime and you have income under the head “Profits and Gains of Business or Profession”, you are required to file Form 10-IEA by the due date.
Can I gift to my granddaughter instead of my daughter? What will be the income tax implications?
A granddaughter (whether the son’s daughter or the daughter’s daughter) is treated as a lineal descendant of the donor and therefore falls within the definition of a 'relative'
ITR Filing: Do you need to declare Sovereign Gold Bond redemption in your income tax return?
The redemption of SGBs by an individual with the RBI is not treated as a “transfer” under Section 47(viiic) of the Income Tax Act.
GST rate overhaul may put India Inc’s systems, supply chains to the test
Current changes are more nuanced the same would require a fair bit of updating of invoicing, accounting, and ERP systems, say experts.
GST 2.0: Why middle-class families should invest before splurging during festival season
While the government and corporate India hope that GST cuts will boost festive spending, advisoes urge households to channel the additional money to bolster their investments
Tax rules for NPS Tier 2 withdrawals before and after July 23, 2024
Indexation benefit has been removed for all capital assets sold/transferred on or after July 23, 2024 except for the limited purpose of taxing sales of land and buildings acquired before the date by resident individuals and HUFs
ITR filing: Why you shouldn’t wait until September 15 to file your returns
Filing early ensures you’re not paying unnecessary interest or waiting endlessly for refunds. Treat the extension as a cushion, not a deadline
GST 2.0: The big picture
The government’s bet is that lower rates and reduced compliance burdens will expand the tax base and stimulate consumption. However, this must be supported by clarity in classification, promised faster refunds, and improved digital infrastructure to ensure that the benefits reach all stakeholders
Can medical expenditure deduction be claimed if already covered under CGHS?
If no amount has been paid to buy or maintain a health insurance policy for the senior citizen or their parents, then a deduction of up to Rs 50,000 can be claimed for medical expenses actually incurred.
GST reforms to bring big relief to people who suffered huge tax burden under Congress: Ashwini Vaishnaw
The GST Council's decision to bring all products, except those under the sin and luxury goods category, under 5 per cent and 18 per cent slabs, while reducing it to zero on a host of essential items, will come into effect from September 22, the first day of Navratri.
Lower GST on renewables to accelerate green projects, but all eyes on input price fluctuations: Industry
The biggest beneficiaries of the GST reduction will be the rooftop solar segment, giving a boost to PM Surya Ghar Muft Bijli Yojana
Can GST exemption be claimed on insurance policy renewals due before Sept 22 if paid in grace period?
If the renewal date is before September 22 and the insurer has issued the invoice, GST will apply even if you pay later during the grace period to avoid GST
GST Rate Rationalization - what it could mean for business margins
Under GST’s design, rate reduction will percolate through the entire value chain, and a lower GST outgo shall reduce the upfront cash outflow towards the tax liability. This would improve working capital efficiency, and reduce reliance on working capital borrowings, thereby lowering interest costs
GST 2.0: Bold reforms set to lower prices and drive growth & inclusion
India’s GST reforms streamline tax structures, reduce compliance burdens, and lower costs on essentials. GST 2.0 promotes economic growth, boosts consumer spending, and fosters an inclusive, business-friendly environment
Here's why cash loan repayments over Rs 20,000 may get flagged by tax officials
Accepting a cash loan beyond Rs 20,000 is prohibited under Section 269SS of the Income Tax Act and a penalty equal to the loan amount can be levied on the person depositing the money in your account
GST 2.0 rings in positive changes, but businesses have to work fast to be ready for the new structure
The overarching aim is to boost consumption with a reduction in rates across a slew of products. Industries such as FMCG may have to grapple with an inverted duty structure but measures to speed up refunds will help
Higher GST on coal unlikely to negatively impact electricity tariffs in India
The move is likely to translate into a reduction of around Rs 12 paisa per unit in their cost of electricity supply as coal-based capacity accounts for nearly 70% of total generation at an all-India level, according to ICRA Ltd.
Political calculations underpinning GST 2.0
It ticks all the right boxes by protecting the base which contributes the bulk of GST revenue while moving most items of mass consumption to a lower slab. That’s the template all political parties agree on
GST 2.0: Should you put your shopping on hold till September 22?
This festival season won’t just be about retailer discounts but also how effectively lower GST rates trickle down to conusmers
