Accrual vs receipt: How to disclose NSC, KVP and RD interest incomes in ITRs
For post-office schemes, compute interest on an accrual basis and disclose it annually in the returns under the 'income from other sources' head
Why GST reform must recognise the pivotal role of beverages in retail outlets
While many staples leave retailers with slim returns, aerated drinks offer margins in the 19–24 per cent range, giving Kiranas the cushion they need to cover costs. GST 2.0 proposal still considers keeping them in the demerit category, even as other packaged goods are likely to move to lower slabs
GST 2.0: A game-changing overhaul for India's tax system
The 56th GST Council meeting in September 2025 aims to overhaul India’s GST structure with simplified tax slabs, compliance reforms, and sector-specific relief, aiming to boost consumption and ease business burdens
ITR filing: Can one claim tax rebate on short term capital gains manually for FY25?
Some tax experts argue that since the law is currently on the taxpayer’s side, the 87A rebate can indeed be claimed manually for STCG. Others say not to include to avoid tax notices in future.
ITR filing: Disclose inherited property in your ITR if income exceeds Rs 1 crore
Moneycontrol’s Ask Wallet Wise initiative offers expert advice on matters of personal finance and money. You can email your queries to askwalletwise@nw18.com and we will try and get a top financial expert to address your queries.
Income tax twist: How April 2023 and July 2024 reshaped capital gains on mutual funds
Mutual funds are now taxed under three categories: equity-oriented mutual funds, specified/debt-oriented mutual funds, and other mutual funds. While equity taxation is straightforward, the rates on non-equity funds vary by scheme and even depend on both purchase and redemption dates.
Govt to issue guidelines to states to identify location, collect bids for EV charging stations
In a first, the upcoming guidelines will also include some incentives for downstream EV charging infrastructure such as EV charging guns or connectors, which deliver electricity from the charging station to the vehicle.
Hospitalisation costs are rising—Here’s how to future-proof your health cover
'For individuals living in metro cities, where healthcare costs are significantly higher, we recommend opting for a minimum sum insured of Rs 25 lakh,' says an expert
Thinking or just started a YouTube channel? Here’s how to file your ITR this tax season
One important thing is that as income of YouTubers and influencers is from business and profession, they can’t change tax regime every year
Real money gaming banned, but gains liable to income tax: Be prepared to declare in your tax returns
Net income from online games is treated as taxable income, and is subject to a 30% tax under Section 115BB of the Income Tax Act.
ITR filing: Turn stock market capital gains into tax-free wealth with a smart Section 54F move
Investments beyond Rs 10 crore limit does not qualify for exemption under Section 54F.
ITR Filing: Is another extension coming for the September 15 tax deadline?
Although the CBDT extended the due date for non-audit cases from July 31, 2025, to September 15, 2025, the utilities for ITR-5, ITR-6 and ITR-7 were released only in August. ITR 2 and 3 also came out much later than usual on 11th July, 2025.
Old vs new tax regime: Should you still invest under Section 80C?
It may still make sense to continue with the old regime if the deductions and exemptions exceed the savings from the new regime's reduced rates
ITR Filing: Should one report inheritance in income-tax return?
There is no need not disclose inheritance in the ITR but the it is important to preserve all relevant documents such as the copy of the will and probate
How is capital gain computed on gifted shares bought before January 31, 2018?
For listed shares acquired before January 31, 2018, the fair market value of these on January 31, 2018 can be taken as the cost
Dividend income mismatch in personal record and AIS: How to file ITR
In the case of dividend income, the amount to be reported in the Income Tax Return (ITR) is the gross dividend* declared/credited by the company or mutual fund
Earning rent but also paying rent? Here is what new and old tax regimes say
The inability to claim rent paid is essentially because the new regime offers concessional slab rates in exchange for giving up exemptions and deductions
I am a senior citizen freelancing as a lecturer. Is presumptive taxation allowed for consultants?
Income earned through freelancing by lecturing in colleges is taxable under the head “Profits and Gains of Business or Profession.
How a unified Tax Bill will reshape corporate compliance
This unified bill is a foundational reform that establishes the certainty and predictability essential for a modern economy and is set to reshape corporate compliance in India
ITR Filing: Documents required to register as a legal representative for filing a deceased father’s ITR
Under Section 159 of the Income Tax Act, legal representatives are liable for the tax liabilities payable by the deceased.
ITAT relief: Section 54F exemption allowed despite no deposit in capital gains account scheme
Section 54F of the Income Tax Act, 1961 provides relief from long-term capital gains tax when an assessee sells any long-term asset other than a residential house and reinvests the gains in another
Are gifts from your father and father-in-law to your HUF tax-free? Here is what I-T law says
Any gift received from a member is not taxable for the HUF but clubbing provisions apply — meaning income earned from such a gift will be taxed in the hands of the member who gave the gift
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.
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.
I-T relief for employees working overseas: No jail for not reporting low-value foreign assets
In line with Budget 2024’s announcement to waive the penalty for non-disclosure of low-value foreign assets of up to Rs 20 lakh, the I-T department has decided to eliminate prosecution provisions as well
