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
Juggling US’ IRS and India’s I-T dept: How Indians investing in US stocks are taxed
Investing in US stocks as an Indian resident isn't just about picking the right companies — you need to be aware of the tax nuances as well. While the India-US DTAA provides relief from double taxation, compliance requires correct documents and timely filing
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.
I have started Systematic Withdrawal Plan (SWP) of Rs 1 crore. How will it be taxed?
Since the individual has no other income, the basic exemption limit can be utilised to offset a portion of the LTCG, as permitted under the proviso to Section 112A.
LTCG on immovable properties: How non-indexed gains can push up your total income, trigger surcharge
For many middle- and upper-middle-class taxpayers, a one-time sale of property can inflate their gross total and push them into higher surcharge brackets, despite having no actual capital gain (after inflation adjustment).
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.
Lower tax slabs may boost sales of packaged goods, essentials : analysts
The proposed reforms have two benefits. One is that essentials and FMCG products will see quicker volume traction, while consumer durables, which are highly price-sensitive, will gain renewed affordability, according to an analyst.
ITR filing |Tax rebate on short-term capital gains: ITAT ruling opens a window
Chartered accountants differ over whether small taxpayers will be able to obtain section 87A rebate on their STCG income for FY 2024-25 (AY 2025-26) based on the Ahmedabad tax tribunal’s recent order.
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
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.
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.
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.
How do tax rules differ when a father gifts to his daughter-in-law compared to his son?
Section 64(1)(vi) provides for the clubbing of income arising from assets transferred directly or indirectly by an individual to his daughter-in-law without adequate consideration.
No HRA? Here’s how you can still claim tax deduction under Section 80GG on rent paid
The section allows self-employed professionals as also salaried employees who are not entitled to HRA to avail of tax breaks on rent paid
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.
GCCs are an Indian success story. Tax reforms are needed to keep it that way
While India remains a front-runner in the global GCC landscape, economies such as the Philippines, Mexico and Poland are rapidly positioning themselves as strong contenders. India needs to tweak transfer pricing and GST rules, among others, to stay ahead
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
Income Tax Bill 2025: Finance Ministry issues corrigendum on interest on advance tax shortfall
Advance tax is generally payable by individuals, companies, and other entities with a tax liability of Rs 10,000 or more in a financial year, in four instalments. Senior citizens without business income are typically exempt.
Govt amends income tax law to ensure parity between NPS, UPS
The Taxation Law (Amendment) Bill, 2025, makes 60 percent of the lump sum received by UPS subscribers at retirement tax-free, aligning its tax treatment with that of the NPS.
When do senior citizens need to pay advance tax on capital gains?
If an individual is a senior citizen without any business income and the only taxable income is Long-Term Capital Gain on sale of equity shares, there is no liability to pay advance tax during the financial year
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.
No ITR filing exemption for small taxpayers in new Income Tax Bill, say CAs
The parliamentary panel headed by BJP MP Baijayant Panda had recommended that small taxpayers not be compelled to file an ITR solely to avoid penalties for non-filing.
New Income Tax Bill: Late ITR filers will still be eligible for tax refund
The new Income Tax Bill, 2025, which will replace the Income Tax Act, 1961, was passed by the Lok Sabha on August 11
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.
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.
