Union Budget may announce new central cess or NCCD on tobacco, pan masala
Since this is not a GST levy, the Council’s approval will not be necessary. The new central levy will have to be approved by Parliament.
Infosys buyback: Should you participate or skip it this time?
Under the current tax regime, the entire amount received under a buyback is taxable as dividend income in the hands of the shareholder, with no deduction allowed for the cost of acquisition of the shares.
Finance Bill 2026 likely to carry key GST reforms for quicker registration, 90% automatic refunds
Legal amendments are likely to focus on easing compliance and improving liquidity; risk-based fast-track registration and automatic refund mechanism on the anvil
Joint ownership and rent: How income should be split between co-owners
Income from an asset is taxable in the hands of the person who is its beneficial owner that is, the one who has actually funded the purchase.
Married daughters are equal coparceners in HUF; partial partition has no tax validity
A partition of an HUF is valid under income tax laws only if it is a complete partition both in terms of all assets and all members.
Buying property in wife’s name: Tax implications and clubbing rules explained
Clubbing provisions under Section 64 will trigger and any income arising to your wife from the assets gifted or acquired from the gifted assets will be taxed in your hands.
Is alimony taxable? Understanding tax rules on lump sum and monthly maintenance payments after divorce
In the case of recurring alimony payments, no specific exemption is available under the Income Tax Act.
Is sale of agricultural land taxable? Capital gains exemption explained
The taxability of capital gains on the sale of farm land depends on whether the land qualifies as rural or urban agricultural land
NRI returning to India: When does your NRE account lose tax-free status?
A person becomes a resident under FEMA once they return to India for employment, to start a business or profession, or with the intention of staying in India for an indefinite period.
ITR Deadline for Tax Audit Cases: High Courts in Punjab & Haryana, Himachal Pradesh extend the due date; Will CBDT follow?
CBDT earlier officially extended the specified date for furnishing tax audit reports for the Previous Year 2024-25 (Assessment Year 2025-26) from September 30, 2025, to October 31, 2025. There is generally a one month gap between tax audit deadline and the ITR for audited.
The tax twist in gifts: How money or gold gifts can affect your filing
Not all gifts are tax-free — some could quietly add to your taxable income if you’re not careful.
Can mutual fund units held in non-demat form be gifted or transferred?
Mutual fund investors can gift or transfer units held in non-demat mode (SoA format). The facility is available across all mutual fund schemes except ETFs
Buying property from an NRI? TDS deduction is mandatory even if you take a home loan
Under Section 195 of the Income Tax Act, the buyer is required to deduct tax at source at 12.5 percent if the seller is a non-resident for tax purposes.
Did tax twist take shine off Infosys buyback for promoters?
Selling in the open market attracts LTCG tax at an effective rate of 14.95%. In contrast, buyback proceeds are now taxed as dividend income at the investor’s applicable tax slab rate following an October 1, 2024 amendment
Are donations received for medical emergencies taxable under income tax laws?
The money received by you, though referred to as a donation for medical purpose, is treated as a gift under income tax laws.
Got your tax refund this Diwali? Here's how to put the money to good use
Do remember, it is not a bonus or extra income. It is excess tax being returned, make it work for you
Can rental property loans help reduce income-tax burden?
For a 'let-out property', you can claim the full interest paid on a home loan as a deduction under Section 24 without an upper limit
PPF rules for NRIs: Can parents fund a daughter’s account after she moves abroad?
According to PPF rules, an individual cannot deposit more than Rs 1.5 lakh in total across their account and those of their children
How are gifts to Hindu Undivided Family taxed? Key rules every taxpayer should know
The threshold limit of Rs 50,000 applies only to gifts received by the HUF from non-specified relatives during a financial year. If the total value of such gifts exceeds Rs 50,000, then the entire amount becomes taxable in the hands of the HUF.
Does your gift of gold coin, jewellery on Diwali comes wrapped with tax liabilities?
Gold as gift from relatives is tax-exempt but the gifts that exceed Rs 50,000 from people other relatives in a fiscal year are taxable
How to claim capital gains exemption under Section 54F when buying a new house
Section 54F exemption is available only if the taxpayer does not own more than one residential property on the date of sale of the asset(s), other than the new house being acquired.
Is employer annuity taxed as salary? Here’s how standard deduction applies
Pension received from an ex-employer is taxable under the “salaries” head and is eligible for standard deduction
Selling your old house? Here is how to choose between 20% tax with indexation or 12.5% without indexation to reduce capital gains liability
Benefit of indexation is available only for computing the final tax liability and not for other purposes, such as the amount to be invested for claiming exemptions or the amount of loss to be carried forward for set-off against income in subsequent years.
Dhanteras 2025: Tax guide for gold jewellery, coins, gold ETFs and SGBs
Gold ETFs and sovereign gold bonds offer tax-efficient alternatives to physical gold, providing portfolio diversification, tax benefits, and flexibility, making them attractive options for investors seeking gold exposure
