tax

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

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