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.
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.
The section allows self-employed professionals as also salaried employees who are not entitled to HRA to avail of tax breaks on rent paid
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.
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
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
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.
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.
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
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.
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.
The new Income Tax Bill, 2025, which will replace the Income Tax Act, 1961, was passed by the Lok Sabha on August 11
Gifts received from specified relatives are fully exempt, regardless of their value. Parents fall within this definition of specified relatives.
Amounts received either under a Will or as inheritance are outside the scope of Section 56(2) and are not taxable.
Freelancers are not eligible for standard deduction. Instead, they can claim actual business-related expenses incurred in the course of their work, excluding personal expenses.
If one opts to disclose tuition income under "Income from Other Sources", the return may be furnished using ITR-1 or ITR-2, depending on the nature of other income (such as capital gains, if any).
If you fail to file the ITR by September 15, you can still file it by December 31, 2025, which is the final deadline. After this date, filing will no longer be possible.
While you are not required to submit a formal balance sheet unless you are engaged in business or profession, you do have to provide asset and liability details since your taxable income has now crossed Rs 1 crore.
If the employer treats you as an employee, the income would fall under Salaries, and you would be entitled to the standard deduction of Rs 50,000 under the old tax regime or Rs 75,000 under the new regime.
TDS on dividend income is deducted if the total dividend payable by a company in a financial year exceeds Rs. 5,000.
In the case of jewellery received before 2001 either the cost of acquisition to the previous owner or the fair market value (FMV) as on 1st April 2001, whichever is higher can be considered.
You can e-verify your returns in a few minutes via Aadhaar-OTP, net banking and electronic verification codes generated through pre-validated bank accounts.
Making a gift by an HUF to a member is considered a partial partition, and since partial partitions are not recognized under income tax laws, the gift will not qualify as exempt.
Claiming legitimate expenses can reduce your taxable income and boost savings
In case any notice is received for a mismatch, you can always explain that, though the post office has shown the lump-sum interest on NSC for all the years in the year of maturity/payment, you have been offering it year after year