INCOME TAX CASE
Old vs new tax regime: Key differences that you must know before ITR filing for tax year 2026-27
The new tax regime offers lower rates but removes many deductions, making a thorough comparison with the old regime crucial. While both regimes allow certain allowances and perquisites, understanding these benefits, like meal vouchers and motor car perquisites, is key to minimizing your tax burden for FY 2026-27.
For foreign workers in Mideast, risk from Iran war collides with economic strain at home
A missile strike in the Mideast killed Mohammad Abdullah Al Mamun, a Bangladeshi migrant worker, highlighting the perilous situation for millions in the Gulf. These workers, vital to Gulf economies, face a stark choice between high wages and the risks of conflict, with many unable to return home due to soaring prices and limited options.
US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reason
A US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account during demonetisation. The ITAT Delhi cancelled the notice, acknowledging the funds were genuine remittances from earlier years, ruling in favor of the NRI after a six-year legal battle.
RSU vs ESOP: Which is better for you as employee? Pros and cons explained
From vesting-day perquisite taxes to a 40% US estate levy that most Indian professionals never see coming, your employer’s stock is not the safe reward it feels like.
Tax shadow over charitable trusts with 'profit' motive
Three top-notch hospitals in Mumbai and a famous international spiritual organisation-all functioning as charitable trusts-have been denied Income tax (I-T) exemption on the grounds that they were carrying out commercial activities.
New policy will benefit premium brands, hurt local ones, distillers tell Karnataka CM Siddaramaiah
Local alcohol manufacturers in Karnataka have urged Chief Minister Siddaramaiah to review the proposed liquor tax system, saying it favours multinational premium brands over cheaper local products.
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Don’t make this tax mistake: Key quarterly deadlines that could save you money
Missing quarterly tax deadlines can cost you extra money in penalties and interest. People who earn on their own or expect to owe taxes must pay on time during the year. Knowing the correct dates, paying early, and staying organized can help you avoid problems. Simple planning and timely payments make tax filing easier and less stressful.
Planning to take home loan? 5 smart ways to maximise your benefits
The amount you borrow should depend on your personal financial situation, including monthly expenses, existing liabilities, lifestyle needs, and long-term financial goals such as children’s education, retirement planning, or emergency savings. Ideally, the EMI should not exceed 35–40% of your monthly take-home income.
Revised post office transaction norms based on New Income-tax Rules, 2026: PAN mandatory for these transactions; more rules explained
The Department of Posts now mandates quoting Permanent Account Number (PAN) for specified transactions. Individuals without a PAN must submit Form No. 97 with complete details. These changes, part of the Income-tax Rules, 2026, also introduce Form 121 to replace Forms 15G and 15H for TDS exemption claims.
Rs 13 lakh cash payment for credit card bill triggers tax notice; man wins case after ITAT accepts ‘family gift’ explanation
A Mumbai man faced a tax notice for using Rs 13 lakh cash to pay his credit card bill. He explained the cash as gifts from his wife, father, and mother. The Income Tax Appellate Tribunal Mumbai accepted his explanation for a significant portion of the amount. The tribunal ruled in his favor, partially deleting the unexplained cash addition.
Used meal card benefits? Form 12BA deadline alert: Why salaried employees must collect it by April 30 for filing ITR for AY 2026-27
Salaried employees need to collect Form 123 from employers by April 30, 2026. This form details perquisites like meal card benefits. It is crucial for filing Income Tax Returns for Assessment Year 2026-27. Employers must issue this statement for employees earning over Rs 1.5 lakh annually. This ensures accurate reporting of all benefits received.
NRI but using resident savings account? Here’s what you must know about NRE, NRO, and FEMA rules
NRIs must update their Indian bank accounts to NRE or NRO status to comply with FEMA regulations. Failing to do so can result in significant penalties and operational issues. Understanding the differences between NRE and NRO accounts is crucial for managing finances effectively abroad.
What Noida's factory protests mean for India's wage debate
Factory workers' protests in Noida have reignited India's minimum wage debate. Rising inflation erodes real wages, impacting workers' purchasing power. States show varied wage growth, with some narrowing gaps but disparities persist. Households increasingly rely on borrowing. A granular approach to minimum wages and support for migrant workers are crucial. Targeted support can help MSMEs manage wage hikes.
FCNR FD interest rates: SBI vs PNB vs HDFC Bank vs ICICI Bank - which gives you best rates; eligibility and taxation on interest explained
FCNR interest remains exempt from tax as long as the depositor qualifies as an NRI or resident but RNOR under Section 10(15)(iv)(fa) of the Act. Once the individual becomes a resident and Ordinarily Resident (ROR), the FCNR interest becomes taxable in India from that date, even if the deposit was opened earlier, Sehgal explains.
Failed to report US stocks gained via ESOP? Use this one-time Amnesty scheme; Know how it works
A one-time amnesty scheme, the FAST-DS, has been introduced to help Indian residents and NRIs resolve past non-compliance with reporting foreign assets, including ESOPs. This scheme aims to reduce penalties and litigation under the Black Money Act, offering relief for inadvertent reporting errors and missed disclosures.
Max Social Security 2026: See the biggest checks from 62 to 70, and who wins most
Social Security maximum benefit 2026 has surged to a record $5,181 per month at age 70. That number sets the benchmark. But most retirees will never reach it. The average benefit still sits near $2,079. That gap tells a deeper story. Your earnings history matters. Your claiming age matters more. The Social Security maximum benefit 2026 depends on 35 years of high income and delayed retirement. Yet chasing the maximum is not always smart. Taxes rise. Flexibility drops. Strategic withdrawals can deliver better lifetime value. This is where real planning begins. But with the smartest outcome over time.
Sunetra Pawar gets relief as ITAT scraps Rs 32.14 crore tax addition against Ajit Pawar, calls evidence linking ‘DD’ to leader insufficient
The Income Tax Appellate Tribunal has cancelled tax proceedings against Sunetra Ajit Pawar. A Rs 32.14 crore addition treated as unexplained income was deleted. The tribunal found the tax department's evidence legally unsustainable. Proceedings were initiated based on material seized during a search on the Triton Group.
No PAN, no purchase allowed - not even with Form 97; PAN is now mandatory for these high value transactions under new tax rules
New Income Tax Rules, 2026, effective April 1, 2026, mandate PAN for several high-value transactions. Form 97 replaces Form 60, but its use is significantly reduced. Transactions like purchasing motor vehicles over Rs 5 lakh, opening demat accounts, and investing in mutual funds above Rs 50,000 now require a PAN.
If I gift my Rs 2 lakh to my wife who plans to invest in FD, who will pay income tax on interest earned?
ET Wealth Reader's Query: I am the only earning member of my family. My company has given me a bonus of Rs 2 lakh this year (after deducting TDS), which has been credited to my salary account. If I gift this amount to my wife and she puts it in a fixed deposit, will the interest earned be taxed in my hands or hers?
Amazon techie checks April payslip, sees TDS bigger than father's salary: 'Daylight robbery at this point...'
An Amazon employee went viral on Grapevine after sharing their shock over a heavily taxed April payslip, revealing frustration at seeing a large portion of their salary, especially TDS, deducted despite being in the highest tax bracket. The UX/UI designer expressed feeling “punished for earning well,” questioning the value they receive in return given ongoing issues like poor infrastructure, flooding, pollution, and reliance on expensive private services such as healthcare.
Max your 401(k) or not? The smart rule that could boost your retirement
A 401(k) is a popular way to save for retirement and grow money over time. It gives tax benefits and sometimes free money from employers. But putting all money into it is not always the best choice. People should think about debt, emergency savings, and future plans before deciding how much to invest in a 401(k).
AIF returns explained: Why high alpha may exist on paper, not in cash returned to investors
Alternative Investment Funds have delivered an average alpha of 9% over the Sensex, but most of that exists only in valuations, not in cash returned to investors. Here’s what to look out for before you commit a crore.
FD rate up to 8% for senior citizens investing for three years; Know list of banks
Senior citizens can still secure fixed deposit (FD) interest rates up to 8.05% for a three-year term from select small finance banks, with a cap of Rs 3 crore. Banks deduct TDS on FD interest exceeding Rs 1 lakh annually. Senior citizens with zero tax liability can submit Form 15H to avoid this deduction.
Tax on destination wedding outside India: Will income tax apply on gifts in form of cash, property, gold jewellery? Know the rules
Whether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, no tax would be levied on the gift. Under Section 56(2)(x) of the Income Tax Act, 1961 (Section 92(3) of the Income Tax Act, 2025) gifts received by the bride or groom on the occasion of marriage are completely exempt from tax.
ITR filing 2026: Don’t miss these key income tax deadlines for FY 2025–26 (AY 2026-27)
Navigating income tax deadlines for FY 2025-26 (AY 2026-27) is crucial to avoid penalties. The Income Tax Department has set specific due dates based on taxpayer categories, with options for belated, revised, and updated returns to ensure compliance and correct any oversights.
Meal card reporting when filing ITR: How to do it correctly and claim tax benefits under both the old and new tax regimes
Salaried employees can now claim meal card tax benefits under both old and new tax regimes from Tax Year 2026-27. For AY 2026-27, the benefit is restricted to the old tax regime, with limits of Rs 50 per meal. Proper reporting in ITR and documentation are crucial for claiming these exemptions.
Why can only club members complain?
In a diverse society, it's essential to critically evaluate how religious customs shape public life. Non-believers play a vital role in this process, challenging practices that may lead to discrimination or harm. The view that only followers of a faith can critique their own traditions is misguided. Religious beliefs influence the community at large, and thus, merit collective scrutiny.
ED eyes Rs 151 crore BSNL land deal in Chennai for new office complex
The Directorate of Enforcement is set to acquire a significant land parcel from BSNL in Chennai. This move aims to establish a new office complex for the agency. The proposal is under review, with a final decision anticipated soon. This expansion reflects the ED's growing responsibilities and increasing case load across India.
Is tax clearance mandatory before foreign travel? What the Income-Tax Act, 2025 says
The introduction of Form 157 and Form 159 under the Income-Tax Rules, 2026 has sparked confusion over whether tax clearance is now mandatory for all Indians travelling abroad. However, a closer reading of Section 420 of the Income-Tax Act, 2025—read with Section 536 and CBDT Instruction No. 1/2004—makes it clear that no such blanket requirement exists.
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