INCOME TAX SLAB CHANGES
Changes in GST must be more comprehensive than mere rate reduction: Congress
Finance Minister Nirmala Sitharaman announced that GST rates will be reduced soon, prompting the Congress to call for a comprehensive GST 2.0 reform. Congress leader Jairam Ramesh stressed the need for simplified tax slabs and better enforcement mechanisms to reduce fraud and improve compliance.
Need of hour radically-simplified, less-punitive GST 2.0: Congress
The Congress has emphasised that changes to the GST need to be comprehensive and not just limited to rate reductions. The party calls for a simplified GST 2.0, addressing complexity and fraud issues, and reducing rates on essential items. Finance Minister Sitharaman has indicated that rationalization of GST rates is nearing completion.
Shah Rukh Khan wins big in ITAT ruling: Understanding foreign tax credit rule
Bollywood superstar Shah Rukh Khan won a significant legal battle as the Income Tax Appellate Tribunal (ITAT) ruled in his favor, overturning the tax authorities' reassessment for the 2011-12 financial year. The reassessment was initiated after the tax officer denied his claim for foreign tax credit on income earned in the UK, recalculating his income as Rs 84.17 crore instead of the declared Rs 83.42 crore. The reassessment was done beyond the four-year statutory period.
Social Security Increase 2026: Who benefits most from the proposed Republican plan?
Republicans propose a big Social Security increase for 2026, aiming to boost benefits for retirees and disabled individuals. This significant policy change could improve financial security for millions but also raises concerns about economic sustainability. The proposal seeks to address rising living costs, strengthen safety nets, and stimulate the economy. Experts debate its long-term impact on federal budgets and Social Security's future.
Where’s your tax refund? How to check your IRS refund status & when to expect your money in 2025
IRS tax refund 2025 is a crucial topic for taxpayers eager to know their expected refunds. With updated tax brackets, refund amounts, and IRS refund schedules, understanding when and how you’ll receive your money is key. Many taxpayers are checking the IRS tax return refund schedule to track their payments. The refund process depends on factors like filing status, income level, and deductions. The IRS refund timeline varies, but direct deposit is usually faster. Knowing the latest IRS tax refund updates can help you plan finances better. Stay informed on key deadlines, tax rates, and refund methods.
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HDFC Bank cuts lending rate by 5 bps on this tenure; check details
HDFC Bank has decreased its Marginal Cost of Funds-based Lending rate (MCLR) on one loan tenure by 5 basis points (bps). After the revision, HDFC Bank MCLR will now range between 9.20% and 9.45%. The revised rates are applicable from March 7, 2025 onwards.
Income tax dept's drive leads to Rs 29,208 crore foreign assets disclosure
A nationwide drive by India's income tax department has resulted in taxpayers disclosing foreign assets worth ₹29,208 crore. Launched in November 2024, the campaign encouraged 30,161 taxpayers to declare their overseas holdings, with significant amendments in income tax returns observed.
Taxman smells a scam in dubious agricultural income declaration
A nationwide probe by the income tax department is investigating entities declaring agricultural income of ₹50 lakh or more without owning any land. Cases of unrealistic farm income per acre are also being scrutinized for tax evasion, with potential penalties for wrongful claims.
Tax harvesting to rescue equity investors: How loss from equities could help you save more tax
Save income tax by selling equities: The method is called tax harvesting and it requires you to sell the equity share or equity mutual fund on or before March 31 (March 28, 2025 for FY 2024-25 since March 31 is a trading holiday). There are two ways to do this- LTCG up to Rs 1.25 lakh and loss from equities carry forward for set-off. Read below to know how this works.
NSC vs bank FDs: Which is a better tax saving option?
NSC and tax-saving FDs both offer tax benefits and assured returns with a 5-year lock-in. NSC provides higher interest rates and tax advantages on reinvested interest.
Taxman sends tough questions to individuals on political donations
The income tax department scrutinizes donations of ₹5 lakh or more made to little-known political parties during FY 2020-21, suspecting money laundering. Notices have been sent to over 9,000 individuals to justify their claims, detailing their income sources and financial statements.
Income from asset transferred to even your daughter-in-law will be clubbed to your income and will be taxable in your hand in this case, says income tax dept
Income tax clubbing: The tax department has released a new brochure saying Section 64(1)(vi), 64(1)(viii) says Income from Assets transferred to Son’s wife;Income from assets transferred to the son’s wife, either directly or indirectly, is taxable in the hands of the transferor if adequate consideration was not taken. Read below to know what else the tax department said.
Will I have to pay tax if my parents gift me Rs 20 lakh?
Am I supposed to pay tax on a gift from my parents? Our panel of experts answers questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Quick commerce sector to benefit most from tax rebates as higher disposable income kicks in from May 2025: ICICI report
The quick commerce sector will be a key beneficiary of the income tax cut announced in the Union Budget 2025, as it will trigger strong consumption growth among middle-class consumers, an ICICI Securities report anticipated.
Section 87A tax rebate on STCG income allowed by CIT (Appeals); Know how this legal battle was won
Section 87A: Tax rebate under Section 87A was not given on special rate income like STCG since July 5, 2024. Many taxpayers who could claim it were served with a tax demand notice. Now a Delhi based taxpayer who filed a case heard by Commissioner of Income Tax (Appeals) Mumbai won. The CIT (A) decided based on statistical reason this taxpayer should get Section 87A tax rebate on STCG.
Your email and social media account can be accessed by income tax officers starting financial year 2026-27 in these cases
Starting April 1, 2026, the income tax department will have the authority to access social media, emails, and other digital spaces to curb tax evasion. This has been granted to them under the new income tax bill. This will also include search and seizure powers over your assets and documents, which have raised major privacy concerns. Experts warn of challenges to fundamental privacy rights without judicial oversight and procedural safeguards.
Rs 94 lakh cr investor wealth wiped from D-St, but tax loss harvesting can help recover setbacks. Here’s how
Investors can offset stock market losses against capital gains through tax loss harvesting, reducing tax liability amid higher capital gains taxes. The July 2024 budget raised STCG tax from 15% to 20% for shares held under 12 months, while LTCG tax increased to 12.5% for income above Rs 1.25 lakh on shares held for over 12 months.Caption: LTCG has been increased to 12.5% on income exceeding Rs 1.25 lakh, with shares required to be held for 12 months or more.
The incredible idea behind Trump tariffs: No income tax
US President Donald Trump proposes replacing income tax with tariffs on imports from countries like Mexico, Canada, and China. Whilst he aims to abolish the Internal Revenue Service and establish the External Revenue Service, experts deem this unrealistic due to the significantly higher modern-day government spending compared to the 19th century when tariffs were a major revenue source.
American woman living in Bengaluru says Indians are overtaxed, urges NRIs to be taxed too
An American woman living in Bengaluru proposes taxing non-resident Indians to alleviate the tax burden on residents and curb brain drain. Her suggestion sparked a heated debate on social media, addressing the impact on remittances, FDI, and double taxation concerns.
Tax sops to individuals cost Rs 8.7 lakh crore in 5 years
Tax breaks for individuals and Hindu Undivided Families (HUF) were nearly twice the incentives the Centre has given to corporates over the past five years to 2024, Lok Sabha data showed.
US government vows to extend tax act set to expire this year; here’s how you can be impacted
Among some of the major changes introduced by the Tax Cuts and Jobs Act (TCJA) was the offer of double standard deductions. If the act is not extended, the standard deduction will go back to the levels before the implementation of TCJA - i.e. nearly half of what they are now.
ETMarkets Smart Talk | Stock picking amid market chaos: How to avoid value traps during corrections, Kashyap Javeri decodes
As FII relentlessly sell Indian equities, the markets must spend increasing efforts on what are the tailwinds available now. For one, the recent budget announcements on tax cuts and increase in KCC limits can give solid consumption boost.
I-T Dept investigates unlisted share transactions, tax evasion in OFS deals
The Income Tax Department is probing transactions involving high acquisition costs for unlisted stocks to reduce capital gains tax. Notices have been sent to investors who bought shares before February 1, 2018. Authorities are examining the validity of acquisition costs and the legitimacy of funds used.
Thinking of buying a property in Dubai? Consider FEMA limits, hidden costs, developers and zone-type before taking a call
Many upper-middle-class Indians are keen on investing in Dubai real estate due to high rental yields, no tax payment requirement, and appealing property prices. However, be sure to conduct your due diligence on the developer and funding methods before buying a property in Dubai so that you remain in full compliance with LRS/FEMA. Also, make sure your property is located in designated freehold zones.
India’s high tax rates: Boon for bureaucrats, bane for the economy
India has one of the highest GST rates globally, leading to lower tax revenue efficiency and economic activity. High tax policies have deterred consumption, increased black market activities, and driven honest taxpayers and businesses out of the country, ultimately compromising long-term economic growth.
Domestic passenger vehicle sales expected to grow 4-7 pc in FY26: Icra
Passenger vehicle sales in India are projected to grow by 4-7% in FY26, with a stable production rate and moderate inventory levels. Two-wheeler sales are expected to rise by 6-9% following a strong recovery phase. Commercial vehicle sales should see marginal growth due to economic improvements, infrastructure spending, and government policies promoting cleaner vehicles.
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