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income tax

Income Tax

 

More Stories on Income Tax
PAN-Aadhaar linking: What taxpayers must do before December 31, 2025. What happens if you don’t

PAN-Aadhaar linking: What taxpayers must do before December 31, 2025. What happens if you don’t

Dec 26, 2025, 09:40 PM IST

The Central Board of Direct Taxes (CBDT) has issued a directive targeting individuals who obtained their PAN using an Aadhaar enrolment ID instead of their actual Aadhaar number. Such PAN holders must complete Aadhaar-PAN linking by December 31, 2025.

Taxes in 2026: Paying rent to parents to claim HRA is legal; here’s how to save up to Rs 1.2 lakh

Taxes in 2026: Paying rent to parents to claim HRA is legal; here’s how to save up to Rs 1.2 lakh

Dec 26, 2025, 06:10 PM IST

HRA forms part of an employee’s salary package and is intended to offset rental housing costs. Although HRA is treated as taxable income, the Income Tax Act allows a portion of it to be claimed as exempt under Section 10(13A), subject to prescribed conditions, when the old tax regime is chosen.

Your PAN CARD Will Stop Working From Jan 1, 2026 If ...

Your PAN CARD Will Stop Working From Jan 1, 2026 If ...

Dec 26, 2025, 12:07 PM IST

Your PAN CARD Will Stop Working From Jan 1, 2026 If ...

Income Tax Return: Revised ITR vs belated ITR? What taxpayers should note before December 31

Income Tax Return: Revised ITR vs belated ITR? What taxpayers should note before December 31

Dec 24, 2025, 05:27 PM IST

A revised or belated return must be filed by December 31 of the relevant assessment year, or before the tax authorities complete the assessment, whichever comes first. Missing this deadline closes the regular route for corrections.

Foreign assets disclosure: What taxpayers must report in Schedule FA in revised ITR before Dec 31

Foreign assets disclosure: What taxpayers must report in Schedule FA in revised ITR before Dec 31

Dec 24, 2025, 03:18 PM IST

CA Himank Singla highlighted that foreign equity holdings such as ESOPs and RSUs must be disclosed in Schedule FA every year, starting from the year they vest until they are sold. He added that when employers use a sell-to-cover mechanism to deduct taxes on RSUs, the resulting transaction must also be reported under Schedule CG as capital gains.

'Launch of NUDGE campaign to encourage taxpayers to voluntarily review deduction claims': CBDT

'Launch of NUDGE campaign to encourage taxpayers to voluntarily review deduction claims': CBDT

Dec 23, 2025, 06:33 PM IST

In a notification issued on December 23, 2025, the tax authority said advanced risk analytics under its risk management framework have identified several cases for Assessment Year (AY) 2025–26 where deductions or exemptions appear to have been wrongly claimed.

ULIP tax confusion lands investor with Rs 2.48 crore penalty; ITAT steps in to overturn it

ULIP tax confusion lands investor with Rs 2.48 crore penalty; ITAT steps in to overturn it

Dec 23, 2025, 06:08 PM IST

For years, Unit Linked Insurance Plans (ULIPs) were promoted as a one-stop financial solution, offering life cover, market-linked growth, and tax-free maturity benefits. However, changes in tax regulations have reshaped their appeal, especially for high-premium policies, and ULIPs no longer carry automatic tax exemptions, making accurate tax reporting more critical than ever.

Explainer: Can the Income Tax Department access your e-mails, social media from April 1, 2026?

Explainer: Can the Income Tax Department access your e-mails, social media from April 1, 2026?

Dec 22, 2025, 06:35 PM IST

According to PIB Fact Check, the claim misrepresents the scope of the law. The government has emphasised that there is no blanket or routine authority for the Income Tax Department to monitor or access private digital accounts of taxpayers. 

Section 80G: New set of FAQs issued on tax deductions for religious donations; check details

Section 80G: New set of FAQs issued on tax deductions for religious donations; check details

Dec 20, 2025, 04:45 PM IST

Section 80G provides tax relief for sums donated to certain approved funds, charities, and similar bodies, subject to strict conditions. The newly published FAQs break down how the law separates donations eligible for relief. Only contributions to entities that are either expressly named in Section 80G(2)(a) or currently registered with the department may be deducted.

Rs 5 lakh cumulative FD monthly income explained: Returns, tax rules, investment options in 2026

Rs 5 lakh cumulative FD monthly income explained: Returns, tax rules, investment options in 2026

Dec 20, 2025, 10:53 AM IST

For investors with a corpus of Rs 5 lakh, a cumulative n FD can generate steady monthly interest, making it a practical option for meeting regular expenses or supplementing income. However, falling repo rates should also being considered while investing.

Net direct tax collections rise 8% YoY to Rs 17.05 lakh crore in FY26 on lower refunds

Net direct tax collections rise 8% YoY to Rs 17.05 lakh crore in FY26 on lower refunds

Dec 19, 2025, 02:54 PM IST

Advance tax payments have also shown positive growth, increasing by 4.27% to Rs 7,88,388 crore. Corporate advance tax payments grew nearly 8% to Rs 6,07,300 crore, while advance tax from non-corporate taxpayers saw a decline of 6.49%, totaling Rs 1,81,088 crore. 

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