Tax

Joint ownership can improve borrowing capacity because lenders consider the combined income of both applicants while evaluating loan eligibility.

Updated : May 13, 2026

Buying a house with your spouse? Here’s how it can reduce your tax bill

Joint home ownership is emerging as a popular financial strategy among couples looking to maximise tax savings and improve home loan eligibility. Experts say co-owning property can help dual-income households claim higher deductions while sharing long-term financial responsibilities.

TCS is a tax collected by the seller at the time of sale. For cars, it is linked to the buyer’s PAN and reflected in Form 26AS and AIS.

Updated : May 12, 2026

Bought a car above Rs 10 lakh? You can claim TCS refund on your purchase; here's how

Under Section 206C of the Income Tax Act, automobile dealers are required to collect 1% TCS on the purchase of motor vehicles costing more than Rs 10 lakh. The tax is calculated on the total invoice value, including GST and other charges.

Vedanta recently said its restructuring would create “five focused, sector-leading businesses” with improved strategic direction, capital allocation discipline

Updated : May 12, 2026

Vedanta demerger: Do shareholders pay tax on new allotted shares? Here’s what investors should know

Vedanta’s demerger has sparked fresh interest among retail investors about how corporate demergers work and whether receiving new shares creates any immediate tax liability. Tax experts say shareholders are not taxed at the time of receiving demerged shares, but taxation applies later when the shares are sold.

Tax experts say many small traders mistakenly assume lower turnover automatically shields them from audit obligations.

Updated : May 11, 2026

‘Tax audit is a penalty for...’: Financial advisor says cash-heavy businesses face greater risk in 2026

Under Section 44AB of the Income Tax Act, businesses are generally required to undergo a tax audit if turnover exceeds ₹1 crore. However, the CA highlighted that the effective threshold can rise sharply to ₹10 crore if both cash receipts and cash payments remain below 5% of total transactions.

The Income-tax Act, 2025, will replace several existing tax forms with new formats and unified reporting structures from April 1, 2026.

Updated : May 10, 2026

New Income Tax Act 2025 explained: 12 key tax forms changing from April 1, 2026

The new Income-tax Act, 2025, will overhaul several commonly used tax forms from April 1, 2026, replacing old formats with new form numbers and unified reporting structures. From Form 16 and 26AS to PAN and TDS-related filings, taxpayers will need to adapt to a completely revamped compliance framework.

Tax experts say taxpayers should carefully track these limits to avoid penalties, unnecessary notices and compliance issues while filing returns for AY 2026-27.

Updated : May 10, 2026

BT Explainer: Income-Tax Rules AY 2026-27 decoded - Key PAN limits, deductions, TDS rules, penalties you should note

The Income-Tax framework for AY 2026-27 includes important rules on PAN-linked transactions, tax deductions, TDS thresholds and penalties that taxpayers should track carefully. From standard deduction changes to high-value transaction reporting, the updated limits could directly impact salaried individuals, senior citizens, businesses and investors.

Individuals are generally not required to file ITR if their annual taxable income remains below the basic exemption limit.

Updated : May 10, 2026

BT Explainer: ITR filing rules 2026 -- Are super senior citizens exempt from filing income tax returns?

The Income Tax Department offers special relief to certain senior and super senior citizens from filing Income Tax Returns under Section 194P. However, not every taxpayer above 75 or 80 years automatically qualifies for exemption, making it important to understand the latest ITR filing rules for AY 2026-27.

Ram and Shyam, who jointly sold their late father’s property for around ₹1.24 crore. Both held equal ownership and received identical proceeds from the sale.

Updated : May 9, 2026

Same property, different tax Bills: Why an NRI brother paid Rs 5.25 lakh, resident paid Rs 0 tax

Two brothers sold the same inherited property for the same price, but their tax bills turned out completely different because one was an NRI. The case highlights how Budget 2024’s capital gains tax changes are impacting NRIs selling property in India.

The latest tax collection figures for the two states, along with the disclosures on the top individual and corporate taxpayers, were among the key announcements made by officials in Ranchi.

Updated : May 8, 2026

MS Dhoni tops Bihar-Jharkhand taxpayers as I-T collection hits Rs 20,000 crore

Principal Chief Commissioner of Income Tax for Bihar and Jharkhand Dr D Sudhakara Rao said nearly 70 per cent of the total collection was received through tax deduction at source.

May 2026 is a crucial month for tax compliance, and timely action will be key to avoiding financial and regulatory complications.

Updated : May 6, 2026

Tax alert: May 2026 deadlines for TDS, TCS, certificates and filings

May 2026 brings a packed schedule of tax compliance deadlines for taxpayers and businesses across India. From TDS/TCS deposits to certificates and statutory filings, missing key dates could lead to penalties and added scrutiny.

Non-corporate tax collections, which include taxes paid by individuals, HUFs, firms, and other entities, stood at ₹13,72,474 crore.

Updated : May 4, 2026

Direct tax collections rise 5.12% to ₹23.4 lakh cr in FY26; gross mop-up at ₹28.11 lakh cr

Gross direct tax collections stood at ₹28,11,936 crore, marking a 4.03% increase compared to ₹27,03,107 crore in FY25. The growth was driven by higher inflows from both corporate tax and non-corporate tax segments.

Financial securities such as equity shares, bonds, debentures and mutual funds represent ownership in assets, not consumption goods or services.

Updated : May 1, 2026

Investing in stocks? Don’t miss how GST can quietly raise your trading cost

GST does not apply to stock value or profits, but is charged at 18% on trading-related services. Frequent traders face higher costs, while long-term investors see minimal impact.

LLPs allow tax-free profit withdrawals, while Private Limited dividends are taxed in shareholders’ hands.

Updated : Apr 30, 2026

LLP vs Private Limited Company: Which structure is better for your business in 2026?

Choosing between an LLP and a Private Limited Company can shape your business’s future growth, taxation, and funding options. Understanding the key differences is essential before you register your venture.

Tax professionals recommend that taxpayers should carefully review AIS before filing returns, identify mismatches, and either correct their ITR or document valid reasons for differences.

Updated : Apr 30, 2026

Filing ITR this year? This common ITR mistake could quietly trigger a tax notice in FY26

Filing your income tax return may seem straightforward, but even small oversights can trigger unexpected scrutiny. With tighter data checks in place, accuracy matters more than ever.

With rising living costs and evolving tax rules, meal cards are emerging as an efficient tax optimisation tool.

Updated : Apr 29, 2026

Food card reporting in ITR: What salaried employees need to know for FY27

The revised Income-Tax Rules, 2026 have made meal cards a powerful tax-saving tool by increasing the exemption limit to ₹200 per meal. However, correct reporting in ITR remains critical to fully claim the benefit and avoid tax discrepancies.

Missing your ITR deadline in 2026 could cost you — here are all the dates to mark now

Updated : Apr 27, 2026

July 31 or August 31? Know your ITR filing deadline before you pay a penalty

Finance Minister Nirmala Sitharaman announced staggered ITR deadlines while presenting the Union Budget 2026 on 1 February

The Income Tax Department has revised return forms to ensure clearer reporting under Schedule OS (Income from Other Sources), reducing ambiguity and improving compliance.

Updated : Apr 27, 2026

ITR filing 2026: NBFC, HFC interest income must be reported separately — what it means

Under the updated ITR structure, interest earned from companies, NBFCs, and HFCs must now be explicitly reported under Schedule OS. Earlier, such income was not distinctly categorised, often leading to confusion among taxpayers while classifying it under “other income.”

Zero income tax jurisdictions are attractive, but decisions should factor in residency, indirect taxes, regulations, and lifestyle.

Updated : Apr 26, 2026

Zero income tax: Are there any countries with no personal income tax?

The most prominent cluster lies in the Gulf Cooperation Council (GCC) region. Countries such as the United Arab Emirates, Qatar, Bahrain, Kuwait, Oman, and Saudi Arabia do not levy personal income tax on salaries or wages.

As noted by Sujit Bangar, Founder of TaxBuddy, proper documentation helped a taxpayer avoid a ₹16.6 lakh addition.

Updated : May 4, 2026

Tax alert: Credit card spending can invite notices — How to avoid penalties

Credit card spending can trigger tax notices if the source of payments is unclear or inconsistent with reported income, making proper documentation essential. Here’s what taxpayers should do to avoid penalties and unnecessary additions.

According to experts, under the new labour law framework, the basic salary, dearness allowances & retaining allowances is required to be at least 50% of total CTC.

Updated : Apr 25, 2026

Earning Rs 6 lakh per annum? Here's your April in-hand salary calculation after new labour codes

At the core of this reform is a standardised definition of “wages,” requiring basic pay, DA, and retention allowance to make up at least 50% of total compensation. This will change salary structures and directly impact PF, gratuity, and insurance calculations.

The report has pointed out that household insecticides serve as a first line of defence against diseases such as malaria, dengue and chikungunya, particularly at the household level.

Updated : Apr 24, 2026

GST on household insecticides: New report calls for 5% rate to prevent vector-borne diseases

Other representations also to lower GST on air purifiers and filter from 18% to nil or 5%

Tax

Buying a house with your spouse? Here’s how it can reduce your tax bill

Bought a car above Rs 10 lakh? You can claim TCS refund on your purchase; here's how

Vedanta demerger: Do shareholders pay tax on new allotted shares? Here’s what investors should know

‘Tax audit is a penalty for...’: Financial advisor says cash-heavy businesses face greater risk in 2026

New Income Tax Act 2025 explained: 12 key tax forms changing from April 1, 2026

BT Explainer: Income-Tax Rules AY 2026-27 decoded - Key PAN limits, deductions, TDS rules, penalties you should note

BT Explainer: ITR filing rules 2026 -- Are super senior citizens exempt from filing income tax returns?

Same property, different tax Bills: Why an NRI brother paid Rs 5.25 lakh, resident paid Rs 0 tax

MS Dhoni tops Bihar-Jharkhand taxpayers as I-T collection hits Rs 20,000 crore

Tax alert: May 2026 deadlines for TDS, TCS, certificates and filings

Direct tax collections rise 5.12% to ₹23.4 lakh cr in FY26; gross mop-up at ₹28.11 lakh cr

Investing in stocks? Don’t miss how GST can quietly raise your trading cost

LLP vs Private Limited Company: Which structure is better for your business in 2026?

Filing ITR this year? This common ITR mistake could quietly trigger a tax notice in FY26

Food card reporting in ITR: What salaried employees need to know for FY27

July 31 or August 31? Know your ITR filing deadline before you pay a penalty

ITR filing 2026: NBFC, HFC interest income must be reported separately — what it means

Zero income tax: Are there any countries with no personal income tax?

Tax alert: Credit card spending can invite notices — How to avoid penalties

Earning Rs 6 lakh per annum? Here's your April in-hand salary calculation after new labour codes

GST on household insecticides: New report calls for 5% rate to prevent vector-borne diseases

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