Tax

Under Section 244A, refund interest is calculated from April 1 only if the return is filed on time.

Updated : Dec 4, 2025

Belated ITR filing deadline nears: Taxpayers can still claim refunds, but with key financial consequences

The ITR filing date for FY 2024–25 was extended twice, first by 46 days to September 15, and then by an additional 24 hours, offering taxpayers more time amid backend and compliance challenges.

Up to 30 June 2025, tax authorities have completed 1,087 assessments and issued tax and penalty demands exceeding Rs 40,564 crore under the BMA.

Updated : Dec 4, 2025

Centre flags Rs 40,564 cr tax claims on offshore assets, says no estimate of black money outflow

Responding to a Lok Sabha query, Minister of State for Finance Pankaj Chaudhary said neither the Income Tax Act nor the BMA uses the term “black money”, but enforcement data under the BMA reflects the action taken so far on offshore holdings.

One of the structural triggers was the late rollout of ITR forms this year.

Updated : Dec 4, 2025

Taxpayers face long refund delays: FY25 sees steep 38% drop in payouts, slow processing

Tax practitioners attribute the slump to a combination of delayed ITR form releases, tighter verification rules, and processing bottlenecks at the Centralised Processing Centre (CPC) in Bengaluru.

Monetary gifts received on the occasion of marriage are tax-free, but gifts received on birthdays, anniversaries or festivals are taxable.

Updated : Dec 2, 2025

Gift gone wrong: How a tax-exempt Rs 1.3 crore family gift turned into a Rs 70 lakh tax shock

The Income Tax Department has clarified that monetary gifts received by individuals and HUFs are taxable under Section 56(2)(x) unless specifically exempt. Gifts from “relatives” — such as spouses, parents, siblings, and lineal ascendants or descendants — are fully tax-exempt. Only gifts received without adequate consideration and outside these exemptions attract tax.

Anyone getting these alerts should recheck their ITR for missed disclosures and file a revised return if required.

Updated : Nov 29, 2025

Foreign income not in your ITR? Expect a sharp NUDGE from the taxman before December 31

The campaign, formally known as “Non-intrusive Usage of Data to Guide and Enable (NUDGE)”, uses foreign financial information obtained through global data-exchange frameworks to identify mismatches between disclosures made in ITRs and data available with the tax authorities.

1% TCS on cars over ₹10L is your money, posts warn buyers not to ignore refund at tax filing

Updated : Nov 29, 2025

'Govt owes you money back when you buy a new car': Investor on how to claim TCS refund on Rs 10L+ cars

The investor explained how anyone purchasing a vehicle priced above ₹10 lakh is entitled to get back the 1% Tax Collected at Source (TCS) charged by dealerships

When the new house is still under construction, Section 54 allows a taxpayer up to three years from the sale date to complete construction.

Updated : Nov 28, 2025

Can investors claim Section 54 and 54F exemptions for under-construction homes? Expert explains tax rules, builder delays, Rs 10-cr cap

Taxpayers juggling multiple capital gains events often face confusion on whether both Section 54 and Section 54F benefits can be claimed for one new house. The rules grow trickier when the reinvestment is tied to an under-construction property. Clarity from tax professionals indicates that dual exemptions are possible, but only under specific conditions.

Recipients must review and revise their returns by December 31, 2025, or face action under the Income-tax Act and the Black Money Act.

Updated : Nov 28, 2025

Income Tax Dept begins second NUDGE drive to spot undisclosed foreign assets; what taxpayers should do

In an update posted on X, the department said the latest round of communication is based on financial information shared by several jurisdictions under global data-exchange frameworks.

Wedding gifts are entirely exempt under Section 56(2)(x) in India. Whether it’s cash, gold, jewellery, appliances, or even property, there is no upper limit and no restrictions based on who gives it.

Updated : Nov 26, 2025

Netra Mantena-Vamsi Gadiraju's Udaipur wedding comes with a tax lesson: How couples can save Rs 2–10 lakh

imagination, becoming the most talked-about celebration of 2025. Behind the glamour and global performances lies an unexpected twist: most couples unknowingly lose Rs 2–10 lakh in taxes when they get married. Tax experts say a few smart financial moves can turn even the most extravagant wedding into a surprising tax win.

If ESOPs are granted while working in India, India can tax them—even if exercised after moving abroad. If the grant or vesting period spans multiple countries, tax liability may be split proportionately.

Updated : Nov 26, 2025

Can NRIs exercising ESOPs abroad still owe tax in India? A Rs 20.45 lakh ruling clarifies the law

Employee Stock Option Plans (ESOPs) are increasingly becoming a key wealth-building tool for India’s workforce, but their tax implications can get complicated when employees move across borders. A recent Tribunal ruling involving an HDFC Bank employee working in Dubai shows how exercising ESOPs abroad can still trigger full taxation in India.

However, Goel warns that this route comes with trade-offs: no PF, paid leave, or job security.

Updated : Nov 25, 2025

Consultant vs salary: CA shows how India's wealthy legally dodge lakhs in taxes

“Salaried middle class is using this trick to save lakhs in taxes,” Goel wrote. “High-income professionals are not drawing salary anymore. Instead, they are becoming consultants.”

A dormant account suddenly receiving large deposits or transfers can trigger enhanced due diligence by banks.

Updated : Nov 22, 2025

Large or frequent bank deposits can flag mismatches in income profiles: Expert flags what can trigger tax scrutiny

From cash deposits to credit card payments, several common transactions are now being closely monitored by the tax department. With advanced tracking systems in place, authorities are focusing on lifestyle–income mismatches more than ever before.

Experts explain that the GST law allows the department to attach a taxpayer’s property—including bank accounts—when ongoing proceedings suggest potential risks to government revenue.

Updated : Nov 22, 2025

GST dept can block bank accounts over suspected evasion; know the triggers and how to lift the freeze

Bank account attachment under GST is typically triggered in cases of fake ITC claims, fake invoicing, GST collected but not deposited, shell entities, audit discrepancies or non-cooperation during investigations. Such orders are usually issued by the DGGI, anti-evasion units or jurisdictional GST authorities.

Section 54 of the Income Tax Act allows individuals and Hindu Undivided Families (HUFs) to claim exemption from LTCG tax when selling a residential property, if the gains are reinvested in another house in India.

Updated : Nov 20, 2025

19 more banks now offer capital gains accounts, easing tax exemption for property sellers

Nineteen new banks have received authorisation to provide Capital Gains Account Scheme (CGAS) services. This expanded access enables property sellers to deposit unutilised capital gains and claim income tax exemptions under the relevant sections of the Income Tax Act.

The Directorate of Systems is overhauling all compliance formats, including quarterly TDS forms, in coordination with the tax policy division.

Updated : Nov 19, 2025

New simplified I-T return forms and rules under Income Tax Act, 2025, set for January release

The Income Tax Act, 2025, approved by Parliament on 12 August, represents the most comprehensive reform of India’s direct tax legislation in more than half a century.

Banks treat registered entities differently, clients perceive them as more credible, and opportunities for scaling open up.

Updated : Nov 16, 2025

‘Before the bookings begin...’: CA explains why GST determines a travel startup’s fate

The financial expert argued that GST registration is not just a tax formality but a business asset that elevates a side hustle into a recognised venture.

Ex gratia payments are discretionary, unlike salaries or bonuses, allowing organisations to provide support without admitting liability while preserving goodwill.

Updated : Nov 15, 2025

HDFC Bank’s Rs 1,500-crore ex-Gratia payout sounds generous — but there's catch in terms of taxes

HDFC Bank’s Rs 1,500-crore ex-gratia payout made headlines last year, but employees soon realised that the “gift” wasn’t tax-free. Despite being a goodwill payment, ex-gratia is fully taxable for most salaried workers.

CV Co. began trading independently today, marking the final execution of the long-awaited split.

Updated : Nov 15, 2025

Tata Motors split is tax-free but an expert warns of a costly investor mistake

According to the official announcement, shareholders must allocate 31.15 percent of their original Tata Motors purchase cost to CV Co., and the remaining 68.85 percent to PV Co.

Under the 1:1 demerger, shareholders received one TMCV and one TMPV share per Tata Motors share. The company later fixed the cost split at 31.15% for TMCV and 68.85% for TMPV, impacting capital gains.

Updated : Nov 14, 2025

Tata Motors demerger: What happens if you sell the stocks immediately? A look at real investor tax impact

Under the 1:1 demerger, shareholders received one share of TMCV and one share of TMPV for every Tata Motors share held on the record date of October 14, 2025. The company later declared the official cost allocation: 31.15% for TMCV and 68.85% for TMPV, a ratio that directly affects capital gains.

The engineer’s case serves as a reminder that while the SFT system increases transparency, legitimate taxpayers must also receive fair and balanced assessments.

Updated : Nov 14, 2025

Flat, FDs worth Rs 69 lakh and a tax shock — ITAT Mumbai ends 6-year tax standoff with this twist

A modest ITR but big-ticket investments triggered a massive tax probe for one Mumbai engineer. The ITAT has overturned the case, raising questions about how such disputes are assessed.

Indians bought over Rs 9,000 crore of digital gold in nine months, with monthly purchases rising from Rs 762 crore in January to Rs 1,410 crore in September 2025.

Updated : Nov 13, 2025

SEBI flags digital gold risks - here are tax rules that might bite investors harder

Digital gold is taxed like physical gold: sold within two years, gains are STCG taxed at slab rates; held longer, LTCG taxed at 12.5% without indexation. It offers convenience but not any tax advantage over physical gold.

Tax

Belated ITR filing deadline nears: Taxpayers can still claim refunds, but with key financial consequences

Centre flags Rs 40,564 cr tax claims on offshore assets, says no estimate of black money outflow

Taxpayers face long refund delays: FY25 sees steep 38% drop in payouts, slow processing

Gift gone wrong: How a tax-exempt Rs 1.3 crore family gift turned into a Rs 70 lakh tax shock

Foreign income not in your ITR? Expect a sharp NUDGE from the taxman before December 31

'Govt owes you money back when you buy a new car': Investor on how to claim TCS refund on Rs 10L+ cars

Can investors claim Section 54 and 54F exemptions for under-construction homes? Expert explains tax rules, builder delays, Rs 10-cr cap

Income Tax Dept begins second NUDGE drive to spot undisclosed foreign assets; what taxpayers should do

Netra Mantena-Vamsi Gadiraju's Udaipur wedding comes with a tax lesson: How couples can save Rs 2–10 lakh

Can NRIs exercising ESOPs abroad still owe tax in India? A Rs 20.45 lakh ruling clarifies the law

Consultant vs salary: CA shows how India's wealthy legally dodge lakhs in taxes

Large or frequent bank deposits can flag mismatches in income profiles: Expert flags what can trigger tax scrutiny

GST dept can block bank accounts over suspected evasion; know the triggers and how to lift the freeze

19 more banks now offer capital gains accounts, easing tax exemption for property sellers

New simplified I-T return forms and rules under Income Tax Act, 2025, set for January release

‘Before the bookings begin...’: CA explains why GST determines a travel startup’s fate

HDFC Bank’s Rs 1,500-crore ex-Gratia payout sounds generous — but there's catch in terms of taxes

Tata Motors split is tax-free but an expert warns of a costly investor mistake

Tata Motors demerger: What happens if you sell the stocks immediately? A look at real investor tax impact

Flat, FDs worth Rs 69 lakh and a tax shock — ITAT Mumbai ends 6-year tax standoff with this twist

SEBI flags digital gold risks - here are tax rules that might bite investors harder

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