Tax

Tax advisory platform TaxBuddy explained that taxpayers can save anywhere between Rs 30,000 and over Rs 1.2 lakh in taxes every year, depending on their income slab.

Updated : Dec 26, 2025

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

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.

Delayed GSTR-9 filing invites a late fee of Rs 200 per day, Rs 100 each under CGST and SGST, subject to a maximum cap of 0.5% of the taxpayer’s turnover.

Updated : Dec 24, 2025

‘Nobody talks about GSTR-9 till a notice hits’: CA flags risks for overlooking GSTR-9 filing

The GST annual return, GSTR-9, is rarely discussed until a tax notice lands in a taxpayer’s inbox. With the December 31 deadline approaching, experts warn that small, overlooked mismatches can quickly escalate into compliance issues. Experts say timely reconciliation, not last-minute filing, is key to avoiding trouble.

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.

Updated : Dec 24, 2025

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

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.

Taxpayers holding foreign assets or income must pick an ITR form featuring Schedule FA (Foreign Assets). ITR-1 and ITR-4 lack this essential section. Suitable forms are ITR-2 and ITR-3.

Updated : Dec 24, 2025

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

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.

Taxpayers should verify donation claims by checking recipient eligibility, PAN details, approved payment modes, and supporting documents.

Updated : Dec 23, 2025

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

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.

ULIPs continue to offer tax benefits, but only within clearly defined limits now.

Updated : Dec 23, 2025

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

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.

The newer law does not introduce unprecedented surveillance powers over taxpayers’ digital lives.

Updated : Dec 22, 2025

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

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.

The expert contrasted India’s approach with that of developed economies, where capital gains are taxed at much higher rates. In the US, LTCG can go up to around 20% depending on income levels.

Updated : Dec 21, 2025

Low capital gains tax, high trade-off? Financial expert flags the cost India doesn’t see

Low capital gains taxes undeniably make investing more attractive and help fuel participation in markets. However, those tax savings have not yet translated into consistently world-class public healthcare, transport or social safety nets for citizens.

The Income Tax Department has stressed the necessity for solid documentation when claiming deductions under Section 80G.

Updated : Dec 20, 2025

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

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.

A private trust offers greater flexibility and control for managing complex, diversified wealth, while an HUF provides simplicity and specific tax advantages such as lower slabs and exemptions.

Updated : Dec 20, 2025

Private Trust vs HUF: Which structure works best for managing and preserving family wealth?

According to Parag Jain, Tax Head at 1 Finance, both structures are legally recognised and offer tax-planning benefits, but they serve very different objectives. “For long-term wealth management and succession, families must look beyond tax savings and evaluate factors such as asset complexity, dispute risk, religion and succession priorities,” he says.

The Income Tax Department reminded taxpayers that December 31, 2025 is the last date for revising an already filed return or submitting a belated return for Assessment Year (AY) 2025-26.

Updated : Dec 18, 2025

Income Tax Dept clarifies emails on AIS mismatch, foreign assets are advisory, not punitive

The clarification follows concerns raised by taxpayers over system-generated intimations related to discrepancies in their Annual Information Statement (AIS), property transactions, foreign income or assets, high-value purchases .

Investors reporting gains of up to ₹1.5 lakh accounted for just ₹10,564 crore, with an average gain of ₹36,000 per return.

Updated : Dec 18, 2025

Cutting LTCG mainly benefits the rich; don’t call it a middle-class issue: Tax expert on capital gains tax regime

Official Income Tax Department data for Assessment Year 2023-24 shows that total LTCG reported by taxpayers stood at Rs 8.58 lakh crore, spread across nearly 8 crore returns. Yet this enormous figure is highly concentrated at the top. Taxpayers earning below Rs 10 lakh a year contributed less than 5% of total LTCG, or about Rs 39,870 crore, despite forming a large base of investors.

Taxpayers who have missed reporting foreign assets or income must first shift to the correct income tax return (ITR) form.

Updated : Dec 18, 2025

Undisclosed foreign assets trigger IT Dept emails; revise ITR before Dec 31 deadline

The Income Tax Department has begun emailing taxpayers flagged for undisclosed foreign assets or income based on global data-sharing under CRS and FATCA. Affected individuals have been asked to revise their ITRs for AY 2025-26 by December 31 to avoid penalties.

If implemented, joint filing could lower tax liability for many middle-class households, especially where one spouse earns significantly more than the other.

Updated : Dec 16, 2025

Budget 2026 buzz: How joint income tax returns for married couples can be a welcome move

First discussed ahead of Budget 2025, the joint taxation proposal suggests allowing spouses to file a combined return with a higher family-level basic exemption of around Rs 6–8 lakh. For single-income households grappling with rising living costs, such a move could offer meaningful relief

Sometimes, understanding how the law interprets facts can be just as important as paying taxes honestly.

Updated : Dec 15, 2025

₹18 lakh tax demand quashed: How misclassification of land can trigger and cancel I-T notices

Many genuine purchasers receive tax notices not because of tax evasion, but due to valuation mismatches created by draft planning schemes, zoning maps, or administrative shortcuts.

Deductions such as Section 80C investments, health insurance under 80D, education loan interest (80E), HRA, LTA, donations (80G), are excluded under New Tax Regime.

Updated : Dec 13, 2025

Budget tax break: New Regime overhauled - Rs 12.75 lakh salary zero tax; key deductions, exemptions

Under the allowed deductions, salaried employees and regular pensioners can claim a standard deduction of Rs 75,000, which remains one of the biggest reliefs in the new regime.

The CBDT said iy has identified high-risk taxpayers, especially those claiming deductions under Sections 80G and 80GGC.

Updated : Dec 13, 2025

CBDT cracks down on bogus tax deductions: Key alert for taxpayers on corrections in ITR

The CBDT said enforcement action against multiple tax intermediaries exposed organised rackets that were filing income tax returns using fake deductions and exemptions in exchange for commissions.

Under the Income Tax Act, 1961, reporting foreign assets is mandatory for individuals classified as Resident and Ordinarily Resident (ROR).

Updated : Dec 11, 2025

Foreign asset schedules missing in revised ITR after filing ITR-1/4? I-T dept explains solution

Many taxpayers revising their Income Tax Returns this year are hitting an unexpected snag. Details of foreign assets or overseas income simply aren’t showing up in their revised forms. The tax department has now clarified that the issue is linked to the choice of ITR form itself.

Cash-based loans between friends and family, a common informal practice in India, are strictly regulated.

Updated : Dec 10, 2025

Are you risking an 84% penalty by holding unaccounted cash at home? CA on rules that can bring you under scanner

Under the revised rules, if the Income Tax Department discovers unexplained cash during a search, it can impose a steep 84% penalty, which includes tax, surcharge, cess, and additional penalties.

In India, profits from selling, swapping, or using crypto assets are taxed at a flat 30% rate. Additionally, a surcharge and a 4% health and cess may apply.

Updated : Dec 10, 2025

Crypto traders under scrutiny: 44,000 tax notices issued for non-disclosure of gains, govt shares details

Tax authorities have uncovered Rs 888.82 crore in undisclosed income during search and seizure operations. Discrepancies between trading records and tax filings prompted the issuance of mass notices.

PPF and ELSS are super popular when it comes to saving on taxes. PPF gives you assured returns plus tax-free interest, while ELSS lets your money grow with the market.

Updated : Dec 10, 2025

Tax deduction: Can one claim Section 80C exemption on PPF, ELSS investments done in spouse's name?

Many people max out their Section 80C limit — but a major doubt keeps coming up every tax season. If you invest in PPF or ELSS in your spouse’s name, can you still claim the deduction? The answer isn’t as simple as it seems, and the rules differ sharply between PPF and ELSS.

Tax

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

‘Nobody talks about GSTR-9 till a notice hits’: CA flags risks for overlooking GSTR-9 filing

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

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

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

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

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

Low capital gains tax, high trade-off? Financial expert flags the cost India doesn’t see

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

Private Trust vs HUF: Which structure works best for managing and preserving family wealth?

Income Tax Dept clarifies emails on AIS mismatch, foreign assets are advisory, not punitive

Cutting LTCG mainly benefits the rich; don’t call it a middle-class issue: Tax expert on capital gains tax regime

Undisclosed foreign assets trigger IT Dept emails; revise ITR before Dec 31 deadline

Budget 2026 buzz: How joint income tax returns for married couples can be a welcome move

₹18 lakh tax demand quashed: How misclassification of land can trigger and cancel I-T notices

Budget tax break: New Regime overhauled - Rs 12.75 lakh salary zero tax; key deductions, exemptions

CBDT cracks down on bogus tax deductions: Key alert for taxpayers on corrections in ITR

Foreign asset schedules missing in revised ITR after filing ITR-1/4? I-T dept explains solution

Are you risking an 84% penalty by holding unaccounted cash at home? CA on rules that can bring you under scanner

Crypto traders under scrutiny: 44,000 tax notices issued for non-disclosure of gains, govt shares details

Tax deduction: Can one claim Section 80C exemption on PPF, ELSS investments done in spouse's name?

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