INCOME TAX

More in INCOME TAX

• What are the changes to your personal taxation in Budget 2025-26?

  Under the new tax regime, individuals with an income of up to Rs. 12 lakh will pay no income tax, offering significant relief to the middle class.

  

• Union Budget 2025: Top announcements by FM Sitharaman for the Finance Sector

  Finance Minister Nirmala Sitharaman presented the Union Budget 2025 on Saturday, prioritising Agriculture, MSMEs, Investment, and Exports to accelerate growth. Key highlights include 100% FDI in Insurance, a credit boost for MSMEs, income tax exemption up to Rs 12 lakh, startup incentives, and major infrastructure investments to drive ‘Viksit Bharat by 2047.’ Read more:

  

• Budget 2025: ULIPs no more income from other sources, to be taxed as capital gains from April 1

  The profits earned from redeeming ULIPs that are not eligible for exemption will be taxed as capital gains under Section 45(1B).

  

• No tax for up to Rs 12.75 lakh income for salaried under new tax regime as Section 87A tax rebate hiked in Budget 2025

  Section 87A tax rebate: Tax Rebate under Section 87A is given to reduce your taxable income to nil. It is a better option to give tax relief through the tax rebate than changing the tax slabs. This is because to get this tax rebate under section 87A you need to file Income Tax Return (ITR).

  

• Budget 2025: Govt tightens crypto reporting norms, new compliance rules from April 2026

  The government has expanded the definition of virtual digital assets (VDA) under Section 2(47A) to include any crypto asset that relies on cryptographically secured distributed ledger technology.

  

• Union Budget 2025: Finance minister may balance growth and fiscal discipline

  FY26 Budget will likely combine fiscal discipline with growth-supportive measures, creating room for the Reserve Bank of India to begin lowering policy rates in February 2025.

  

• These cash transactions may attract up to 100% penalty by Income Tax department

  Penalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their daily transactions as in certain specified cases penalty for an amount equal to the cash can be imposed. Moreover, the income tax department will disallow deductions if cash is used for transacting above a certain limit. Know the details.

  

• Income tax relief in Budget 2025? Nirmala Sitharaman may announce a cut for this tax slab

  Finance Minister Nirmala Sitharaman's upcoming February 2025 budget is expected to offer tax relief to lower-income groups (₹3-7 lakh slabs) under the new regime. While higher slabs may see no significant changes, the government might raise the exemption limit beyond ₹3 lakh.

  

• Budget 2024 proposed 10% TDS on government bonds: You can still pay lower or zero TDS with this certificate

  TDS on government bonds: Budget 2024 imposed a TDS on interest income earned from government bonds. Atul Puri, SW India says, "In a case where TDS is required to be deducted & AO is satisfied that the total income of the recipient justifies deduction of tax at a lower rate or no deduction of tax, the AO shall, on an application made by the Assessee, give him/her such certificate as may be appropriate for lower or Nil deduction of tax."

  

• No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC

  Tax on concessional interest rate loan: The Supreme Court of India has stated that bank employees have to have income tax if they have availed loan from their employers at concessional interest rate or interest free rate. However as per our calculations, even if bank employees pay income tax on this loan, they will still have some savings.

  

• Esop non-disclosure triggers black money law

  A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the Income Tax (I-T) department which has pointed out amounts that either went undisclosed or untaxed or both.