Visit the bank and check the locker at least twice a year.
Gifts from parents, spouse, children, siblings, grandparents, uncles and aunts are exempt regardless of amount.
'Borrowers may stop EMIs if the loan or tripartite agreement expressly permits suspension, including where disbursements or repayments are linked to specified construction milestones.'
Marriage alone does not make a spouse liable for debt. The extent of liability depends on whether the spouse signed as a co-borrower or guarantor, or inherited assets.
Fake web sites, counterfeit goods, bogus delivery charges and fraudulent customer support agents are common warning signs.
The assessee must explain the nature and source of jewellery and support the explanation with evidence, tax experts say.
'Since the category has a limited track record, assess the fund manager's experience across equity and debt market cycles rather than relying only on past returns.'
A delayed ITR could prompt greater scrutiny, document requests or processing delays.
'Taxpayers should not ignore any of these notices. Verifying the facts and responding promptly can help resolve issues early and avoid unnecessary litigation.'
Education loan defaults carry serious consequences. Credit bureaus record missed payments against both the student and the co-borrower, usually a parent.
...and 3 lakh for harassment.
Tax treatment depends on the activity and manner of earning income.
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
Taxability in property transactions depends on the actual source of funds and beneficial ownership, not on whose name appears in the purchase agreement.
'AIS helps taxpayers check whether all income streams and reportable transactions -- such as interest from old bank accounts, small dividend receipts or transactions across multiple brokers -- have been properly disclosed.' 'Mismatches between these transactions and declared income may trigger automated notices or scrutiny.'
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
Read all account documents, ask questions, and conduct basic due diligence before agreeing to become a joint holder.
'Healthcare costs in India rise by 10 to 14% annually, causing treatment costs to double roughly every 5-7 years.'
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
