This will bring down capital gains especially in case of property transactions.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
Revised tax forms will be simple; stress on foreign travel and assets has been reduced
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
Employees are often under this impression that as the employer has deducted tax at source, they need not file income tax (IT) returns.
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
As per Indian tax laws, bonus in kind paid to the employees could be considered as salary income in the hands of the employees.
Not doing so might mean a penalty, not being able to revise returns or carry forward losses and forfeiture of interest on refund
If you were deputed abroad, filing income tax can be tricky.
In the previous Budget, the government had come out with a similar scheme.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
Taxpayers might face several issues while filing returns this year.
Ensure the employer has all relevant documents. Else, your pay will take a serious hit in the next two months.
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
There will be a review of employee compensation arrangement in the light of the new rules.
The deduction will be higher and net take-home pay will fall.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances