1+ day, 17+ hour ago  (68+ words) Income Tax Under New Tax Regime- Taxable Income: Rs 11, 90,000 (After a 30% standard deduction on rental income of Rs 17 lakh)- Basic exemption limit- Income Tax: Rs 59,000 (on income from Rs 4,00,001 to Rs 11,9000- Rebate u/s 87A: Rs 59,000 (makes income of Rs 11.9 lakh…...

1+ day, 18+ hour ago  (316+ words) Salaried taxpayers claiming House Rent Allowance (HRA) for rent paid to close family members may soon need to disclose their relationship with the landlord under proposed new income-tax rules. Mandatory Disclosure Under Draft Rules Under the Draft Income Tax Rules,…...

2+ day, 21+ hour ago  (304+ words) Income Tax Draft Rules, 2026: To provide employees with higher tax exemptions and allowance limits, the income tax department has proposed revisions to multiple monetary allowances under the Income Tax Draft Rules, 2026. The changes, released for public consultation, update several limits…...

5+ day, 22+ hour ago  (376+ words) Income Tax Draft Rules 2026: In order to ease compliance norms, the income tax department has proposed to allow cash withdrawal and deposits of up to Rs 10 lakh in a financial year without the requirement of a Permanent Account Number (PAN)....

1+ week, 13+ hour ago  (266+ words) Similarly, the threshold for furnishing PAN for high-value spending at hotels, restaurants and functions has been increased. Earlier, PAN was required for bills above Rs 50,000. From April 1, 2026, PAN will be needed only when the bill exceeds Rs 1 lakh. The rules…...

1+ week, 1+ day ago  (181+ words) Investors who are planning to sell their equities and mutual funds to build their own house can save taxes, as long as they follow the rules of the Income tax act. Under Section 54F, an individual or Hindu Undivided Family (HUF)…...

1+ week, 1+ day ago  (97+ words) Employer's Contribution to NPS (Section 80CCD(2)): The National Pension System (NPS) remains a powerful tax-saving tool under the new regime. While individual contributions to NPS do not qualify for deductions here, the employer's contribution continues to be deductible under Section 80CCD(2). Employers…...

1+ week, 3+ day ago  (56+ words) Not Tracking Spending: Without monitoring daily expenses, it's easy to overspend on small purchases that add up. Late fees, impulsive buys, and unnecessary subscriptions can drain accounts. Tracking spending helps identify patterns, set budgets, and prioritize savings. Simple apps or…...

2+ week, 1+ day ago  (439+ words) The draft rules, currently open for public feedback, are aligned with the forthcoming Income Tax Act, 2025, which is scheduled to take effect next year. A major proposal relates to cash deposits and withdrawals. Under the draft norms, PAN will be…...

2+ week, 1+ day ago  (259+ words) Buoyed by the Supreme Court's ruling denying tax treaty benefits to US investment firm Tiger Global, India's tax authorities have, over the past two weeks, issued notices to at least seven overseas venture capital and private equity firms. The Income…...