taxes

Gifting property to family? India's tax laws, under Section 56(2)(x), classify certain gifts as 'deemed income' if their value exceeds Rs 50,000.

Many taxpayers mistakenly believe the New Tax Regime offers no deductions. However, salaried employees and pensioners can claim a Rs 75,000 standard deduction. Employer contributions to NPS and interest on home loans for let-out properties are also still permissible, reducing overall tax liability

ITR filing FY 2025-26: Think of your documentation as evidence; the income tax department already has digital footprints of your transactions, and your job is to match them accurately.

First, let’s understand what Form 26AS is – it’s essentially a tax statement that is linked to the taxpayer’s PAN. It shows details of tax dedicated at source and tax collected at source. It’s a key document that is essential for taxpayers when filing their income tax return.

The Bombay High Court granted interim protection to industrialist Anil Ambani from prosecution and penalties in a Rs 240 crore tax demand case. The court admitted his petition challenging the Black Money Act's constitutional validity, preventing coercive action until the final disposal of his plea.

Property buyers purchasing assets valued at Rs 50 lakh or more must deduct 1% TDS before completing the transaction. This rule, under Section 194-IA, applies to non-agricultural land and aims to boost tax compliance in real estate. Buyers must deposit the tax and issue a certificate to the seller, ensuring accurate reporting of high-value deals.

Washington state's new millionaire's tax faces opposition from business leaders. A survey indicates over half are considering relocating their residences. Seattle Mayor Katie Wilson however calls these concerns overblown. She highlights strong relationships with the business community and corporate donations to city initiatives. Business leaders express concerns about the state's economic future and tax policies.

Failure To Comply With Invite Penalty Of Rs 25,000

The Union Cabinet has recommended an ordinance to ease tax rules for foreign investors in certain securities, aiming to strengthen the rupee. This move follows significant foreign portfolio investor withdrawals and addresses concerns raised by FPIs regarding capital gains and securities transaction taxes.

The Bombay High Court has granted industrialist Anil Ambani interim protection from prosecution and penalties in a Rs 420 crore tax demand case. The court is hearing his challenge to the Black Money Act's constitutional validity, arguing its retrospective application violates fundamental rights.

State Bets on AI, Enforcement to Meet Shortfall

Seattle, once a top US city for foreign investment, has plummeted to 13th place, sparking concern among tech leaders. This decline follows a new state tax on millionaires and a perceived anti-business climate. Prominent figures like Jeff Bezos and Howard Schultz have relocated, raising questions about the city's future economic appeal.