Advance tax due date December 15: Which incomes qualify and who can pay advance tax in the next quarter?

Taxpayers can pay advance tax payments for specific incomes in FY 2025-26 after the income has happened. Capital gains, lottery winnings, and certain business income are eligible. Senior citizens without business income are exempt. Advance tax is mandatory if net tax liability exceeds Rs 10,000 after TDS. Payment deadlines are June 15, September 15, December 15, and March 15.

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ITR tax refund stuck? These 7 common errors could be the reason and how you can fix them

Tax refund delays can often stem from mistakes made by taxpayers. Make sure to double-check your Income Tax Return (ITR) within a month. If you receive any notifications regarding defective returns or proposed changes, respond quickly. Don’t forget to confirm that your bank account is set up for refund deposits. Clear any outstanding demands prior to the refund process.

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Advance tax deadline: Who needs to pay advance tax and what is penalty for missing due date?

Advance tax payments are crucial for individuals with income beyond salary. The third instalment for Assessment Year 2026-27 is due by December 15, 2025. Missing deadlines incurs penalties. Taxpayers can pay online or offline. Understanding these rules ensures timely compliance and avoids interest charges.

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I bought a land for Rs 22k and sold it for Rs 17 lakh, how can I save capital gains tax on this?

ET Wealth Reader's Query: I am a homemaker who sold a residential plot for Rs 17.4 lakh, which I had purchased in 1989 for Rs 22,000. What is my tax liability on this sale and available options to save on capital gains tax?

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I am an NRI, is investing in MFs through NRO and NRE accounts the most tax-efficient way?

ET Wealth Reader's Query: I hold NRO and NRE accounts and invest in mutual funds, is this the most tax-efficient way to manage these investments?

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Check income tax refund status online via PAN card: Step-by-step process for I-T Department, NSDL portals

ITR Refund Status Check: Many taxpayers are experiencing delays in receiving their Income Tax Return (ITR) refunds this year. The Income Tax Department offers online methods to check refund status via PAN on the e-filing or TIN websites. Refunds are typically processed within four to five weeks after e-verification, but delays can occur due to various reasons.

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I want to sell a flat bought in wife’s name. What is the best way to claim capital gain exemption?

I bought an apartment in my wife's name and am planning to sell it now. We are salaried employees and have opted for the old tax regime. What is the best way to claim tax exemption on capital gains from the sale of the property?

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Good news: Soon Capital Gains Account Scheme accounts can be closed online; Here’s how property sellers can benefit

Exciting news for property sellers! Starting April 1, 2027, you can now effortlessly close your Capital Gains Account Scheme accounts online. This fantastic update from the Central Board of Direct Taxes eliminates previous bottlenecks that required tedious in-person applications. Enjoy a hassle-free experience as you manage your tax exemptions for property sales right from your living room!

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Major update on Capital Gains Account Scheme: 19 new banks authorised to offer CAGS services for saving income tax by property sellers

Nineteen new banks are now authorized to offer Capital Gains Account Scheme Services. This expansion provides more options for taxpayers to deposit unutilized capital gains and claim tax exemptions. Homebuyers will benefit from increased flexibility in choosing banking services for these transactions. The move aims to simplify the process for individuals seeking tax relief on asset transfers.

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Your wrong tax refund claim can raise a red flag leading to tax notices and even jail in case of under-reporting of income; here’s how to avoid it

Employees who attempt to cheat the system with bogus tax deductions risk facing severe repercussions. The Income-Tax Department is now harnessing cutting-edge data analytics to uncover exaggerated refund requests. This scrutiny could result in tax audits, significant fines, or even criminal charges. If taxpayers realize they've made errors, they should promptly submit amended returns to mitigate these risks.

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Is it legal to transfer money to wife’s account to save taxes?

When it comes to transferring funds to your spouse for tax benefits, it's crucial to understand the rules involved. Any income generated from assets given to your spouse is considered taxable income for the husband. This taxation persists even if the nature of the asset changes. Furthermore, any losses from these investments are also combined for tax purposes.

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Income Tax Refund Status: When will your ITR refund be credited to your account and why is it getting delayed?

Income tax refunds for the 2025-26 assessment year are being credited. Some taxpayers are still waiting for their refunds. The CBDT Chairman explained that delays occur due to reviews of deduction claims. Taxpayers can check their refund status online. Incorrect bank details or ITR errors can also cause delays. The department aims to release remaining refunds soon.

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GST department can freeze your bank account! Here's what you should do if it happens with you

To ensure the integrity of tax collection, the GST department can provisionally seize a taxpayer's bank account. This precaution is crucial during probes into suspected tax evasion or fraudulent practices, often linked to bogus Input Tax Credit claims or overdue GST payments. Taxpayers are entitled to challenge these measures and request the unlocking of their funds.

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