Invested in equities and want to cut your income tax? Use tax loss and gain harvesting before March 31, 2026

Investors can save income tax by strategically selling equity shares and mutual funds before March 31, 2026. Tax loss harvesting allows offsetting capital gains with losses, while tax gain harvesting utilizes the Rs 1.25 lakh LTCG exemption to reduce future tax liabilities. This strategy can be implemented anytime throughout the year.

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Expats staying longer in India? Here’s how residency rules can change your tax liability

Expatriates in India for extended periods face changing tax rules. Staying longer can shift residency status, impacting tax liability on worldwide income. This shift may increase compliance burdens and affect foreign income exemptions. Individuals should monitor stay durations and any government relaxations. Understanding these rules is crucial for managing tax obligations effectively.

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What is the simplest way to gift money to my daughter living abroad?

ET Wealth Reader's Query: I want to gift a large amount to my daughter living abroad for her future needs. What is the simplest way to send it?

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Man surrendered tenancy rights for Rs 11 crore flat in redevelopment project; Income Tax dept issued notice but ITAT Mumbai ruled in his favour. Here's why

A Mumbai tenant received a Rs 11 crore apartment for giving up tenancy rights during redevelopment. The Income Tax department questioned the deal, calling it a sham. However, the Income Tax Appellate Tribunal Mumbai ruled in the tenant's favour. The tribunal confirmed tenancy rights were valid and the flat was consideration for surrendering these rights. Tax exemption was allowed.

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New tax utility explained: Compare old and new Income-tax Act sections before filing

India's Income Tax Act, 1961, is set to be replaced by the Income Tax Act, 2025, effective April 1, 2026. To ease this transition, the Income Tax Department has launched an online tool. This utility allows taxpayers to compare provisions side-by-side, mapping old sections to new ones. It simplifies understanding changes in tax laws and aids informed decision-making.

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Equity shares received by private trust for relatives’ benefit is exempt from income tax, ITAT Chennai rules

A private trust received shares worth Rs 15.78 crore from its creator for family benefit. The Income Tax Appellate Tribunal ruled this transfer tax-exempt. The tribunal considered a supplemental deed that clarified beneficiaries were exclusively relatives. This decision reinforces tax exemptions for family trusts and clarifies treatment of advance tax deposits.

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New Income Tax Act 2025: Old vs new regime debate returns as allowance hikes and HRA changes shift tax math

Indian taxpayers will transition to the new Income Tax Act, 2025, from April 1st. While the new regime offers lower rates, revised allowance exemptions under the old regime, particularly for HRA, may make it more attractive for some. Taxpayers must now recalculate to determine their optimal tax strategy.

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New tax rules notified: From HRA to company car to meal card, top 5 prominent changes which will impact salaried taxpayers

The Income Tax Rules, 2026 have been notified, introducing significant changes for salaried taxpayers. Key updates include revised motor car perquisite valuations, an increased tax-free loan limit to Rs 2 lakh, and enhanced meal voucher exemptions under the old tax regime. HRA benefits now extend to more major cities, with new disclosure requirements for landlords.

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Good news for salaried employees in these cities as they can get higher HRA exemption; disclosure of relationship with landlord a must as Income Tax Rules 2026 notified

New Income Tax Rules, 2026, offer higher HRA tax exemptions for salaried individuals in eight major cities, including Mumbai, Delhi, and Bengaluru. A key change requires disclosing relationships with landlords in Form 124, especially for family rentals, to ensure genuine transactions and enhance transparency for tax authorities.

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Property buyer deposited TDS in wrong year? How Form 71 can help sellers claim credit and rectify the error within 2 years

Property sellers can now fix TDS credit mistakes. If a buyer incorrectly deposited TDS, sellers can file Form 71 within two years. This form helps align TDS credit with the correct assessment year. The ITAT Delhi recently upheld this, ensuring sellers receive credit even if the buyer erred. This mechanism aids taxpayers in claiming their rightful TDS.

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Sold two farm lands for Rs 8.75 crore capital gains but paid no tax or filed ITR; ITAT Ahmedabad rules in favour of taxpayer

A man from Bharuch, Gujarat had sold two agricultural lands for Rs 8.75 crore capital gains to a company who subsequently used the lands for industrial purposes. This man however, paid no income tax The Income Tax Department issued a notice. The ITAT Ahmedabad ruled in his favour for this reason.

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Facing GSTR-3B filing issues despite no late invoice reporting? GSTN acknowledges problem and suggests interim workaround

GSTN has issued a new advisory for GSTR-3B filings. Starting February 2026, taxpayers must confirm the 'Tax Liability Breakup, As Applicable' section. This feature auto-populates based on previous period supplies. Taxpayers need to save this breakup before filing. GSTN acknowledges feedback and is working on a resolution for cases without prior period liabilities.

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No more double GST while filing appeals: GSTN fixes issue with new GST DRC- 03A form; what taxpayers should know

GSTN has resolved a long-standing issue where taxpayers faced double GST payments when filing appeals. The new GST DRC-03A form now allows payments made under protest via Form GST DRC-03 to be correctly adjusted against demand IDs. This ensures that pre-deposit amounts are accurately calculated, preventing taxpayers from having to pay the same GST amount twice.

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