From property deals to foreign assets: how the Income-Tax Department tracks your money

In December, the Income-tax Department sent SMS and email alerts flagging mismatches in reported income and non-disclosure of foreign assets. This article explains how such information reaches the tax system—through SFT filings, TDS/TCS data and global information-sharing frameworks—and what taxpayers should do to stay compliant in a data-driven tax regime.

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Can I use the sale proceeds from my house to pay 50% share to my sister and claim capital gains exemption?

ET Wealth Reader's Query: Can I use the sale proceeds from my own house to pay my sister her 50% share in our father’s property so that the entire property can be transferred to my name?

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Company car perk gets costlier: Draft Income Tax Rules 2026 could add Rs 4,352 to your tax bill over car perks on Rs 15 lakh salary

Salaried employees face increased income tax under draft Income Tax Rules, 2026, due to changes in company car perk valuation. Those using company cars partly for personal use will see higher taxable perquisites, leading to an additional tax outgo. The new rules significantly revise the monetary value assigned to this benefit.

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Form 16 to become Form 130, 26AS to become 168; Know the new names of important income tax forms after 31 March, 2026?

Starting April 1, 2026, familiar tax forms will get new numbers. Form 16 becomes Form 130, and Form 26AS will be known as Form 168. This change is part of the new Income Tax Act, 2025. While initial adjustments may occur, the transition aims for a simplified tax framework. Proceedings for earlier tax years will continue under old rules.

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Gold taxation explained: Physical vs ETF vs SGB vs inherited gold

If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 90th part of this series, Riju Mehta talks about the tax incurred on the purchase and sale of different types of gold.

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Lady sells listed equity shares for Rs 26 crore and constructs house, pays no capital gains tax; ITAT Kolkata rules in her favour

A woman successfully claimed capital gains tax exemption on Rs 26 crore from selling shares. The Income Tax Appellate Tribunal in Kolkata ruled in her favour, allowing her claim under Section 54F. She invested the proceeds in constructing a residential property. The tribunal clarified rules regarding joint ownership, property usage, and construction timelines.

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Not all post office schemes save tax: Check these 7 schemes to know which one gives maximum tax saving and higher returns

Indian small savings schemes provide safe, government-backed returns. However, their tax implications vary greatly. Understanding how your money is taxed at investment, growth, and withdrawal stages is crucial. Choosing the right scheme depends on your tax situation and financial goals.

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Get up to Rs 1.05 lakh income tax exemption on meal cards: Draft tax rules 2026 boost salaried savings

Salaried employees stand to gain significantly from proposed tax rule changes. Under draft Income Tax Rules, 2026, the annual tax exemption for meal vouchers like Pluxee or Sodexo could rise to Rs 1,05,600. This is a substantial increase from the current Rs 26,400 limit. The new rules propose a Rs 200 per meal cap, potentially boosting employee savings.

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Self-reporting of unexplained income in ITR to save 50%: A permanent Voluntary Disclosure of Income Scheme (VDIS) in Budget 2026?

Budget 2026 reshapes taxation of unexplained income. Self-reporting undisclosed income now attracts a 30% tax rate. This is a significant reduction from the previous 60% rate. Income detected by tax authorities faces a 200% penalty. This creates a compliance-first architecture. It rewards early disclosure with predictable costs. Concealment becomes financially punitive. This functions like a permanent disclosure scheme.

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Now request for nil or lower TDS deduction for property and other transactions via this new form as per Income Tax Act, 2025; See what’s changed

The Income Tax Act, 2025, introduces new Form 128 for applications requesting nil or lower Tax Deducted at Source (TDS) on property and other transactions. This form replaces the older Form 13, with some changes in required documentation. While the purpose remains the same, the new form streamlines the process for obtaining TDS certificates.

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One-time capital gains set-off dropped in latest version of Income Tax Act 2025: How it impacts your tax bill

The final Income Tax Act, 2025 has removed a one-time provision that allowed brought-forward long-term capital losses to be set off against short-term capital gains. This change reverts to the restrictions of the Income Tax Act, 1961, limiting LTCL set-off only against LTCG, impacting taxpayers' ability to reduce their tax liabilities.

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Can I set off capital loss from property sale against future gains from equity MF if I switch to the new tax regime?

ET Wealth Reader's Query: I have capital loss from an apartment sale in 2019-20, offset each year via equity MF gains. If I switch to the new tax regime in 2025-26, can I still carry forward and set off remaining losses against future equity MF gains?

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Section 87A tax rebate allowed on both long and short term capital gain income from equity for AY 2024-25 by ITAT Indore; Know why

The ITAT Indore has allowed Section 87A tax rebates on both long-term and short-term capital gains from equity for AY 2024-25. This ruling clarifies that the rebate applies even to income taxed at special rates, overturning a previous tax demand notice. The tribunal followed earlier favorable decisions from other ITAT benches.

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