Pay Rs 62,400 extra income tax if you are using tax harvesting with Rs 12.75 lakh salary; Here’s what to do

Salaried employees may face an additional Rs 62,400 in income tax if they engage in tax harvesting with a Rs 12.75 lakh salary. This occurs because long-term capital gains, though exempt up to Rs 1.25 lakh, push total income above the Rs 12 lakh threshold, disqualifying them from the Section 87A tax rebate.

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I am an OCI cardholder, will I need to pay tax on inherited assets in India?

​I am a German citizen, and have an OCI card. How will inheritance of assets located in India be taxed for me? Is the inheritance itself taxable in India, or only the income generated from the inherited assets?

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ITR filing 2026: Government releases ITR forms for AY 2026–27; check details of ITR-U and ITR-V

New Income Tax Return forms are now available for Assessment Year 2026-27. The updated ITR-U form allows taxpayers to correct past filings. This updated return can be filed for up to four years. Penalties apply based on the filing timeline. The ITR-V form serves as verification for filed returns.

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ITR filing season starts: Income Tax Return forms ITR-1, ITR-2, ITR-3 and others notified

The government has released income tax return forms for AY 2026-27, allowing taxpayers to file by July 31, 2026. However, ITR-1 is not for everyone. Individuals with business profits, short-term capital gains, certain long-term capital gains, income from multiple house properties, or specific 'other sources' income like lottery winnings cannot use this simplified form.

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NRIs tax alert: March 31, 2026 is the deadline to claim foreign tax credit using Form 67 for income earned in FY 2024–25

Non-Resident Indians earning income abroad in FY 2024-25 have a crucial deadline. They must file Form 67 by March 31, 2026. This form is essential for claiming foreign tax credit in India. Filing on time prevents double taxation and ensures benefits are secured. Missing this deadline can lead to tax complications. The process involves detailing foreign income and taxes paid.

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Income Tax Act: As the 2026 tax transition nears, taxpayers may have to navigate two legislations concurrently for next few years

The Income Tax Act, 2025 modernises the law while preserving continuity, ensuring that taxpayers are not forced into uncertainty during transition. Income earned up to financial year 2025- 26, which ends on 31 March, 2026, is governed by the Income Tax Act, 1961; income earned in financial year 2026-27, which starts on 1 April, 2026, comes under the new Act.

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Tax harvesting before March 31, 2026? Watch these three hidden costs that can reduce your tax savings

Tax harvesting strategies can save income tax. However, three hidden costs can reduce these savings. Investors must analyze Securities Transaction Tax, Stamp Duty, Transaction Charges, Exit Loads, Expense Ratios, and Account Maintenance Charges. Understanding these expenses is crucial for effective tax planning before March 31, 2026. This ensures investors retain more money after all costs.

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Tax harvesting before March 31, 2026? Watch these 6 hidden costs that can reduce your tax savings

Tax harvesting strategies can save income tax. However, six hidden costs can reduce these savings. Investors must analyze Securities Transaction Tax, Stamp Duty, Transaction Charges, Exit Loads, Expense Ratios, and Account Maintenance Charges. Understanding these expenses is crucial for effective tax planning before March 31, 2026. This ensures investors retain more money after all costs.

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Old vs new income tax rules: Which set of rules will apply when you file your ITR for FY 2025-26?

Taxpayers filing returns in 2026 will use the old Income Tax Act, 1961. The new Income-tax Act, 2025, takes effect from April 1, 2026, for income earned in FY 2026-27. The new law simplifies tax codes and modernizes compliance. An online tool helps compare old and new provisions. The Income Tax Department aims for a clearer, more accessible tax system.

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From Rs 15 lakh corpus in MF, how much tax free SWP I can have?

I am a retiree with a corpus of Rs 15 lakh in a mutual fund, earmarked for my daughter in Class 10. If I start a Systematic Withdrawal Plan (SWP), will the withdrawals be taxable? How much can I redeem without attracting tax?

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Property gifts above Rs 45 lakh to face tighter scrutiny under Income-tax Rules 2026; what taxpayers should know

Property gifts valued at ₹45 lakh and above will now face closer scrutiny under Income-tax Rules, 2026, with registrars reporting these transactions. This move aims to enhance data-driven monitoring, as non-disclosure of taxable gifts or non-genuine arrangements can lead to penalties, interest, and potential action under the Benami Property Transactions Act.

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No arrest by income tax recovery officer if you have failed to pay pending tax demands; amended Finance Bill 2026

The Ministry of Finance has removed the power of Tax Recovery Officers to arrest individuals for pending tax demands. This taxpayer-friendly initiative, detailed in the Finance Bill 2026's explanatory memorandum, aims to streamline recovery processes. While arrest is no longer an option, other methods like attaching bank accounts and seizing property remain available.

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Have income tax slabs changed for FY 26-27 from April 1, 2026? New tax regime vs old tax regime slabs explained

Taxpayers can breathe easy as income tax slabs remain unchanged for FY 2026-27. The Income-tax Act, 2025, effective April 1, 2026, brings no alterations to existing tax brackets. Both the old and new tax regimes will continue with their current structures.

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