Advance tax deadline for fourth instalment of FY 2025-26: What will be penalty if you miss March 15 due date?

The deadline for the final advance tax payment is March 15, 2026. This payment is crucial for taxpayers to avoid interest and penalties. Advance tax is paid in instalments throughout the financial year. Individuals and businesses with a tax liability of Rs 10,000 or more after TDS must pay.

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March 31, 2026 deadline: Don’t forget to make these minimum deposits in PPF, SSY, NPS to keep your accounts active

Subscribers of PPF, SSY, and NPS schemes must complete all financial year-end compliances and investments by March 31. To avoid account inactivation and maintain tax benefits, ensure minimum deposits are made. For PPF, it's Rs 500 annually; for SSY, Rs 250; and for NPS, Rs 1,000.

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Severance pay doesn't absolve you from advance tax payment; Know how much tax to pay and advance tax schedule to follow

Severance pay received after job termination is taxable. Individuals must pay advance tax by March 15 to avoid penalties. This payment is treated as salary income and taxed at normal slab rates. Ensure your employer deducts the correct tax. If not, you are liable to pay advance tax. Failure to comply can lead to interest charges.

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Man sold land for Rs 3.21 crore, denied tax relief under Section 54F: Why ITAT Pune allowed full tax exemption

A Pune man successfully challenged the Income Tax Department, securing a full tax exemption on his Rs 3.21 crore land sale. Despite a technical error of not fully depositing sale proceeds into a special account (CGAS) before filing his ITR, the ITAT Pune ruled in his favor, citing legislative intent to encourage house investment.

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Updated return vs black money law: Drafting gap may trigger 30% tax and 300% penalty under Finance Bill 2026

Pay additional tax, file an updated return—and still face 30% tax and 300% penalty under the Black Money Act? Unless Finance Bill 2026 resolves the mismatch between the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and the Income-tax Act, this technical inconsistency could defeat the very purpose of voluntary disclosure.

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RBI deducted TDS on full interest on GOI Savings Bonds. How do I avoid double taxation?

ET Wealth Reader's Query: I had purchased GOI Savings Bonds issued by the RBI in 2018. These bonds carried a fixed interest rate of 7.75% per annum. I reported accrued interest yearly in my ITRs using the accrual method, though it never appeared in Form 26AS. Without documents to show yearly accruals, how can I explain this to the tax authorities?

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Rs 7 lakh income, Rs 2 lakh donation to a political party: How fake contributions led to Section 80GGC tax deduction claim rejection

A Mumbai man's Rs 2 lakh donation to a political party for tax deduction backfired. The Income Tax Appellate Tribunal (ITAT) Mumbai disallowed the claim, finding the party engaged in a cash-back scheme. The party, with no verifiable office, allegedly returned donations after deducting a commission, facilitating fraudulent tax claims.

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₹60 Lakh vs ₹1.20 crore: How Budget 2026’s foreign asset disclosure scheme cuts black money act risk for NRIs and residents with overseas assets

Budget 2026’s proposed Foreign Income & Assets Disclosure Scheme offers a calibrated settlement window for NRIs and residents with overseas assets facing exposure under the Black Money Act. By capping liability at ₹60 lakh instead of ₹1.20 crore in eligible cases—and ₹1 lakh instead of ₹10 lakh in technical lapses—the Scheme introduces proportionality, immunity and closure.

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You can lose your home for unpaid property taxes? Know your rights and how to fight back before it’s too late

*Homes can be legally auctioned over unpaid taxes, but the law requires a strict process of notices and appeal windows before that.*Even a small tax default can legally trigger attachment and auction, regardless of the property's market value.*If your property is auctioned, legal remedies exist, courts can overturn sales involving procedural violations, fraud, or undervaluation.*Best protection: pay taxes on time, monitor your municipal account, and verify dues before buying or inheriting property.

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Dubai earnings sent through banking channels, yet tax notice issued: ITAT Ahmedabad rules property purchase can’t be treated as unexplained investment

An NRI working in Dubai since 1993 successfully challenged a tax notice for unexplained property investment in India. The ITAT Ahmedabad ruled that funds remitted through proper banking channels from his Dubai earnings, even for property purchase, cannot be deemed unexplained. This decision offers significant relief to NRIs facing similar tax scrutiny.

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NRIs with big foreign tax payment need to get CA certificate to claim tax credit in their ITRs in India under draft tax rules 2026; Know more

Indians working abroad can claim Foreign Tax Credit (FTC) by filing Form 67. Draft rules propose renumbering it to Form 44, requiring CA certificates for companies and individuals with foreign tax payments over Rs 1 lakh. These changes aim to enhance scrutiny and ensure bona fide claims, potentially increasing compliance costs.

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I am 44 with salary, FD interest and mutual fund gains. How do I decide between the old and new tax regime each year?

ET Wealth Reader's Query: I am 44, earning income from salary, interest on deposits, and occasional capital gains from mutual funds. How should a middle-aged taxpayer evaluate which income tax regime works better each year?

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Claiming HRA? Salaried taxpayers need to disclose their relationship with the landlord in draft income tax rules 2026; know what precautions to take

New draft tax rules for 2026 will require salaried individuals claiming House Rent Allowance to disclose their relationship with their landlord. This applies especially when paying rent to relatives. Taxpayers must ensure genuine rental agreements and proper documentation. Payments should be made through banking channels. Landlords must declare rental income. These measures aim to enhance transparency in rental arrangements.

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