Used meal card benefits? Form 12BA deadline alert: Why salaried employees must collect it by April 30 for filing ITR for for AY 2026-27

Salaried employees need to collect Form 123 from employers by April 30, 2026. This form details perquisites like meal card benefits. It is crucial for filing Income Tax Returns for Assessment Year 2026-27. Employers must issue this statement for employees earning over Rs 1.5 lakh annually. This ensures accurate reporting of all benefits received.

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Wipro is buying back shares at Rs 250. What your tax bill looks like depends on this factor

Wipro's share buy-back offers Rs 250 per share, a premium over market price. New tax rules effective April 1, 2026, treat buy-back proceeds as capital gains. This makes tendering shares more tax-efficient for both promoters and non-promoters compared to selling on the open market.

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Failed to report US stocks gained via ESOP? Use this one-time Amnesty scheme; Know how it works

A one-time amnesty scheme, the FAST-DS, has been introduced to help Indian residents and NRIs resolve past non-compliance with reporting foreign assets, including ESOPs. This scheme aims to reduce penalties and litigation under the Black Money Act, offering relief for inadvertent reporting errors and missed disclosures.

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Income tax refund rules change from April 2026: Check these 2 important updates for Tax Year 2026-27

Two significant changes to income tax refund rules are effective from April 1, 2026, impacting Tax Year 2026-27. The Finance Act 2026 clarifies interest computation for past tax years and allows tax refunds to be set off against demands under either the old or new Income Tax Acts, simplifying processes for taxpayers.

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If I gift my Rs 2 lakh to my wife who plans to invest in FD, who will pay income tax on interest earned?

ET Wealth Reader's Query: I am the only earning member of my family. My company has given me a bonus of Rs 2 lakh this year (after deducting TDS), which has been credited to my salary account. If I gift this amount to my wife and she puts it in a fixed deposit, will the interest earned be taxed in my hands or hers?

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No PAN, no purchase allowed - not even with Form 97; PAN is now mandatory for these high value transactions under new tax rules

New Income Tax Rules, 2026, effective April 1, 2026, mandate PAN for several high-value transactions. Form 97 replaces Form 60, but its use is significantly reduced. Transactions like purchasing motor vehicles over Rs 5 lakh, opening demat accounts, and investing in mutual funds above Rs 50,000 now require a PAN.

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EY, FICCI urge govt to reduce GST rate to 9% on hotel rooms priced above Rs 7,500 per night

A joint report by EY and FICCI suggests lowering the GST on luxury hotel rooms to 9%. This move aims to make India a more competitive tourist destination. The report highlights that current taxes and costs make India appear expensive compared to countries like Thailand. Reducing the tax could attract more international visitors and boost the tourism sector.

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Tax on destination wedding outside India: Will income tax apply on gifts in form of cash, property, gold jewellery? Know the rules

Whether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, no tax would be levied on the gift. Under Section 56(2)(x) of the Income Tax Act, 1961 (Section 92(3) of the Income Tax Act, 2025) gifts received by the bride or groom on the occasion of marriage are completely exempt from tax.

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Alert for CXOs and Directors: Acting as authorised signatory for a foreign company now requires PAN, address & more details under Income Tax Rules, 2026

New Income Tax Rules, 2026 mandate that Indian employees acting as authorised signatories for foreign companies must now provide their PAN, residential address, and other key details. This change aims to enhance compliance and links individuals directly to the foreign entity's tax obligations, potentially increasing scrutiny.

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Meal card reporting when filing ITR: How to do it correctly and claim tax benefits under both the old and new tax regimes

Salaried employees can now claim meal card tax benefits under both old and new tax regimes from Tax Year 2026-27. For AY 2026-27, the benefit is restricted to the old tax regime, with limits of Rs 50 per meal. Proper reporting in ITR and documentation are crucial for claiming these exemptions.

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GSTN launches offline Excel-based utility to boost Invoice Management System for greater accuracy in ITC claims; Here’s how it can help

GSTN has launched a new offline Excel utility for its Invoice Management System (IMS), aiming to boost accuracy in Input Tax Credit (ITC) claims. This tool allows taxpayers to process and upload IMS data offline, enabling bulk actions like accepting or rejecting invoices. Experts believe this will simplify compliance and encourage wider adoption of the IMS.

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Government is considering one-day extension of GSTR-3B filing due date

The GST Network has apologised for technical difficulties hindering GSTR-3B filings for the March 2026 tax period. Many chartered accountants reported portal issues, leading the government to consider a one-day extension for the April 20th deadline to April 21st. Taxpayers faced payment reflection delays and potential late fees and interest due to these persistent glitches.

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Has the GSTR-3B return filing due date for the March 2026 tax period been extended?

Tax professionals are struggling to file GSTR-3B for March 2026. The GST portal is experiencing significant slowdowns, preventing logins and filings. This is causing concern as missed deadlines can lead to severe consequences, including the suspension of GST numbers. An interim fix was previously suggested for a similar issue in February 2026.

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