Lower TCS on overseas tour package, education and medical purposes

Significant tax relief is on the horizon for overseas travel, education, and medical expenses. The government plans to slash the TCS rate on tour packages to a flat 2%, removing existing thresholds. Furthermore, remittances for education and medical needs under the Liberalised Remittance Scheme will also see a reduction to 2%.

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Man sold farm land for Rs 5 crore and buys new land in wife’s name, gets tax notice; Why ITAT Delhi denied tax exemption

A man who sold agricultural land for Rs 5 crore and reinvested the gains into a new plot in his wife's name was denied capital gains tax exemption under Section 54B. The Income Tax Appellate Tribunal (ITAT) Delhi upheld this denial, citing a Punjab and Haryana High Court ruling that disallows deductions when the new land isn't purchased in the assessee's own name.

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From Digital to Intelligent: India’s Tax Confidence Takes the AI Leap

While Budget 2026 may further accelerate India’s AI journey, Tax leaders can stay ahead to turn Tax complexity into insights, clarity and control

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UAE residents investing in Indian mutual funds: Key Indian tax rules you must follow to claim India-UAE DTAA benefits

UAE residents investing in Indian mutual funds can claim tax benefits. They must obtain a Tax Residency Certificate (TRC) from the UAE. Filing Form 10F is also crucial if the TRC lacks required details. This helps in claiming exemptions under the India-UAE DTAA. Excess tax deducted at source can be refunded. Following these rules avoids potential tax notices.

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Fruit dealer earns Rs 92 lakh in a year; files no ITR; gets tax notice for unexplained cash credit; he fights back and wins case in ITAT Bangalore

A Bengaluru fruit dealer successfully challenged a tax notice for unexplained cash credit. The Income Tax Appellate Tribunal (ITAT) Bangalore ruled in his favor, stating that tax authorities need more than just a claim of unexplained cash. The tribunal accepted the dealer's business as genuine, allowing his cash deposits to be treated as business receipts.

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Budget 2026 unlikely to see a hike in personal income tax slab rate as govt bets on widening the base

India's direct tax strategy is shifting towards broader participation and better compliance, not rate hikes, according to the Economic Survey. Expect stability and fewer surprises for taxpayers in Budget 2026. The focus is on system clean-up and nudges over notices, encouraging voluntary compliance and simplifying tax administration for a growing taxpayer base.

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Will 30% tax on cryptocurrency see a reduction in Budget 2026? Here’s what experts think on income tax, TDS and loss set-off rules on VDAs

India's crypto community eagerly awaits Budget 2026. Investors and experts hope for a fairer tax regime for Virtual Digital Assets. Current regulations are seen as complex and costly. Expectations include rationalizing the 1% TDS and allowing loss set-offs. This budget could be a turning point for crypto taxation in India.

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Rs 7 crore was added to taxpayer's income as unexplained cash credit; he wins case in ITAT Mumbai as it rules loose papers, chats can’t be treated as evidence

The Income Tax Appellate Tribunal in Mumbai has ruled in favour of Mr. Nilawar. The tribunal cleared him of unexplained cash credit charges amounting to Rs 11 crore. Evidence including diaries and receipts were deemed explainable. This decision overturns the Assessing Officer's additions. The tribunal emphasized that suspicion alone cannot replace proof in tax matters.

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After buying a new house, I and my husband plan to sell old property; will capital gain tax be paid only by him or can I share it?

ET Wealth Reader's Query: My husband plans to fully fund the purchase of a house, with no financial contribution from me. When we sell the property later, will the entire capital gain be taxed in his name, or will a portion be attributed to me despite no financial input?

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Move 30% tax slab to Rs 40 lakh income: Four compelling reasons why Budget 2026 should revise 30% tax slab in new income tax regime

From an income tax perspective, the new Income Tax Act, 2025, scheduled to be effective from 1 April, 2026, simplifies language, removes obsolete provisions and consolidates and restructures provisions. While the law itself does not overhaul the individual tax regime, there are always expectations from individual taxpayers before every Budget.

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Gold price rise impact on Budget 2026: Increase threshold of Rs 2 lakh for giving PAN, Aadhaar for buying gold jewellery, experts demand in Budget 2026

Experts are urging the government to raise the spending limit for gold purchases requiring PAN or Aadhaar. The current Rs 2 lakh threshold, set in 2016, is now easily crossed due to rising gold prices. This impacts ordinary buyers and small jewellers. An increased limit would ease compliance for genuine customers while maintaining transparency for high-value transactions.

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If I resign today with Rs 24 lakh superannuation and Rs 9 lakh in gratuity, can I save tax by transferring these to NPS?

ET Wealth Reader's Query: I have been employed with a company for a long time, and have accumulated approximately Rs 24 lakh in superannuation and Rs 9 lakh in gratuity. If I resign and take up a new job, will the superannuation and gratuity be taxed on transfer/withdrawal?

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Tax dept releases seized 6.8 kg gold as family pays Rs 2.5 crore advance tax and cited upcoming wedding as need for this gold

A Delhi family has successfully reclaimed 6.8 kg of gold and Rs 40 lakh cash. The Delhi High Court permitted the release after the family paid Rs 2.5 crore as advance tax. The seized items were taken during an income tax search. The family cited an upcoming wedding as the reason for needing the gold.

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Eliminate or reduce TDS, give relief on EV purchase and more; what Budget 2026 should do for individual taxpayers?

Signed by the President on 21 August 2025, the New Income Tax Act focusses on cleaning up the tax code by removing obsolete provisions, consolidating existing ones and reflecting overall the measures taken to modernize the tax architecture in alignment with global provisions as well as domestic aspirations.

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HRA alone saves more income tax in old tax regime for many salaried taxpayers; why Budget 2026 should increase its limits and scope

The House Rent Allowance (HRA) continues to offer an advantage to the old tax regime, despite the new regime's lower tax liability in some scenarios. Budget 2026 should consider expanding the definition of metro cities and linking HRA limits to objective housing cost indicators to address regional disparities and inflation.

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Bought new agricultural land before selling old one? Why Budget 2026 must allow capital gains tax exemption

Individuals and HUFs can get tax exemption on selling urban agricultural land. This benefit applies if the capital gains are reinvested in new agricultural land within two years. The exemption amount is capped by the capital gain or the reinvestment cost. The new Income Tax Act, 2025, continues this provision.

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Capital gains tax rules for FY 25-26: Experts explain STCG, LTCG tax rule changes they expect in Budget 2026

As Budget 2026 approaches, taxpayers anticipate a more consistent capital gains tax framework. Experts suggest aligning holding periods for different assets, clarifying taxation on contingent considerations, and potentially reducing long-term capital gains rates to encourage wealth creation and simplify tax planning.

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Inherited property, money or investments? Six tax questions every heir needs answers for

Navigating taxes after inheriting assets can be complex. Legal heirs can file the deceased's tax returns and receive refunds, but their liability is limited to inherited assets. Future income from inherited assets is taxable, and while inheritance itself isn't taxed, capital gains and other income streams are subject to standard tax rules.

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TDS paid by a deceased parent; can I file ITR to get a TDS refund now?

ET Wealth Reader's Query: Is it possible to file an income tax return (ITR) for a deceased family member (mother or father) and claim a refund for tax deducted at source (TDS) on income received in the same financial year?

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Key deductions in old and new tax regimes in FY 25-26: Experts want govt to increase these limits in Budget 2026

With Budget 2026 approaching, salaried taxpayers face a dilemma between the old tax regime's deductions and the new regime's higher tax-free limit. Those with home loans, insurance, or savings schemes are particularly confused. Experts hope Budget 2026 will offer increased deduction limits and a simpler, more balanced tax structure.

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Won your case at ITAT but still waiting for refund? Why Budget 2026 must end tax officers’ delays in giving effect to court orders

Taxpayers face significant delays in receiving refunds and tax relief even after winning cases at the ITAT and other appellate authorities. This administrative inertia, where tax officers delay implementing favourable orders, nullifies the benefit of these rulings and causes financial hardship. Budget 2026 must introduce system-driven, time-bound order giving effect processes with accountability for delays.

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Faceless tax assessment lost its way: Why Budget 2026 must fix system, not expand compliance burden

With the new Income-tax Act approaching, Budget 2026 presents a crucial chance to reform India's Faceless Assessment Scheme. Current structural issues like over-engineering and duplicated functions are undermining the scheme's goals of transparency and reduced discretion. The budget must address these inefficiencies to ensure a simpler, accountable, and justice-oriented tax administration.

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Income tax rebate rules for FY 2025-26 (AY 2026-27) explained: How your tax can become zero and changes experts want in Budget 2026

Budget 2026 approaches with taxpayers focused on the income tax rebate. Experts anticipate changes to Section 87A, potentially increasing limits or introducing gradual tapering. The rebate aims to ensure small and middle-income earners pay minimal tax. Expectations include extending benefits to special rate incomes and simplifying rules for those just above the current thresholds.

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Income tax for new India: Freelancers, gig workers and more; nature of earnings has changed, and Budget 2026 must address them

For a growing section of taxpayers - young professionals, gig workers, and freelancers - filing a tax return still remains complex. Multiple income streams, digital transactions, and evolving compliance norms often lead to confusion and anxiety. So, as India advances toward becoming a digital-first economy, it is imperative to establish a simplified, intuitive, and user-friendly tax framework.

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LTCG tax hurting small investors? Why Budget 2026 should rethink capital gains relief

Budget 2026 might offer relief on long-term capital gains tax for lower-income individuals. Experts suggest targeted exemptions or investment-linked incentives could boost disposable income and encourage long-term savings. This move aims to support personal financial security and deepen capital markets. Reforms could also simplify short-term capital gains tax on unlisted equities.

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ITAT Delhi rejects Rs 2.53 crore STCG on reduced property interest caused by share dilution; Lady succeeds in ITAT for this reason

The Delhi ITAT ruled in favor of a woman, stating that dilution of her shareholding in a property-owning company due to fresh share issuance does not constitute a taxable transfer. This decision quashed a Rs 2.53 crore Short-Term Capital Gains (STCG) demand, as her interest in the underlying Rs 150 crore property remained intact.

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Early ITR filing date, late foreign tax info: How FTC rule and global timeline mismatch hurts ROR taxpayers - what Budget 2026 must fix

Resident and Ordinarily Resident (ROR) taxpayers with foreign income face challenges due to the December 31 deadline for revised and belated Indian Income Tax Returns (ITRs). This clashes with overseas tax finalization dates, forcing provisional foreign tax credit (FTC) claims, leading to disputes and refund delays. Budget 2026 must address this timing mismatch to improve accuracy and ease compliance.

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Will TDS be deducted on real estate brokerage paid to an individual broker?

ET Wealth Reader's Query: Is TDS applicable on brokerage paid by an individual seller to an individual real estate broker? If yes, how should the seller remit the TDS amount to the government?

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Zero tax up to Rs 12 lakh, but not on capital gains? Why Budget 2026 must fix this anomaly

Budget 2026 is urged to align capital gains tax with income tax slabs and the Section 87A rebate, currently excluding these benefits. Experts suggest an inflation-linked exemption for long-term capital gains on equities and extending the Rs 1.25 lakh exemption to all asset classes to ensure fairness and simplify taxation for investors.

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Income Tax Slabs for FY 2025-26 (AY 2026-27): Key changes experts want in old, new tax regimes in Budget 2026

Budget 2026: As the Union Budget 2026 nears, taxpayers anticipate changes to income tax slabs, deductions, and rebates. Experts are calling for a higher standard deduction, revised home loan benefits, and an increased Section 80C limit. They also seek tax rationalization for fixed income and clearer frameworks for NRIs.

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Income Tax Refund delay explained: Why are over 51 lakh taxpayers still waiting refunds and what the law allows?

Income Tax Refund: The Income Tax (I-T) Department can process returns and issue refunds up to December 31, 2026. This means the I-T Department is still well within the timeline for processing ITRs filed for FY 2024–25.

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Employees with foreign income get less gross take home salary due to higher TDS as employers can’t apply FTC; Why Budget 2026 must fix this

Employees earning foreign income face higher tax deductions. This happens because employers cannot apply foreign tax credits during monthly TDS. Budget 2026 is urged to introduce a mechanism for this. Such a change would ensure accurate tax deductions, improve employee cash flow, and reduce reliance on refunds. This will benefit a growing number of professionals with cross-border earnings.

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Don’t let your gains on gold & silver vanish: You may pay 18.2% additional income tax if not careful about exit timing, check taxation rules

Understanding gold and silver taxation is crucial for investors. Holding periods determine short-term or long-term capital gains tax. Strategic selling can save thousands. Sovereign Gold Bonds offer unique tax benefits. Reinvesting gains in property can exempt long-term gains. This guide clarifies the rules for physical assets, ETFs, and SGBs.

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Rs 1.91 crore ‘unexplained cash’: HC grants relief to taxpayer despite ITR lapse by cash giver

The Patna High Court has provided relief to a taxpayer in a significant unexplained cash case. The court overturned an ITAT order concerning Rs 1.91 crore. Despite the cash giver not filing an ITR, the transaction's authenticity was confirmed. The Income Tax Department failed to prove evidence fabrication. This ruling offers a crucial win for taxpayers facing similar challenges.

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Budget 2026: Why income tax amendments will be made in the 2025 Act instead of the repealed 1961 law

If any tax policy changes are announced in Budget 2026, legislative logic dictates they will have to be made directly in the 2025 Act, rather than retrofitted into a repealed framework. The new Act already exists on the statute book; only its enforcement is deferred.

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I have pension and professional income as a consultant, should I file ITR under Section 44ADA to reduce income tax?

ET Wealth Reader's Query: After retiring from a public sector bank, I transitioned to teaching at various MBA institutes in Mumbai and also work as a consultant with banks and related organisations. I have been filing my income-tax returns in the standard manner. Some friends have suggested that I should, instead, file my returns under Section 44ADA of the Income-tax Act to potentially reduce my tax liability.

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Surcharges that began as temporary measure have become a heavy fixture in income tax; Why do they need redesigning in Budget 2026

While the 10% surcharge introduced in 2013 was intended for a single year, the policy has since evolved into a complex, multi-tiered system. The abolition of the Wealth Tax in 2016 further institutionalized this shift, practically moving away the tax burden from accumulated assets to annual income flows. There is the need to design it in a manner that does not inadvertently penalize productive capital.

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Lady signs POA with land owner, builds flats on land and sells, claims Rs 13 crore tax deduction, I-T dept sends notice; She fights back and wins in HC

The Madras High Court has ruled that taxpayers can claim deductions under Section 80-IB without owning the land. This decision supports a previous order by ITAT Chennai. The court found that land ownership is not a prerequisite for claiming this tax benefit. The ruling benefits Smt Rajini, who developed a housing project through a Power of Attorney.

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Your retirement kitty is not tax-free in NPS, EPF and Superannuation funds: How outdated taxation is draining your savings, will Budget 2026 help?

Indian retirement schemes are not fully tax-exempt as commonly believed. Contribution and growth limits mean many salaried individuals face multiple taxes on their savings. Outdated exemption thresholds penalize middle-income earners. This disconnect between policy and economic reality discourages long-term investing. Will Budget 2026 help?

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I made Rs 29 lakh from equities but lost all of it on bogus trading portal. Do I still have to pay income tax on the gains?

ET Wealth Reader's Query: I sold shares worth Rs.5 lakh (long-term) and redeemed mutual funds worth Rs.24 lakh, largely long-term. Unfortunately, I invested the entire amount through a bogus trading portal and lost all the money. Will there still be any tax implications on these gains?

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ESOP tax rules trap expatriates and returning Indians; why Budget 2026 should bring clarity on this

Budget 2026 needs to fix stock option tax confusion for cross-border employees. Current rules create hardship for expatriates and returning Indians. Experts urge clear guidelines for taxing Employee Stock Option Plans earned across different countries. This will reduce disputes and improve compliance for mobile workers. The government aims for tax certainty and ease of doing business.

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NRI bought Rs 66 lakh property in India, paid TDS but didn't file ITR, got tax notice; he fights and wins relief in ITAT

A US citizen of Indian origin, Mr. Patel, faced a tax notice for an unexplained Rs 66 lakh property purchase in India. Despite his inability to travel from the US to gather documents, leading to ex-parte orders and dismissal by CIT(A), the ITAT Ahmedabad granted him relief, restoring the matter to the AO for a fresh adjudication.

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Married, but paying income tax separately: Why should Budget 2026 introduce a joint taxation mechanism for married couples?

Budget 2026 is urged to consider an optional joint taxation mechanism for married couples. This reform aims to address inequalities faced by single-earner households and better recognize unpaid economic contributions. Aligning with global practices, it would allow couples to aggregate income for a more equitable tax assessment.

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Got more carpet area after property redevelopment? No income tax on extra carpet area if it meets a key condition

Homeowners can avoid income tax on additional carpet area received through property redevelopment. This is possible under Section 54 of the Income Tax Act, provided the new property is acquired within specific timelines. A recent ITAT ruling confirmed that even separately paid-for extra space can be included in the tax exemption calculation.

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High salary, higher tax risk: How HRA still tilts the old vs new regime decision

Most Indians now prefer the new tax regime for its simplicity and higher in-hand pay. Those sticking to the old regime need careful tax planning. This includes maintaining proper documentation for deductions like HRA and ensuring compliance with TDS rules. Smart salary structuring and capital gains tax optimisation are key strategies for both regimes.

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Pay Zero Tax on Rs 14.65 Lakh Salary: How NPS, EPF tax benefits in new tax regime can help you save huge tax

Salaried individuals can now make their income tax-free in the new tax regime. This is possible by utilising employer contributions to Employees' Provident Fund and National Pension System. Even with a nearly Rs 14.66 lakh salary, tax liability can be zero. This strategy helps build a substantial retirement corpus.

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UK-based taxpayer ignored tax notices, still escaped Rs 10,000 penalty; here’s why

A UK resident successfully challenged a Rs 10,000 tax penalty imposed for not responding to a notice. The Income Tax Appellate Tribunal (ITAT) Delhi ruled that the penalty was invalid as there was no proof the notice was actually served on the taxpayer. This decision highlights the importance of proper notice delivery for tax proceedings.

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8 years delay in tax refund: Delhi HC raps Income Tax Department, warns of Rs 1 lakh personal cost on Deputy Commissioner

Delhi High Court raps Income Tax Dept over 8-year delay, in tax refund and thus orders Rs 5.37 crore tax refund with interest to Microsoft India; warns Rs 1 lakh personal cost on on Deputy Commissioner if deadline missed. Read below to what else Delhi High Court said to Income Tax Department.

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Should I invest in a residential unit, a commercial shop, or an office to get capital gains tax exemption on a property that I sold?

ET Wealth Reader's Query: I am a 76-year-old Indian resident planning to sell a 37-year-old 3-guntha plot located within municipal corporation limits. The sale price has appreciated nearly 17 times over the original purchase price. To save on capital gains tax, can I reinvest the proceeds in a residential unit, a commercial shop, or a commercial office?

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Man sells 350 grams gold for Rs 11 lakh, income tax dept doubts it and sends tax notice for unexplained money; he wins case in ITAT Ahmedabad

A gold trader successfully challenged a tax notice deeming his Rs 11 lakh sale of 350 grams of gold as an accommodation entry. Despite the tax department's claims, the Income Tax Appellate Tribunal (ITAT) Ahmedabad ruled in his favor, citing banking channel transactions and a lack of contrary evidence from the revenue.

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Income Tax refund delays: Why refunds for FY 2024-25 ITR filings are taking longer and what you can do

Income Tax Refunds Delay News: Taxpayers filing for FY 2024-25 are experiencing delayed refunds, though the Income Tax Department remains within statutory processing timelines. Delays often stem from high-value claims, pending demands, or simple taxpayer errors like claiming deductions not reported to employers.

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Section 87A rebate on capital gains from debt mutual fund: ITAT Chandigarh gives relief to taxpayer and cancels Rs 25,710 tax demand notice from Income Tax Dept

The Income Tax Appellate Tribunal in Chandigarh has ruled that taxpayers can claim the Section 87A tax rebate on long-term capital gains from debt mutual funds. This decision overturns a tax demand of Rs 25,710 for a taxpayer. The tribunal clarified that the restriction on this rebate applies only to equity-oriented gains. Read more.

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I want to sell a property and redeem mutual funds to finance a new house purchase. Can I get LTCG tax exemption on both?

ET Wealth Reader's Query: I plan to redeem my mutual fund units to finance a house purchase in Pune. I also intend to sell a house I own in my village. Can I still claim long-term capital gains tax exemption?

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Big win for NRI taxpayers: ITAT Chennai rules he qualifies as non-resident, no tax in India on overseas earnings

An NRI successfully challenged the Indian tax department's decision to tax his global income. The Income Tax Appellate Tribunal (ITAT) Chennai ruled that Mr. Dhinakaran qualified as a non-resident, restoring his tax benefits. The tribunal emphasized that holding a managerial position doesn't disqualify one from being considered an employee under tax law, provided a contractual service relationship exists.

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Tax Dept accuses lady of taking Rs 3 crore cash in property deal; ITAT Mumbai disregards WhatsApp chat evidence, says no proof, no tax

Smt. Shah successfully challenged the Income Tax Department's claim of receiving Rs 3 crore in cash during a property sale. The ITAT Mumbai ruled that a WhatsApp chat screenshot, lacking authenticity and corroboration, was insufficient evidence. The tribunal emphasized that assumptions do not constitute proof, leading to the dismissal of the tax department's appeal.

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I have earned over Rs 50,000 by trading in RBI-approved currency pairs. How should I file my ITR?

ET Wealth Reader's Query: I frequently trade in Sebi-registered and RBI-approved currency pairs (USD/INR, GBP/INR, EUR/INR) through the Zerodha app. In this financial year, my short-term gains have exceeded Rs 50,000. How should I file my ITR?

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NRI woman earns Rs 1.35 crore from mutual funds, pays zero tax in India, gets income tax notice: How India-Singapore DTAA saved her

A Singapore-based NRI woman earned Rs 1.35 crore from selling Indian mutual funds. She claimed tax exemption under the India-Singapore DTAA. The tax department rejected her claim, but the Income Tax Appellate Tribunal (ITAT) Mumbai ruled in her favour. Know how she won the case in ITAT Mumbai.

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ICICI Bank launches Capital Gains Account Scheme: Know how you can deposit uninvested capital gains to save income tax

ICICI Bank introduces a Capital Gains Account Scheme starting January 1, 2025. This scheme allows resident individuals and HUFs to deposit long-term capital gains for tax exemption. Funds can be parked for up to three years in savings or term deposit accounts. This offers a solution for taxpayers unable to reinvest gains before the ITR deadline.

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