wealth

Recently, misleading messages have been making the rounds on social media, falsely claiming that Goods and Services Tax (GST) will be levied on UPI transactions exceeding ₹2000. Let’s set the record straight: this information is completely untrue. Both the Government of India and the National Payments Corporation of India (NPCI) have confirmed that no GST…

Filing income tax returns can be overwhelming, especially when choosing between ITR-1 (Sahaj) and ITR-4 (Sugam). Selecting the right form not only simplifies the process but can also impact your tax savings. Here’s an easy guide to help you decide. Who Can File ITR-1 and ITR-4? Both ITR-1 and ITR-4 cater to individuals with total…

Can You Add Unclaimed Home Loan Interest to Cost of Acquisition? Many homebuyers in India take loans to buy property. But did you know that unclaimed home loan interest can be added to the cost of acquisition while computing capital gains tax? Several court rulings have supported this approach. Changes in Capital Gains Tax Rules…

As the financial year comes to a close on March 31, 2025, it’s essential to complete crucial financial tasks to maximize savings, lock in favorable fixed deposit (FD) rates, and activate your UAN for EPF-linked insurance benefits. Here’s a rundown of the important deadlines you shouldn’t miss this March. Special Fixed Deposits (FDs) The recent…

The National Payments Corporation of India (NPCI) has introduced a new feature called ‘Transfer Out’ for UPI Lite. As per the circular dated February 21, 2025, all issuer banks, PSP Banks, and UPI Apps must implement this feature by March 31, 2025. What is the ‘Transfer Out’ Feature? The ‘Transfer Out’ functionality allows users to…

The Indian government has introduced the Income Tax Bill 2025 to modernize and streamline tax laws, replacing the outdated Income Tax Act of 1961. This reform is designed to enhance transparency, simplify compliance, and make tax provisions easier to understand for individuals and businesses alike. Major Changes in the Income Tax Bill 2025 The bill…

House Rent Allowance (HRA) is a valuable tax benefit for salaried individuals residing in rented accommodations. As per Section 10(13A) of the Income Tax Act, employees can reduce their taxable income by claiming HRA exemptions. With the latest budget updates affecting tax planning, understanding the eligibility criteria, documentation requirements, and best practices is crucial for…

The Union Budget 2025 has introduced significant tax relief for middle-class taxpayers. If your annual income is below ₹12 lakh, you may no longer be required to file an Income Tax Return (ITR). But is it really that straightforward? Let’s delve into the latest tax changes and determine if you can legally skip ITR filing….

Can You Avoid Capital Gains Tax? If you sell shares and mutual funds worth Rs 60 lakh, you can save tax by reinvesting in an under-construction residential project. Eligibility for Tax Exemption Joint Purchase With Spouse Criteria Requirement Holding Period More than 12 months (LTCG) Investment Deadline Within 2-3 years Eligible Property Residential only Section…

The Indian government has introduced a new income tax bill with significant changes impacting individuals and businesses. From revised tax slabs to deductions, here’s what you need to know: 1. Revised Tax Slabs and Rates The bill proposes changes to tax slabs, affecting different income groups. While some taxpayers may see reduced tax burdens, high-income…