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New Delhi [India], April 1 (ANI): The government's decision to allow Special Economic Zones (SEZs) units to sell in the domestic market has triggered concern among local manufacturers, who fear cheaper SEZ goods could undercut them at home. Finance Ministry sources, however, told ANI that the relief measure comes with a robust three-pillar safeguard framework -- designed specifically to ensure the domestic industry is not disadvantaged. SEZ units already enjoy significant structural advantages ...Read More >
New Delhi, March 31 (SocialNews.XYZ) As India approaches the new fiscal year FY27, the country's direct tax system is set for a major overhaul from April 1, 2026, with the new Income Tax Act, 2025, coming into force -- replacing the six-decade-old 1961 legislation and introducing changes in compliance, terminology and taxation. Major reform under the new framework is the replacement of the 'Financial Year' (FY) and 'Assessment Year' (AY) with a single 'tax year', which could simplify the filing ...Read More >
New Delhi: The Income Tax Department has clarified how TDS (tax deducted at source) will apply to interest earned from banks under the new Income-tax Act, 2025. Many people were confused about whether banks would start deducting tax even on small interest amounts. What was the rule earlier? Under the Income-tax Act, 1961, banks did not deduct TDS on interest if it stayed below certain limits. These limits were Rs 50,000 or Rs 1,00,000, depending on the type of taxpayer, such as senior citizens ...Read More >
MUMBAI: HDFC Bank reported a 10.8% rise in standalone net profit to Rs 18,640 crore for the quarter ended Sept 2025, driven by higher non-interest income and steady improvement in asset quality.Net interest income rose 4.8% year-on-year to Rs 31,550 crore, while non-interest income surged 25% to Rs 14,350 crore. Total income grew 10.4% to Rs 45,900 crore. Operating expenses rose 6.4% to Rs 17,980 crore, and provisions increased 29.6% to Rs 3,500 crore. Profit before tax climbed 11% to Rs 24,420 ...Read More >
New Delhi, Aug 25 (PTI) The Finance Ministry on Monday introduced a one-time one-way switch facility from the newly introduced Unified Pension Scheme (UPS) to the National Pension System (NPS). From April 1, 2025, the government has introduced UPS as an option under the National Pension System (NPS) for central government employees. UPS will provide assured payouts to the employees. Around 31,555 central government employees have opted for the Unified Pension Scheme (UPS) till July 20, and the ...Read More >
New Delhi: The government has extended the Income Tax Return (ITR) filing deadline to September 15, 2025. This gives taxpayers more time to choose between the old and new tax regimes, depending on what suits them best. If you are a salaried employee or pensioner without business income, you can switch between regimes every year just by selecting the correct option while filing ITR-1 or ITR-2. However, if you have business or professional income, the rule is stricter. You can switch back to the ...Read More >
New Delhi: If you miss the original last date for filing your Income Tax Return (ITR), you face several financial consequences and restrictions. Filing a belated return -- after the due date but before December 31, 2025 -- is permitted, but it comes with penalties and other drawbacks. Penalties for Late Filing: The late filing fee under Section 234F is Rs 5,000 if your total income exceeds Rs 5 lakh. If your taxable income is below Rs 5 lakh, the penalty drops to Rs 1,000. If your income is un ...Read More >
The Income-Tax Department has found organised rackets operated by some returns preparers and intermediaries across the country, filing income-tax returns (ITRs) on behalf of their clients -- including employees of multinational companies, public sector firms, government bodies, academic institutions, and entrepreneurs -- to fraudulently claim exemptions and refunds, the Finance Ministry said. The department is now poised to take stern action against continued fraudulent claims, including penalt ...Read More >
* Tax, Legal & Accounting * 1 min read I-T dept conducts raids in bogus tax deductions case The Income-Tax Department initiated multi-city raids targeting entities facilitating bogus deductions in tax returns. The investigation focuses on false claims related to political donations, medical insurance, tuition fees, and certain loans. This action follows the discovery that some taxpayers didn't correct their ITRs despite the department's outreach under the NUDGE campaign. New Delhi, The Income ...Read More >
Mumbai: The income tax (IT) department conducted raids at over 150 locations across the country against false tax deduction disguised as political donations as well as educational and medical expenses. The investigation has revealed that employees of government bodies, public sector undertaking (PUS), multinational companies, academic institutions and entrepreneurs were a part of these organised rackets. On Monday, the IT department initiated a large-scale verification operation across multiple ...Read More >
Mumbai, July 11: The Income Tax Department has officially released the Excel-based utilities for ITR-2 and ITR-3 forms for the Assessment Year (AY) 2025-26, enabling individuals with more complex income sources, including capital gains, cryptocurrency, and professional income, to begin filing their tax returns. The announcement was made via the department's official X, formerly Twitter, handle, saying, "Attention Taxpayers! Excel Utilities of ITR-2 and ITR-3 for AY 2025-26 are now live and avail ...Read More >
VMPL New Delhi [India], July 11: Owning a home is a dream for many families, as it represents security and long-term stability. A home loan often helps to fulfil this dream by providing financial support to purchase property. A home loan is a financial product that helps an individual to purchase residential property by borrowing funds from a lender. Understanding the potential benefits of a home loan may allow an individual to make better decisions. This article details out some key benefits o ...Read More >
VMPL New Delhi [India], July 9: If you're a young professional in your 20s or early 30s, life is full of exciting firsts, your first salary, first investment, maybe even your first big purchase. Financial independence gives you the power to live on your terms. But it also brings new responsibilities, and that's where life insurance steps in. Many people believe insurance is something to consider later in life. But the truth is, the best time to buy life insurance is right now, when you're youn ...Read More >
New Delhi [India], July 9: If you're a young professional in your 20s or early 30s, life is full of exciting firsts, your first salary, first investment, maybe even your first big purchase. Financial independence gives you the power to live on your terms. But it also brings new responsibilities, and that's where life insurance steps in. Also Read | Bihar Tragedy: Father-Son Duo Among 3 Asphyxiate to Death While Cleaning Septic Tank of Their House in Samastipur. Many people believe insurance is ...Read More >
New Delhi: The government has made necessary changes to provide tax benefits to employees opting for Unified Pension Scheme ( UPS ) at par with those under National Pension System ( NPS ) in a bid to promote UPS. The inclusion of UPS under the tax framework marks another step forward in the government's effort to strengthen retirement security for central government employees through transparent, flexible and tax-efficient options, the finance ministry said in a statement, as reported by news ag ...Read More >
Mumbai (Maharashtra) [India], December 18: The term insurance vs savings plan has already brought a lot of comparisons many people continue to face in the dynamic world of financial planning. Indeed, both are very useful, but they serve two different purposes. Term insurance is used to offer your dependents protection financially while saving plans are useful in accumulating money for use at some later time. In this blog, we have covered the term plan vs savings plan differences, their benefits, ...Read More >
PNN Mumbai (Maharashtra) [India], December 18: The term insurance vs savings plan has already brought a lot of comparisons many people continue to face in the dynamic world of financial planning. Indeed, both are very useful, but they serve two different purposes. Term insurance is used to offer your dependents protection financially while saving plans are useful in accumulating money for use at some later time. In this blog, we have covered the term plan vs savings plan differences, their bene ...Read More >
New Delhi [India], December 2: Repaying an Education Loan requires careful planning to avoid financial stress later on. Many students today take out loans to fund their higher studies, both in India and abroad, thanks to attractive interest rates and easy application processes. However, managing repayment is key to staying on top of your finances. In this guide, we'll explore effective ways to plan and manage your Education Loan repayment. Here's how you can manage your education loan repayment ...Read More >
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