PERSONAL INCOME TAX
Buying property costing between Rs 20 lakh and Rs 45 lakh without a PAN? You must use new Form 97, says Income Tax Department
The Income Tax Department has introduced a new Form 97, replacing Form 60, for individuals without a PAN card undertaking specific transactions. This includes buying property above the specified value, opening bank accounts, and making certain cash payments. The revamped forms aim to simplify compliance, with reduced reporting expected for these declarations.
Is tax clearance mandatory before foreign travel? What the Income-Tax Act, 2025 says
The introduction of Form 157 and Form 159 under the Income-Tax Rules, 2026 has sparked confusion over whether tax clearance is now mandatory for all Indians travelling abroad. However, a closer reading of Section 420 of the Income-Tax Act, 2025—read with Section 536 and CBDT Instruction No. 1/2004—makes it clear that no such blanket requirement exists.
Direct vs indirect taxes: Key differences and how they impact taxpayers and prices in India
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 99th part of this series, Riju Mehta explains the difference between the two types of taxes.
GIFT City vs Dubai vs Singapore: What you need to know while choosing your investment hub
Indian wealth is increasingly seeking global anchors, with GIFT City, Dubai's DIFC, and Singapore emerging as key contenders. Each hub offers distinct advantages in access, tax efficiency, and regulatory comfort, catering to different investor profiles from first-generation entrepreneurs to established family offices.
Why your neighbor gets $5000 and you don’t: The hidden factors driving Social Security payouts
Social Security payments are not the same for everyone. Your salary, work years, and when you claim decide how much you get. Many people lose money by claiming too early. Waiting a few years can increase your monthly income. Inflation also affects how far your money goes, so planning your retirement smartly is very important for future financial stability.
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Big win for workers! New income law could mean $3,139 extra — here’s who benefits most
South Carolina new income tax law brings lower tax rates from 2026. The plan reduces tax brackets and slowly cuts income tax toward zero. Many workers may save money, while benefits differ by income group. Some earners get bigger savings than others. The law may impact state revenue and public services in the long term.
Udhayanidhi Stalin alleges BJP fund squeeze on Tamil Nadu
Tamil Nadu Deputy Chief Minister Udhayanidhi Stalin criticized the central government for withholding funds and infringing on state rights. He outlined the DMK's future welfare plans, including doubling financial assistance for women and extending the breakfast scheme. Free laptops for college students and appliance coupons for women were also mentioned. Elections are scheduled for April 23.
Share buybacks not ‘income’, can’t face I-T levy: Delhi High Court
The Delhi High Court ruled that companies buying back shares below fair market value do not incur taxable income. The court distinguished share buybacks as capital reduction, not asset acquisition. This decision offers significant relief to companies, potentially lowering the cost of share repurchases and clarifying tax implications for such corporate restructurings.
Got salary arrears after resigning? Use Form 39 to avoid higher tax in 2026–27
Resigning from a job in FY 2025-26 and receiving salary arrears in FY 2026-27 can lead to a higher tax liability. To avoid this, taxpayers must now use the new Form 39 for Tax Year 2026-27, replacing the older Form 10E, to claim relief under Section 89(1) and ensure accurate tax calculation.
Meal vouchers at Rs 200 per meal: Who gets income tax benefit and how the ‘working hours’ rule applies
The increase in the tax-exempt limit for employer-provided meals to ₹200 per meal under Rule 15 of the Income-Tax Rules, 2026 marks a significant shift from the earlier ₹50 cap. However, the real issue lies not in the quantum of the benefit, but in the interpretation of the rule—particularly the condition that meals must be provided “during working hours.
Social Security 2027 crisis update: $190B cuts, $50K benefit cap proposal—are wealthy retirees about to face payment limits now?
The Social Security proposal 2026 could reshape retirement payouts fast. New data shows up to $190 billion may be cut in ten years. The plan caps benefits at $50,000 for individuals and $100,000 for couples. It directly targets high-income retirees first. But the long-term impact goes wider. Fixed caps may pull middle earners into limits over time. Experts say this Social Security reform could close half the funding gap. Still, concerns remain about fairness, trust, and future retirement income stability across generations.
Should you pay taxes now or save big later? Roth conversion explained
Many retirees are thinking about Roth conversion to save tax in the future. It can give tax-free income later but may increase tax today. The decision depends on tax rate, income level, and retirement plans. Experts say timing is very important. Wrong planning can increase costs, so careful thinking or advice is needed before converting savings.
Why Harrison Ford gets double the average Social Security, and what you are missing
Harrison Ford’s Social Security shows how people can get higher monthly income after retirement. Many people get less because they claim early or have lower earnings. Waiting longer and planning properly can increase benefits. Small decisions like timing and work history matter a lot. Understanding how the system works can help people get more money in the future.
Social Security may run out by 2032: New plan suggests benefit limits and big changes ahead
Social Security may face a money shortage sooner than expected. New rules and lower tax income are adding pressure. Experts are discussing benefit cuts and new plans to control spending. Some ideas may affect high earners more. People are also advised to save money early and plan better to stay financially safe in the future.
ITR assessment rules change from April 2026: Four key amendments explained
Four key changes to Income Tax Return (ITR) assessment rules will be effective from April 2026 for Tax Year 2026-27. These amendments, introduced in the Finance Bill, 2026, aim to enhance efficiency and transparency in tax assessments. The changes cover tax notices, DIN in communications, assessment completion timelines, and block assessments.
Rs 40,300 in India = Rs 3 lakh in Switzerland? Viral G20 nations income chart sparks heated debate
India's living cost equal to Switzerland: A social media post comparing living costs in G20 nations has ignited online discussion. The post suggests India's ₹40,300 monthly income can match Switzerland's over ₹3 lakh. Supporters cite purchasing power for essentials. Critics highlight differences in public services and quality of life.
'Salary growing, wealth shrinking': CA explains ‘India's silent middle-class crisis’, says Rs 1.5 lakh salary is same as 10-yr-old pay
Urban Indian households face a 'silent crisis' as rising incomes fail to keep pace with escalating costs of living, leading to stagnant real purchasing power. Traditional savings are losing value due to inflation outpacing returns, forcing a reliance on credit and highlighting a structural disadvantage for the middle class.
IRS no tax on tips 2026: Can you really deduct up to $25,000, who qualifies, and how much tax can you save?
IRS no tax on tips 2026 is trending fast. Up to $25,000 deduction is now possible. That is real money saved. This rule applies to tax years starting 2025. Many tipped workers can benefit. Servers. Bartenders. Salon staff. Delivery workers. But not everyone qualifies. Income must stay under $150,000 single or $300,000 joint. Tips must be reported properly. No hidden cash allowed. This is not full tax-free income. Payroll taxes still apply. Yet federal tax savings can be huge. Thousands back in refunds. This IRS provision is reshaping worker income in 2026.
SEBI seeks CBDT clarity on tax role of authorised representatives of FPIs
India's market regulator Sebi seeks clarity from the tax department on the duties of authorised representatives for foreign investors. Fund houses need clear guidelines as these representatives may face tax demands. Many professionals are hesitant to take on these roles without understanding their liabilities. Sebi is actively engaging with the Central Board of Direct Taxes to resolve this issue soon.
Don’t miss this! Update your beneficiaries before April 15 to avoid costly mistakes
Tax season beneficiary update guide USA: As tax season approaches, millions of Americans are reminded to update their beneficiary designations. Failing to do so can lead to assets going to unintended recipients, like ex-spouses, even if your will states otherwise. This yearly review, coinciding with tax preparation, ensures your financial wishes are accurately reflected.
New Form 141 introduced for TDS filing: 4 existing forms merged into one challan-cum-statement
The Income Tax Department has introduced Form 141, a consolidated challan-cum-statement, merging four previous TDS forms. This new form simplifies TDS filing for various transactions including rent, property purchase, professional payments, and virtual digital asset transfers. It aims to enhance clarity and reduce duplication in reporting.
How much did Donald Trump tip DoorDash grandma driver for McDonald’s delivery order, and was the whole encounter staged? Full explainer of White House DoorDash moment
How much did Donald Trump tip DoorDash grandma driver for McDonald’s delivery order, and was the whole encounter staged? A delivery to the White House became a viral political moment. The DoorDash driver spoke about No Tax on Tips and her husband’s cancer. Donald Trump gave a cash tip and spoke to media. Many viewers questioned if the encounter was staged. This explainer covers the tip, the policy talk, and the public reaction.
Gratuity may rise under New Labour Code, but your income tax bill could too
The Code on Social Security, 2020 expands the wage base for gratuity, potentially increasing payouts, but tax rules under the Income-tax Act, 1961 and the Income-tax Act, 2025 still rely on basic pay plus DA. With the Payment of Gratuity Act, 1972 now subsumed, this mismatch could make part of the higher gratuity taxable—highlighting the need for alignment between labour and tax laws.
New ITR forms alert: Secondary address field added, what taxpayers must know
New Income Tax Return forms are here for Assessment Year 2026-27. A key change is a new field for a secondary address. Contact details are now primary and secondary. Reporting for representative assessees is simplified. The need to split capital gains based on transfer dates before or after July 23, 2024, has been removed.
Buckeye Trust ruling: How a single clause drafted without sufficient precision in trust deeds can trigger tax risk and derail estate planning
Whether in trust deeds, corporate agreements or commercial contracts, even a single clause drafted without sufficient precision can significantly alter the legal consequences of an arrangement. in matters of taxation, precision in drafting is not merely good practice but an essential safeguard.
Filing ITR just got easier: This new AI chatbot helps with income tax queries, forms and rules; check details
The Income Tax Department has launched Kar Saathi, an AI chatbot on its revamped portal to simplify tax filing. This tool offers 24/7 assistance, clear explanations of complex tax rules, and step-by-step guidance, aiming to reduce errors and taxpayer reliance on experts. It marks a move towards proactive compliance.
New tax breaks, smaller refunds? Why some filers aren’t seeing more money
New tax breaks in 2025 are not giving bigger refunds to everyone. Income limits reduce benefits for overtime, tips, seniors, and car loan interest. Many taxpayers qualify but only get partial deductions. Higher total income, including investments or retirement withdrawals, can shrink refunds. Experts say deductions phase out gradually, so some filers see smaller savings even after new tax rules.
Did you donate to a political party or plan to do so in the future and claim an income tax deduction? New ITR forms require extra disclosure, check what to report
New income tax return forms for Assessment Year 2026-27 demand greater detail on political party donations. Taxpayers seeking deductions under Section 80GGC must now provide the political party's name and PAN. This change aims to enhance transparency and traceability of contributions. Individuals donating through banking channels or UPI should be aware of these updated disclosure requirements.
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