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Many salaried taxpayers assume they can simply file ITR-1 (Sahaj) because their primary source of income is salary, which is not always true. If you have income from multiple sources, own certain assets or have carried out specific financial transactions in a financial year, you may have to file a different ITR form. The due…
Buying a car is a major expense but many buyers don’t realise they may be entitled to an income tax refund on the purchase. If the vehicle’s value exceeds the prescribed limit, the dealer collects 1% TCS (tax collected at source) at the time of sale. This is not a extra charge but rather tax…
A significant number of India’s public service employees are set to benefit from their various state government’s announcements on Dearness Allowance hikes. From the Centre, DA was hiked in April by 2% from 58% of basic pay to 69%, effective from 1 January this year. The Centre usually updates DA biannually using data from the…
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Income Tax Department cannot treat an alleged cash payment made for a property purchase as undisclosed income merely because a taxpayer’s name appears in documents seized from a builder during a search. In a significant ruling in Sanjeet Kumar Kedarnath Gupta…
Businesses and other tax deductors filing their first-quarter TDS and TCS returns for Tax Year (TY) 2026-27 will have to comply with a new reporting framework under the Income-tax Act, 2025. The due date for filing the Q1 quarterly statements is July 31, 2026, but this year’s filing comes with significant procedural changes, including new…
Stable salaries, easy access to credit and early trading wins are drawing serving and retired defence personnel into a cycle of leveraged bets—and mounting losses
The markets traded in a range-bound yet positive manner throughout the week, with bouts of profit-taking at higher levels and buying support on declines. The Nifty oscillated in a 367.30-point range, moving between 24,000.20 and 24,367.30 before ending the week with gains. India VIX rose 7.35% to 13.15, indicating a modest pickup in implied volatility…
Dalal Street closed the week on a high, with the benchmark Sensex and Nifty climbing more than 1% on Friday. Analysts expect a host of domestic and global cues to steer market sentiment this week. For the week, the Sensex rose over 582 points, or 0.75%, while the Nifty 50 gained more than 127 points…
Six AMCs saw their AUM rise by over Rs 7,000 crore in June, according to ACE MF data. SBI Mutual Fund led the pack with an increase of Rs 14,192 crore, followed by Aditya Birla Sun Life, HDFC, Invesco, Nippon India and HSBC Mutual Fund.
Mutual Fund NFOs: 5 new funds open for subscription this week. Check dates, details