INCOME TAX BILL
Secret to 401(k) millions: What most Gen Xers and boomers don’t want you to know
A record 595,000 Americans now hold $1 million or more in their 401(k) accounts, Fidelity reports. Most are Gen Xers and boomers who didn’t strike gold with risky bets but simply saved steadily for 25 years, rode out market crashes, and let compounding grow their wealth.
ITR deadline: Do I need to file ITR if my salary income is less than Rs 3 lakh? Know when you need to file ITR
With the ITR filing deadline of September 15, 2025, fast approaching, the Income Tax Department is sending reminders. Filing is mandatory if your income exceeds ₹3 lakh under the new regime or Rs 2.5 lakh under the old regime, as per FY 2024-25 rules. Even with income below the limit, certain transactions or refund claims necessitate filing.
You have to file ITR if you carried out any of these eight transactions
Even with income below Rs 2.5 lakh (old regime) or Rs 3 lakh (new regime), filing ITR is mandatory if certain transactions occurred. These include spending over Rs 2 lakh on foreign travel, holding foreign assets, high TDS/TCS amounts, significant deposits in current or savings accounts, high business turnover or professional receipts, or substantial electricity bill payments.
Father sells house worth Rs 67 lakh and shows only Rs 1,690 income in ITR, wins case in ITAT Ahmedabad; Know how
Dilip, an Indian taxpayer, won a case at the ITAT Ahmedabad regarding a Section 54 LTCG tax exemption. Despite initially facing scrutiny for claiming Rs 15.99 lakh as indexed cost of improvement with cash payments and selling his house below stamp duty value, the ITAT directed the tax officer to verify and allow his claim. Read more.
500 micro cuts: Compliance burden weighs heavy on MSMEs that have to adhere to over 500 micro regulations every year
Entrepreneurs face a complex web of regulations, hindering growth. MSMEs bear a disproportionate compliance burden. The govt is working to decriminalize laws and simplify processes. Jan Vishwas 2.0 aims to further reduce criminal liabilities. Implementation of labor codes and GST framework reset are crucial. Technology and focused simplification can significantly lower compliance costs.
GST overhaul a people's reform, touches every family: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman calls GST overhaul a 'people's reform'. Rate rationalization will benefit families and boost the economy. Prices of nearly 400 products will decrease from September 22. Premium on health and life insurance will be tax-free. The GST slab structure will change to 5% and 18%. Daily food items will fall under the 5% slab.
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GST reforms got nothing to do with any external factors: Ashwini Vaishnaw
Union Minister Ashwini Vaishnaw says the GST reforms began about a year and a half ago. These reforms are unrelated to external factors. The goal is to reform, perform, and transform the economy. The new GST rates will take effect on September 22, during Navratri. These changes aim to reduce the tax burden and boost economic growth.
Consider filing a 'nil' Income Tax Return - Sometimes it's mandatory, and other times it can benefit you
While it is true that you may not have any tax dues, that alone does not mean you can skip filing your return. Filing ITR is not just about paying taxes-it is also about reporting your income formally to the government, complying with certain rules, and enjoying several benefits that come along with it.
Wall Street’s wealth engine powers through job-market anxiety
Recent economic data reveals a concerning trend: job growth is slowing in America, impacting workers' financial security. However, investors anticipate the Federal Reserve will intervene to protect their assets. Despite a slight market dip, bonds have rallied, and equities remain near record highs.
GST 2.0 & the great Indian price puzzle: Middle class cheer or boardroom bonus?
India is on the verge of GST 2.0, aiming to simplify the tax structure and boost demand. Essential goods may see reduced rates, benefiting consumers, while companies could strategically reprice products. The reform balances revenue concerns with the potential for increased consumption, impacting both household budgets and corporate strategies.
GST rate changes are a strategic inflection point for India’s auto industry
The Goods and Services Tax (GST) structure will be simplified. This decision will benefit the automotive sector. Most vehicles and auto components will move to an 18% GST rate. This will make vehicles more affordable. Electric vehicles will have a 5% GST. Luxury vehicles will be in a 40% slab. The new rates will be effective from September 22, 2025.
Powerball jackpot hits $1.7 billion, third-largest ever — but what’s the real after-tax payout for the winner?
Powerball jackpot has surged to $1.7 billion, now the third-largest prize in U.S. lottery history after no one matched all six numbers in Wednesday’s drawing. But while the headline figure fuels billion-dollar dreams, the reality is starkly different: a lump sum cash payout would shrink to below $500 million depending on state laws.
GST on salon services & health clubs: Did your beauty treatment get cheaper?
Good news for salon-goers! The GST Council has slashed the tax on beauty and wellness services, including salons and health clubs, from 18% to 5%. This reduction aims to make these services more affordable for consumers. Additionally, GST rates on personal care products like soaps and shampoos have also been reduced to 5%, easing the financial burden on households.
Roti, kapda aur makan: The firepower India's common man got as Diwali gift
GST rates slashed: India's GST revamp, dubbed the 'Great Savings Tax,' is easing the financial burden on the middle class. Reduced rates on essentials like food and clothing could save urban families 7-8% and rural families 5-6% monthly. This, coupled with income tax relief and lower interest rates, aims to boost consumption and savings, potentially transforming India into a middle-class-driven economy.
GST overhaul: Mallikarjun Kharge says wait for 'true GST 2.0' continues, demands compensation for states for 5 more years
The Indian National Congress has for long been advocating for a GST 2.0 that reduces the number of rates, cuts the rates on a large number of items of mass consumption, minimises evasion, mis-classification, and disputes, does away with inverted duty structure, lower tax on output as compared to inputs, eases the compliance burden on MSMEs, and expands GST coverage, Ramesh said on X.
UPI limit increased to Rs 10 lakh within 24 hours for these transactions
NPCI has increased the per-transaction and 24-hour aggregate UPI limits for specific categories, effective September 15, 2025. Capital markets, insurance, and government e-Market Place transactions now have a Rs 5 lakh per-transaction limit and a Rs 10 lakh daily limit. Credit card payments and collections will also see increased limits, enhancing convenience for high-value transactions with verified merchants.
GST 2.0 is here: From namkeens to biscuits, your kirana basket just got cheaper
India's GST 2.0 slashes taxes on mass-consumed goods like namkeens and biscuits, aiming to ease household budgets and stimulate demand. This significant indirect tax reset, following income tax cuts, seeks to boost disposable incomes and reinforce consumption-led growth.
ITR filing deadline: How much penalty amount you need to pay if you miss September 15 due date?
The ITR filing deadline is September 15, 2025. This is for individuals not requiring audits. Missing it means late fees. Section 234F details penalties up to Rs 5,000. Lower income taxpayers may pay Rs 1,000. Penal interest also applies. Certain high-value transactions mandate ITR filing. Filing ITR is a duty. It validates creditworthiness for financial benefits.
Make GST payments only by e-rupee, tokenisation can achieve total transparency
To enhance the Goods and Services Tax (GST) system, the GST Council should mandate e-rupee use for payments to curb input tax credit fraud via blockchain technology. Luxury goods need precise classification, avoiding confusion with premium items, while 'sin' goods require clear definitions to prevent smuggling.
PIL in SC seeks regulation of political parties to curb black money, criminalisation in politics
A Public Interest Litigation has been filed in the Supreme Court, urging the Election Commission of India to establish rules for the registration and regulation of political parties. The petition highlights the need to enhance transparency, uphold secularism, strengthen democratic values, and ensure political justice.
Has the promised zero penalty privilege for small taxpayers been taken away in the New Tax Act 2025? Here’s what experts say
The Lok Sabha approved the Income Tax Act 2025. It clarifies rules for late ITR filing and tax refunds. A select committee suggested changes to Section 263. The bill removes sub-clause (1)(ix). Taxpayers can now claim refunds even with delayed returns. This resolves confusion for those filing after the deadline. The new rules aim to provide flexibility for refund claims.
After STCG ruling, now LTCG also allowed to get Section 87A tax rebate, rules ITAT Chennai
On August 20, 2025, Chennai ITAT allowed Section 87A tax rebate on long term capital gains (LTCG). This decision favors taxpayers with incomes under Rs 7 lakh. The ruling references a Bombay High Court decision. Venkatraman, a taxpayer, initially faced denial of the rebate. ITAT Ahmedabad also allowed the rebate on STCG income on August 12, 2025.
How one real estate investor saved Rs 10 lakh LTCG tax on a Rs 50 lakh property sale with a simple hack
Indian property sale gains are taxed under capital gains rules, varying with holding period. Long-term gains, especially for properties acquired before July 2024, offer tax-saving options like indexation. Utilizing schemes like Section 54F and the Capital Gains Account Scheme (CGAS) before the September 15, 2025, deadline is crucial for exemptions.
Taxation reforms can help streamline insolvency resolution process: IIIPI study
A report by the Indian Institute of Insolvency Professionals of ICAI (IIIPI) has recommended tax, insolvency, and procedural reforms to improve the insolvency resolution process. Key suggestions include granting tax-neutral status to resolution plans, exempting debt waivers from tax, clarifying treatment of losses and minimum alternate tax, and easing GST rules by allowing seamless input tax credit transfer and waiving legacy liabilities.
New I-T rules to be notified by December-end, simplified forms for assessees in works: Official
The Income Tax department is actively developing simplified I-T forms and aims to finalize new rules by December 2025 to align with the Income-tax Act, 2025, effective from April 1, 2026. The CBDT is streamlining language, removing redundancies, and collaborating with the Directorate of Systems to roll out user-friendly forms, ensuring ease of doing business under the new Act.
ET WLF 2025: PM Modi vows ‘arsenal of reforms’ after GST, Income Tax overhaul
Prime Minister Narendra Modi has pledged a new wave of reforms to boost manufacturing, energize industry, increase consumption and create jobs, building on recent legislative successes like the Income Tax Bill 2025 and upcoming GST overhaul.
PM Modi pledges 'arsenal of reforms' after GST, Tax Bill push
Prime Minister Narendra Modi has pledged a new wave of reforms to boost manufacturing, energize industry, increase consumption demand, and create jobs. These next-generation reforms will build upon the recent passage of the Income Tax Bill, 2025, and the upcoming GST overhaul.
Lok Sabha passed 12 bills, Rajya Sabha 14 in Monsoon session amid Opposition protests
The Monsoon Session of Parliament 2025 has been marked by significant ruckus and disruptions from the Opposition over the issue of Special Intensive Revision (SIR) of electoral rolls in Bihar, Pahalgam terror attack and Operation Sindoor and Union Minister Amit Shah's introduction of bills proposing the removal of elected representatives (including the Prime Minister and Chief Ministers) detained on serious criminal charges was met with strong opposition.
Income tax bill 2025 changes: Commuted pension, house property income, nil TDS, and other changes, you should know
The revised Income Tax Bill 2025, approved by the Lok Sabha, addresses drafting errors from the previous version, set to take effect on April 1, 2026. Key corrections include nil TDS certificates, standard deductions for house property income, and tax deductions for commuted pension for non-employees. These modifications aim to restore clarity, align with existing provisions, and prevent unnecessary litigation.
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