Diwali cash bonuses from employers taxable at salary rate
Diwali cash bonuses paid by employers are treated as salary income and taxed at the employee's applicable slab rate, according to income tax law. Gifts in kind from an employer, such as…
All posts tagged in Income tax
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Who pays tax on FD interest after a parent’s death? Rules explained
When a parent dies, fixed deposits held in their name raise questions about inheritance, interest income and tax liability. Inherited money is generally not taxable, but interest earned on the deposit may…
NCERT Class 9 textbook introduces personal income tax lessons
The National Council of Educational Research and Training (NCERT) has introduced personal income tax calculations in its new Class 9 Social Science textbook for the first time. The textbook 'Understanding Society: India…
MCA moots flexible financial year, but tax rules stay unchanged
Companies may soon get more flexibility to align their financial year with overseas parent firms or commercial needs, but the change will not relax income-tax reporting requirements. The Joint Committee report on…
ESOP wealth of Rs 1 crore may leave only Rs 59 lakh in hand
Livemint reports that employee stock options (ESOPs) can create significant wealth, but the headline value of Rs 1 crore does not translate into the same amount in an employee's bank account. The…
Fiscal outlook faces geopolitical, revenue risks: CGA data
The Centre's fiscal outlook for 2026-27 is under pressure from geopolitical headwinds and recent tax changes, though strong non-tax receipts and policy interventions may keep outcomes broadly on track, according to Controller…
India’s crorepati taxpayers quadruple to 576 in five years
The number of Indians declaring an annual income of Rs 100 crore or more has jumped nearly four-fold in five years, from 142 in assessment year 2021-22 to 576 by 2025-26, the…
Shehzad Poonawalla calls for scrapping income tax on salaried middle class
Shehzad Poonawalla, a day before publicly announcing his resignation as a BJP spokesperson, called for scrapping personal income tax for the salaried middle class. In a post on X, he said the…
ACC approves three new CBDT members: Pallavi Agarwal, Singh, Jha
The Appointments Committee of the Cabinet (ACC) has approved the appointment of three senior Indian Revenue Service officers as Members of the Central Board of Direct Taxes (CBDT), ndtvprofit.com reports. Pallavi Agarwal,…
Fraudulent Rs 6,000 income tax notice flagged by PIB fact check team
The Press Information Bureau's Fact Check team has confirmed that a notice circulating online, asking taxpayers to pay Rs 6,000 as tax, is a phishing scam. The fake message urges recipients to…
Ashin Xavier: interesting
IO Repro: Repro test v4 after fix 2 Oct. Safe to trash.
IO Repro: Repro test v3 after fix 2 Oct. Safe to trash.
IO Repro: Repro test after fix 2 Oct. Safe to trash.