DEDUCTIONS
Paying rent above Rs 50,000? You can be classified as assessee in default by income tax dept if you fail to deduct TDS
TDS on rent: According to a Income Tax Department brochure, Form 16C is a TDS certificate issued by a tenant to a landlord for rent payments, under Section 194-IB of the Income Tax Act. The tenant must deduct 5% TDS on rent payments exceeding Rs 50,000 per month. This form is filed after submitting Form 26QC and shows the TDS deducted.
How Corporate NPS works and tax benefits it offers; know the exit rule
NPS Corporate Model is for organizations that want to support their workforce with a long-term savings plan for retirement—without the hassle of running their own pension fund.
Pension, gratuity or earned leaves are hard-earned properties of employees, can't be taken away: HC
Chhattisgarh High Court has ruled against the state government. The court stated that the government cannot deduct pension or gratuity without legal basis. This decision came after a case involving Rajkumar Gonekar. The court quashed an order to recover money from his pension. The court has ordered a refund to Gonekar's legal heirs. The ruling protects employee benefits.
Trump's 25% auto tariffs could cost US automakers $108 billion, study finds
A new analysis reveals that President Trump's 25% auto tariffs, implemented in early April, will significantly increase costs for U.S. automakers, potentially reaching $108 billion by 2025. Detroit automakers Ford, GM, and Stellantis are projected to bear a substantial portion of these costs, facing tariffs of nearly $5,000 per car for imported parts and $8,600 per imported vehicle.
When is Tax Day 2025, where’s my refund, and how do I file a tax extension? Here’s what every American needs to know
Tax Day 2025 is right around the corner, and millions of Americans are still racing to file their returns or request an extension. With the IRS already issuing over $102 billion in refunds, this year’s average tax refund has gone up to $3,170. From how to track your refund using the IRS “Where’s My Refund” tool, to filing an extension before the April 15 deadline, this guide breaks it all down in simple terms.
I have been contributing to NPS through my employer, should I now switch to mutual funds as there is no benefit in new tax regime?
Our panel of experts answers questions related to any aspect of personal finance. If you have a query, mail it to us right away.
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Enjoy zero cost mobility with EVs and rooftop solar charging
Increasing emphasis on rooftop solar energy generation makes EVs fully green from well to wheel as they can be conveniently charged from the energy produced without any use of fossil fuel while delivering the added benefit of near zero running costs. This further lowers the total cost of ownership of EVs.
NYT Strands today April 9, 2025: Full puzzle guide with theme, hints, answers, and spangram for the ‘tasty mouthful’ food challenge
NYT Strands today April 9, 2025 is all about food words that are fun to say—and even more fun to solve! With the theme “That’s quite a (tasty) mouthful,” this daily puzzle from The New York Times challenges players to find four-syllable, delicious-sounding words like avocado and cauliflower. If you’re stuck, we’ve broken down the theme, clues, answers, and today’s Spangram—FourSyllables—to help you play smarter.
Kotak Mahindra Bank lowers FD interest rates by 15 bps: check details
Following the latest revision, Kotak Mahindra Bank now offers FD interest rates ranging from 2.75% to 7.30% for general citizens and 3.25% to 7.80% for senior citizens. Earlier, the bank offered interest rates between 2.75% and 7.40% for regular customers and 3.25% and 7.90% for senior citizens.
Best tax saving mutual funds or ELSS to invest in April 2025
Tax -saving mutual funds or Equity Linked Savings Schemes (ELSSs) helps you to save income tax under Section 80C of the IT Act. You can invest a maximum of Rs 1.5 lakh in ELSSs and claim tax deductions on your investments every financial year. Are you interested?
Tax-free interest up to Rs 7000: Post Office Savings Accounts still offer relief under new tax regime; Here's how to claim it
Tax-free interest from post office: Many individuals will opt for the new tax regime for FY 2025-26. This is due to the new income tax slabs introduced from April 1, 2025. The new tax regime does not offer many exemptions and interest. However, the new tax regime does not offer many exemptions and deductions. Still, taxpayers can claim an exemption on a post office savings account. Here's how.
Tariffs will lead to 2 million fewer auto sales in US this year, auto advisory firm forecasts
A prolonged global trade war could reduce U.S. and Canadian auto sales by 1.8 million vehicles this year and lead to stagnant growth over the next decade, according to Detroit-based advisory firm Telemetry. If current tariffs, including President Trump’s 25% automotive import duty, remain until 2035, sales could drop by 7 million units compared to a no-tariff scenario.
Offshore deals under I-T lens: Tiger Global vs government battle intensifies
In recent weeks, over a dozen foreign investors have received notices from India's income tax department for allegedly skipping taxes on substantial transactions from 2018 to 2021. These notices point to deals where stocks in Indian companies were bought indirectly through Mauritius, Singapore, and Luxembourg entities to exploit tax treaty benefits.
Swiggy receives Rs 7.6-crore notice from Pune profession tax department
Swiggy has received a Rs 7.6 crore tax notice from Pune's profession tax department for FY22, adding to total demands nearing Rs 167 crore. In addition, authorities have also flagged unpaid Goods and Services Tax (GST) amounting to over Rs 327 crore by the company, which went public in November 2024.
Wordle #1387, April 6, 2025: Answers and hints to solve the Sunday challenge
Wordle #1387 for April 6, 2025, is a moderate challenge, yet a structured approach makes solving even tricky words achievable.
Public Provident Fund (PPF): Was interest rate changed for April-June 2025 quarter?
The Public Provident Fund (PPF) in India remains a popular long-term investment option with a 15-year lock-in period and EEE tax status. The government has kept the PPF interest rate unchanged at 7.1% for the April-June 2025 quarter. Contributions offer tax benefits and the interest earned is tax-free.
Major TDS changes from April 1: Higher limits for interest, rent & dividends
From April 1, 2025, TDS threshold changes will increase limits on interest income, dividends, rent, and commissions. The updates aim to improve cash flow and reduce tax burdens. Key adjustments include higher limits for senior citizens, small investors, and professionals. These alterations will provide significant relief to depositors, investors, and those earning through commissions.
New income tax slabs, zero tax on income up to Rs 12 lakh, 9 other income tax laws effective from April 1, 2025
New Financial Year 2025, new tax laws: Today marks the beginning of the new financial year 2025-26. With the new year, a lot of changes are effective. This includes new income tax slabs and other new tax laws, such as tweaks in ULIPs taxation, no higher TDS for non-ITR filers etc. Know the eleven tax changes are effective from today.
What does your letter about Social Security overpayments mean? Will you have to repay the SSA?
A Social Security overpayment happens when the Social Security Administration (SSA) issues you more benefits than you were eligible to receive. This can result from factors such as changes in income, employment status, or other eligibility adjustments.
New vs old tax regime for TDS on salary: How salaried employees can choose the best tax regime for FY 2025-26
New vs old tax regime TDS on salary: April is the month when your employer asks you to choose between the old and new tax regime for TDS on salary for FY 2025-26. Read on to know the calculations for deciding the best tax regime to reduce TDS on salary for the new financial year.
Techie turns cab driver for extra income. His first passenger was another IT professional. What happened next?
A Mumbai-based IT professional decided to try driving a cab for extra income after his wife quit her job to care for their baby. On his first day, he faced initial confusion but eventually completed multiple rides, earning Rs 2,328 before expenses. A surprising moment came when one passenger, also from the IT sector, tipped him Rs 501 as a goodwill gesture. After deducting rental, fuel, and food costs, he was left with Rs 428, leading him to question the sustainability of the job.
Latest Senior Citizen Savings Scheme interest rate: What is the post office SCSS rate for April- June 2025 quarter?
The SCSS offers a secure investment option for senior citizens with a fixed income and tax benefits. The interest rates for small savings schemes, including SCSS, have been kept unchanged for the April-June 2025 quarter.
Don’t forget to deduct TDS before buying property even if the seller is NRI as buyer will risk being labelled as tax evader
TDS on house property: The Income Tax Department said to follow Section 194 IA which relates to Tax Deducted at Source (TDS) on buying a house property. "Failure to deduct tax under Section 194-IA may result in the person i.e. the transferee being deemed to be treated as an assessee in default. Failure to deduct tax will attract interest and penalty also," said the Income Tax Department.
Govt loses Rs 1,757 cr as BSNL fails to bill Reliance Jio for sharing infra: CAG
BSNL incurred a loss of Rs 1,757.56 crore as it failed to bill Reliance Jio for 10 years, starting from May 2014, for using its passive infrastructure. Additionally, BSNL did not deduct the required licence fee share from revenue paid to Telecom Infrastructure Providers and short-billed Rs 29 crore, including GST, due to non-adherence to the agreement terms.
Income tax calculator: Taxable income above Rs 12 lakh for FY 2025-26? How to calculate your income tax
Income tax calculator: The new income tax slabs are applicable from April 1, 2025. Further, there is no income tax on incomes up to Rs 12 lakh. Few people know how income tax is calculated on their net taxable income if it is more than Rs 12 lakh. Read on to learn how income tax is calculated.
Mediclaim policy amount can't be deducted from medical expenses compensation: HC
The Bombay High Court ruled that sums received under a mediclaim policy cannot be deducted from compensation for medical expenses under the Motor Vehicles Act. The decision emphasized that insurance amounts are contractual and shouldn't benefit the tortfeasor. The case stemmed from differing views in previous judgements, affirming just compensation obligations of the Motor Accident Claims Tribunal.
Claimed HRA but skipped TDS? Income Tax department comes knocking with notices
Taxpayers claiming HRA exemptions but failing to deposit TDS on rent are receiving Income Tax Department notices. Under Section 194-I, tenants paying rents over ?50,000 per month must deduct 2% TDS. Non-compliance incurs penalties including interest and late fees. Taxpayers needing to correct past errors have until March 31 to submit updated returns.
Crypto traders dodging TDS via Binance under I-T lens
Over the past few weeks, the Indian Income Tax department has been investigating whether the 1% TDS on crypto transactions via Binance has been duly collected. They are asking traders to provide proof of TDS deduction or substantiate its non-applicability. This scrutiny includes demands for tax returns to verify the sources of crypto funds.
What is Section 80G and how does it help save income tax under the old tax regime?
By donating to eligible institutions and organisations, taxpayers can claim deductions ranging from 50% to 100% of the amount donated. However, there are certain limits on and conditions attached to availing these deductions.
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