Neeraj Agarwala News

Subscribe to enjoy similar stories. In a major relief to taxpayers holding foreign assets, Budget 2026 proposed a one-time, six-month window for taxpayers to voluntarily declare any undisclosed foreign assets or foreign-sourced income and get amnesty from prosecution under the black money Act. Under tax laws, all foreign assets must be disclosed annually in the FA Schedule of ITR-2 or ITR-3, even if they generate no income.

There has been a marked increase in the number of income tax notices issued to taxpayers across India in recent months. These communications – on everything from defective returns to demands for additional taxes – have caused anxiety and confusion, especially among individual taxpayers. 

₹7 lakh, wider tax slabs, and lower surcharges for the super rich. However, the last three budgets have not seen any new benefits or deductions under the old regime to reduce taxpayers' net tax liability or provide additional incentives for investments or certain expenses. It is clear that the government aims to encourage taxpayers to switch to the simpler new tax system.

NEW DELHI : Now is the right time to start filing your income tax return (ITR) for fiscal year 2023-24 (assessment year 2024-25), for which the window will remain open till 31 July. This is because your Annual Information Statement (AIS), which captures your income and TDS (tax deducted at source) details, must have been updated by now. You can verify these details by tallying them with Form 26AS and Form 16 provided by your employer.

—Name withheld on request As per Section 56 of the Income Tax Act, any monetary gift, immovable property or moveable property received by an individual becomes taxable if the aggregate sum of money received during the year exceeds ₹50,000. However, there are specific exceptions to this rule, including gifts received from relatives.

—Name withheld on request

Instagram, X (formerly known as Twitter) and others. As most of these social media websites are based abroad, how will an individual who earns money from these websites get taxed?

Salaried employees living on rent are allowed to claim deductions against the House Rent Allowance (HRA) provided by employers. For rent paid up to Rs 1 lakh, salaried employees are not required to submit their landlords’ Permanent Account Numbers (PANs). However, claiming a fake HRA deduction by showing below Rs 1 lakh rent to evade PAN submission can trigger a notice from the Income Tax Department.

income, it is important to calculate the Net Annual Value (NAV) of his house. It is based on this NAV one can claim the eligible tax deductions. The value arrived at after claiming eligible deductions will be the 'income from house property' on which tax liability will be calculated. According to income tax laws, the NAV of a house property is to be calculated in two situations: A) when house is on rent; or B) when it is assumed to be put on rent, i.e., deemed rent «Landlords need to select the ITR form based on their residency status (Resident or NRI), taxable income and type of income. For resident individuals having one house property, ITR 1 should be filed. In the case of other individuals, ITR 2 is applicable for income other than business or profession. Else, they are required to file ITR 3,» said Neeraj Agarwala, Partner, Nangia Andersen India, a Business Advisory Company.

TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. From July 1, tax deducted at source (TDS) of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the I-T Act. In the run up to implementation of the new provision, the Central Board of Direct Taxes (CBDT) on June 21 notified certain amendments in I-T Rules with respect to furnishing TDS returns in Form 26QE and Form 16E.

The income tax department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. From July 1, tax deducted at source (TDS) of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the I-T Act.

Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year.