ITR Filing & Refunds
The income tax landscape in India is currently undergoing several changes and adjustments. As of December 31st, a significant number of updated and revised
returns were filed, indicating active engagement from taxpayers. Concerns about delays in income tax refunds for the fiscal year 2024-25 have surfaced, with explanations provided for the delays and guidelines on how taxpayers can track their refund status. Additionally, the Income Tax Department's tracking of online spending and digital activity has been clarified, outlining what is monitored and what remains private. Furthermore, there's information available on essential proofs required for income tax filing, along with a guide on how to gift mutual fund units to children without incurring capital gains tax.
Market & Investment News
The stock market and investment sector have seen various movements. Several companies, including TCS and HCL Tech, declared dividends, with key dates and amounts specified. The fluctuations in the market, including the performance of the Sensex and Nifty, were highlighted, with drops and recoveries noted. Upcoming IPOs, like those from Bharat Coking Coal, Victory Electric Vehicles, and Gabion Technologies, were announced, along with information on their subscription statuses and GMP (Grey Market Premium). Investors were also provided with details on gold and silver prices, which hit record highs, and the option to invest in Gold ETFs. Finally, some articles discussed options for safe returns and highlighted upcoming stock market holidays.
Banking and Finance
Recent developments in banking and finance include changes in debit card access rules by HDFC Bank, with cardholders needing to stay updated. Bank holidays for January were listed, informing the public about branch closures. Moreover, various small savings schemes and their interest rates were compiled for those seeking safe returns. Additionally, some articles detailed the launch of Capital Gains Account schemes by Karur Vysya Bank and ICICI Bank, designed to assist taxpayers in claiming exemptions. There was information regarding the possibility of the BSE-NSE duopoly ending, with the Metropolitan Stock Exchange expected to start trading soon. Further, the RBI's role in driving digital payments was highlighted, showing significant growth. IDFC First Bank reduced interest rates on savings accounts.
Tax Regulations & Budget
Significant aspects of tax regulations and the upcoming budget are also being discussed. Important areas covered are HRA tax rules and the need for rent receipts and landlord PAN information for claiming exemptions. Upcoming budget expectations, including tax clarity and faster dispute resolution, were highlighted. The possibility of joint tax filing for married couples and changes in income tax slabs were also highlighted. Notably, there’s an announcement about a new income tax law that is set to roll out in April 2026. The impact of the new excise duty on chewing tobacco and pan masala, along with potential price increases, was also presented. Discussions included how the PFRDA might introduce a guaranteed payout model for NPS subscribers and what this entails.
