The Economic Times

Confusion surrounding the new Income Tax Act, 2025, and its transition from Assessment Year (AY) to Tax Year (TY) is clarified by the Income Tax Department. Taxpayers will not need to file two returns for income earned between April 1, 2025, and March 31, 2026.

8th pay commission proposals: Central government employees are urging the 8th Pay Commission to significantly hike House Rent Allowance (HRA) rates, citing soaring urban rents. Employee bodies are proposing increases to 36%, 40%, and even higher for different city categories, with some suggesting HRA be linked to Dearness Allowance (DA) and extended to pensioners. These demands aim to better align payouts with the cost of living, particularly for lower-level staff in major metropolitan areas.

Six equity mutual funds have delivered over 20% CAGR in both three- and five-year horizons, an ETMutualFunds analysis showed. The list includes mid cap and small cap schemes from HDFC, Nippon India, Quant, Bandhan and Invesco, highlighting consistent long-term performance across categories despite market volatility.

JM Financial Mutual Fund has launched its new JM Multi Asset Allocation Fund, an open-ended scheme designed for long-term wealth creation. Subscriptions open June 24 and close July 8, 2026. This fund offers a diversified portfolio across equity, debt, gold/silver, and commodity derivatives, aiming for growth with a structured, actively managed approach to navigate various market cycles and economic conditions.

Gold rate today: Gold prices saw a welcome dip today, offering relief to eager buyers. Major brands like Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas have reduced their 22k gold rates across key Indian cities.

Mutual funds heavily sold midcap stocks in May, including SAIL, Oracle Financial Services, National Aluminium, and Patanjali Foods, reflecting shifting allocations, valuation concerns, and sector rotation in Indian equity markets.

Indian taxpayers with US 401(k) accounts must now report withdrawals and maturity details in ITR schedules FSI and FA. Failure to disclose can lead to tax issues. Filing Form 40 is crucial for deferring Indian tax until withdrawal, aligning with US taxation and potentially enabling Foreign Tax Credit benefits. New ITR forms require filing ITR-2 or ITR-3 for these disclosures.

ETMutualFunds has shortlisted four top smallcap mutual funds based on rolling returns, consistency, downside risk and asset size. Nippon India leads with the highest returns, while others show mixed quartile performance. These funds suit aggressive investors with a high risk appetite and a long-term investment horizon.

The Nature of Employment field in the ITR is more than a routine disclosure. An incorrect selection can affect certain tax benefits, including exemptions on gratuity, commuted pension and leave encashment, as well as deductions for employer contributions to NPS, potentially leading to incorrect tax computation and compliance issues.

ET Wealth Reader's Query: In 2025, I sold a residential property, which was purchased in 2008 in the joint names of my wife and I. However, my wife did not contribute financially to the purchase. I would like to know if both of us can claim long-term capital gains tax benefits.

Eight midcap stocks, including BSE, Vodafone Idea, Hitachi Energy India, Jindal Steel, Indian Bank, Indus Towers, BHEL and Vedanta Aluminium, may be upgraded to largecap status in AMFIs H2 CY26 rejig, according to Nuvama Institutional Equities.

The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual has received any per-diem payments from his Indian employer due to his overseas work, then this payment is not taxable under Article 16 of India-UK Double Tax Avoidance Treaty (DTAA).

A 10% annual SIP step-up could boost a Rs 26,000 monthly investment towards Rs 1 crore in a decade, according to an expert. The analysis highlights portfolio overlap and suggests reallocating from large-cap and mid-cap funds to small-cap ones. Investors are advised to exit thematic and hybrid funds for better diversification and long-term wealth creation.

Gilt funds are being recommended by advisors for 'aggressive' debt investors anticipating interest rate cuts by the RBI, with potential for double-digit returns. These funds, investing in government securities, carry no credit risk but are highly sensitive to interest rate fluctuations. Investors should have a long-term horizon and understand rate cycles to benefit from potential gains when rates fall.

Indians now have easier access to global markets through direct overseas investing or GIFT City. Direct investing offers wider choices and lower entry barriers, ideal for hands-on investors with smaller sums. GIFT City provides a structured, convenient route with higher initial investment, suitable for those seeking a managed approach to international diversification. Read the article to know how the two routes compare in terms of taxation, costs and more.

PFRDA has launched Pension Sahayak, an AI-powered platform simplifying pension grievance redressal. This upgrade from the old CGMS offers web, mobile, and WhatsApp access in 22 languages, including voice commands.

Bank holidays: Several Indian states and union territories will experience a three-day bank closure this week, from Friday, June 26th to Sunday, June 28th, 2026. This extended holiday is due to Muharram on Friday, followed by the fourth Saturday and Sunday.

Five equity mutual funds delivered up to 24% annualised SIP returns over the last decade, with small-cap and mid-cap schemes leading the performance chart.

Five equity funds held over 50% of their portfolios in cash in May, led by Samco Flexi Cap Fund at 62.4%, reflecting a cautious stance and liquidity preparedness.

The top seven mutual fund managers each oversee at least Rs 2 lakh crore in assets under management as of May 2026, according to ACE MF data. The list is led by managers from ICICI Prudential, SBI Mutual Fund and HDFC Mutual Fund, highlighting concentration among Indias largest fund houses.

Income Tax AY 2026-27: Salaried individuals earning up to Rs 12.75 lakh annually may enjoy zero tax liability due to enhanced Section 87A rebate and standard deduction, but filing an ITR is crucial. However, this rebate doesn't apply to special incomes like capital gains, Virtual Digital Assets (VDAs), and lottery winnings, which are taxed at specific rates.

IPO investing is gaining traction, but picking winning stocks is tough for individuals. Edelweiss Mutual Fund CEO Radhika Gupta suggests their Recently Listed IPO Fund as a solution. This professionally managed portfolio focuses on new listings, offering diversification and potential post-listing gains. While acknowledging potential volatility due to mid-to-micro cap exposure, Gupta recommends SIPs for smoother navigation of market ups and downs.

The Unique Identification Authority of India (UIDAI) is making email address updates via the Aadhaar mobile app free for six months, from July 1 to December 31, 2026. This move aims to encourage users to keep their contact information current for important notifications. Currently, a Rs 75 fee applies for this service. The waiver is exclusively for updates made through the Aadhaar mobile application.

Tata Mutual Fund has launched the Tata Multi-sector Passive FoF, an open-ended scheme investing in passive equity funds across various sectors. Aiming for long-term capital appreciation, it uses a rules-based approach with fund manager discretion to dynamically allocate to leading sectors, mitigating emotional bias and timing challenges for investors. The NFO is open until July 6, with a minimum investment of Rs 5,000.

8th Pay Commission news: Central government employees are anticipating the 8th Pay Commission's report, with some associations suggesting an early submission by January 2027 and potential salary hikes from April. Despite a November 2025 formation and an 18-month deadline ending May 2027, the commission's swift pace, aided by online processes, fuels optimism for a quicker payout. However, some experts believe a second-half 2027 submission is more probable.

Gold rate today: Gold prices saw a slight uptick today, June 22, 2026, with 22k gold jewellery at Tanishq priced at Rs13,475 per gram. Major retailers like Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas also reflect similar rates.

Vedanta Aluminium is likely to be upgraded to the large-cap category in AMFIs H2 CY26 semi-annual reshuffle, while Vedanta Power, Oil & Gas, and Iron & Steel may be classified as smallcaps after the demerger, according to Nuvama Institutional Equities. AMFI may also revise market-cap cut-offs, raising the large-cap threshold and adjusting mid-cap limits based on prevailing valuations.

A husband's attempt to offset substantial stock market losses against his income was initially rejected by tax authorities. Despite trading using his wife's demat account and gifting her Rs 1.15 crore, the tax department argued the Rs 1.95 crore loss, including Rs 80 lakh from her own funds, was hers alone.

Five smallcap stocks, including MRPL, Kaynes Technology, Wockhardt, GE Shipping and Physicswallah, saw the highest mutual fund net selling in May, according to Motilal Oswal Financial Services data, reflecting notable institutional exit trends.

A Delhi High Court ruling has affirmed a woman's eviction from her sister-in-law's inherited property. The court stated that once a husband loses his right to reside in his sister's house, his wife cannot claim a right to stay there. The sister-in-law, the sole owner via her mother's will, had permitted her brother and his wife to live there.

Smallcap funds have emerged as the best-performing equity mutual fund category over the last three months, delivering an average return of 16.94%, according to ETMutualFunds. The rally follows an earlier correction and has been supported by improving earnings, strong liquidity, and renewed investor interest. However, the sharp gains have also sparked debate on whether investors should buy, hold, or book profits at current levels.

Investors seeking relatively safe debt options for near-term or three-year-plus goals can consider corporate bond funds in June 2026. These funds invest primarily in top-rated corporate papers, offering greater safety than credit risk or gilt funds. While interest rate sensitivity and past defaults warrant caution, these recommended funds provide a stable avenue for investment. The article highlights key funds and the methodology behind their selection.

Rising electricity demand and a strong investment cycle lift outlook for power companies.

The I-T Departments growing scrutiny, using AI and data analytics tools, leaves little room for omissions and errors, making accurate tax return filing more important than ever.

Axis Asset Management Company has navigated turbulent weather in the past few years, coming under regulatory scrutiny over a controversy involving some of its key ex-personnel, and facing an extended period of underperformance in its equity funds. As it emerges out of the storm, its MD and CEO, B. Gopkumar, tells Sanket Dhanorkar how the fund house is putting things in order and why he believes the worst is behind them for their equity strategies.

Investors must weigh extreme volatility, uncertain cycles and Indias harsh tax rules before adding exposure.

You cant pick the manager, but he could decide your career, says Devashish Chakravarty.

For the first time in years, the math is actually working for non-resident Indians to invest dollar savings in India.

Travellers should also remember that loyalty program transfers are generally irreversible. Before moving points to an airline or a hotel program, it is advisable to confirm award availability and understand the redemption rules. Airline miles can also expire or lose value over time if loyalty programs change their award charts. Besides, there are taxes and fuel surcharges, which could be expensive.

Axis Asset Management Company has navigated turbulent weather in the past few years, coming under regulatory scrutiny over a controversy involving some of its key ex-personnel, and facing an extended period of underperformance in its equity funds. As it emerges out of the storm, its MD and CEO, B. Gopkumar, tells Sanket Dhanorkar how the fund house is putting things in order and why he believes the worst is behind them for their equity strategies.

If you are confused by personal finance terms, jargon and calculations, heres a series to simplify and deconstruct these for you. In the 108th part of this series, Riju Mehta explains how the Double Taxation Avoidance Agreement helps taxpayers.

Welcome to TrendMap, your quick guide to the performance of different investment segments. No single segment always leads. In this edition, we present a 10-year equity performance tracker, ranking annual returns across market-cap segments. Investors risk appetite has turned more selective in 2026 so far. By Sameer Bhardwaj.

Policybazaar's latest Health Claims Experience Index reveals that while cashless claims are preferred, the overall process needs significant enhancement. Many policyholders opt for reimbursement due to perceived delays in cashless approvals, leading to financial strain. Key pain points in reimbursement include delays and rejections, with customers seeking simpler forms and readily available hospital lists for a smoother experience.