The Economic Times

Overseas financial account information will now be included in taxpayers' Form 26AS. This move will allow taxpayers to view their foreign financial data with the Income Tax Department. It helps reconcile overseas income and assets with tax filings effectively. The CBDT has directed the Director General of Income-tax (Systems) to upload this information. Information relating to 2022, 2023, and 2024 will be uploaded within ninety days.

This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an administrative order that authorizes the Income-tax Department to upload foreign financial information received under Automatic Exchange of Information (AEOI) into taxpayers' Annual Information Statement (AIS) in Form 26AS/AIS. Know more.

SSY interest rate: The Sukanya Samriddhi Account offers an 8.2% annual interest rate, compounded yearly. Parents can invest up to Rs 1.5 lakh annually for a girl child's future. Consistent investment builds a significant corpus over a 21-year maturity period. Deposits and earnings under this scheme are tax-exempt, providing significant financial benefits.

ITR Filing 2026: Income Tax Return forms now require additional details for Section 80G deductions. Taxpayers must report transaction reference numbers and bank IFSC codes for donations. Schedule 80GGC also mandates providing the political party's name and PAN. These enhanced disclosures apply to AY 2026-2027 filings. The changes aim to improve traceability of charitable contributions.

Around 13 mutual funds and two Specialized Investment Funds are currently open for subscription across categories including hybrid, index, ETF, multi-asset and large & midcap funds. Investors can choose from offerings by ICICI Prudential, SBI, Mirae Asset, UTI and others.

JioBlackRock Flexi Cap Fund exited Vedanta group companies following the demerger of the entities in June, according to monthly portfolio data from ACE MF. The fund sold 8.16 lakh shares each of Vedanta Aluminium Metal, Vedanta Iron and Steel, Vedanta Power, and Vedanta Oil and Gas after the demerged entities were listed on June 15, 2026.

EPFO has centralized its member database for faster and smoother service delivery. Annual interest for FY 2025-2026 will be credited by July 15, 2026. Advance withdrawal auto-settlement limits have been raised to Rs 5 lakh. Automatic PF account transfers will occur upon job changes without separate forms. EPFO services are now accessible from any PF office across India.

Around 59% of large and midcap stocks are trading at least 20% below their all-time highs after the recent market correction, creating attractive long-term investment opportunities, according to Abakkus Mutual Fund. The fund house believes improving earnings, reasonable valuations and active stock selection could drive the next phase of returns.

PFRDA has formed a committee to attract global pension capital into India. This committee, named ASCEND, will create a roadmap for collaborations. Indian pension funds will partner with global funds through co-investment platforms. This initiative aims to finance infrastructure and support economic development. NPS subscribers will benefit from diversification and long-term risk-adjusted returns.

Gold prices remained steady across major Indian cities on July 9, 2026. Tanishq showed a slight increase in 22K gold jewellery prices from yesterday. Other leading jewellers like Malabar Gold & Diamonds also saw price adjustments. Consumers are advised to compare rates from different brands for better value. The India Bullion and Jewellers Association also provided updated gold and silver rates.

State Bank of India has raised over $1.5 billion from overseas citizens. This program offers attractive returns due to Reserve Bank of India subsidies. Depositors can leverage funds, earning more than their borrowing costs. Banks are expanding outreach to India's large diaspora globally. This initiative echoes a similar plan from 2013.

Resident and ordinarily resident individuals must report foreign assets. This disclosure is required in Schedule FA of the income tax return. Non-resident Indians and resident but not ordinarily resident individuals are exempt. Schedule FA requires reporting peak values and beneficial ownership details. Failure to comply can lead to significant penalties under the Black Money Act.

Salaried employees face a crucial tax decision between old and new regimes. The new tax regime offers lower tax liability across various income levels. However, substantial deductions can make the old tax regime more beneficial. Taxpayers should calculate their actual tax under both systems. This ensures the most tax-efficient choice for their financial situation.

The Telangana High Court recently held that where an SBI employees' VRS application had already been accepted then his death before the formal retirement date would not defeat the claim of his family (legal heirs) to receive the VRS benefits. Read below to know more about what the Telangana High Court said.

The Council of Scientific & Industrial Research endorsed the Centre's decision on pension options. This move allows compassionate appointees to opt for the Old Pension Scheme. These individuals applied for jobs before January 1, 2004, but joined later. A key letter from the Department of Personnel facilitated this change for CSIR appointees. Other Central Autonomous Bodies may now follow this precedent for their employees.

A Rs 58,000 monthly SIP with a 10% annual step-up may not reach the Rs 10 crore goal. Increasing the annual SIP step-up to 20% could exceed the target corpus. The expert suggests rebalancing market-cap allocation for better diversification. Shifting investments from gold and silver ETFs towards equity funds is advised. The portfolio requires adjustments to achieve long-term financial objectives.

Taxpayers often invest in ELSS funds for Section 80C deductions. These funds offer potential for higher returns over the long term. ELSS schemes have a three-year lock-in period, shorter than other options. Investors should consider ELSS for long-term equity exposure and potential growth. Several ELSS funds are recommended for investment consideration.

Taxpayers filing updated returns face incorrect interest charges. Centralised Processing Centre calculates Section 234B interest beyond tax payment dates. This leads to excess demands and additional income tax levies. The law mandates interest cessation upon full tax payment before filing. Taxpayers should seek rectification for these erroneous demands.

Employees Provident Fund interest for FY 2025-26 will be credited by July 15, 2026. Subscribers will receive an 8.25% interest rate on their EPF contributions. This marks the third consecutive year the interest rate remains unchanged. EPFO members can check their balance through the UMANG app or SMS service. Interest accrues monthly, so delays do not cause subscriber losses.

Digital asset infrastructure is increasingly driven by efficiency and market access. Blockchain networks offer faster settlement and continuous risk management capabilities. Tokenisation and multi-asset platforms are reshaping financial distribution models. Clear regulation will significantly shape mainstream adoption of these technologies. India's digital public infrastructure may benefit from these evolving market structures.

Sharpe ratio measures risk-adjusted returns by comparing excess returns to risk. Here are the five flexicap mutual funds with the highest Sharpe ratios and their three-year performance.

Five equity mutual funds delivered over 20% annualised SIP returns in 10 years, led by Quant Small Cap. Investors should prioritise risk profile, goals, and investment horizon over past performance.

PGIM India Mutual Fund has temporarily suspended subscriptions in three international fund of funds from July 9, citing overseas investment limits. Fresh SIP registrations will not be accepted after the cut-off time on July 8, while existing SIP and STP instalments will continue without interruption.

KFintech's Finex program significantly reduces mutual fund SIP processing times. Physical SIP registrations now achieve same-day activation, a major improvement. This transformation leverages AI and automation for efficient data handling.

Parag Parikh Flexi Cap Fund increased its holdings in ITC, TCS, HCL Technologies and 14 other stocks in June, while trimming exposure to Dr Reddys Laboratories and Maruti Suzuki India. The fund also added Petronet LNG as a new portfolio entrant and made no complete exits during the month.

Individuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary documents and steps for submission. The e-filing portal requires filling specific schedules before final submission. Pre-filled data in Part A General needs verification and potential profile updates. E-verification must be completed within thirty days after submitting the return.

Taxpayers should gather documents and choose the correct tax regime and ITR form. Verify Annual Information Statement and Form 26AS details carefully before filing. Ensure all personal information and pre-filled data are accurate and verified.

Senior citizen paid Rs 1.23 lakh extra to upgrade to Air India business class due to his cervical spondylosis condition but seats turned to be faulty causing him neck, shoulder, lumbar pain and vertigo; NCDRC upheld Rs 20lakh compensation, refund order Read below to know how the senior citizen won the case.

The new Income Tax Act, 2025, takes effect from April 1, 2026, maintaining current tax slab rates. Highest tax rate remains 30% for incomes exceeding Rs 24 lakh under this regime. Marginal relief prevents excessive tax burdens when income slightly crosses Rs 12 lakh. The new tax regime is now the default option for individual taxpayers. Salaried individuals benefit from a Rs 75,000 standard deduction and tax rebate.

ET Wealth Reader's Query: I am a foreign citizen and an only son. My mother wants to make me the joint owner in a property that belongs to her. Is this permitted in India considering that I now have a foreign citizenship?

India's central bank has reiterated its preference for a cryptocurrency policy leaning towards prohibition, warning that crypto assets and stablecoins could threaten financial stability and monetary sovereignty, according to internal government documents reviewed by Reuters.

Quant Small Cap Fund made a major portfolio reshuffle in June, exiting Reliance Industries and eight other stocks while increasing exposure to Adani Enterprises, Adani Green Energy and 13 more companies. The fund also added Bharti Airtel, IDFC First Bank and LIC Housing Finance as new portfolio entrants.

Gold prices saw a slight decrease today across major Indian jewellery retailers. Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas reduced their 22-carat gold rates. These price adjustments were observed in key cities nationwide.

The Income-tax Act, 2025 introduces a new audit trigger for businesses. This change clarifies audit requirements for low-profit businesses under presumptive taxation. Previously, ambiguity existed regarding mandatory audits for lower profit declarations. The new Act expressly links lower-than-presumptive profit declarations to mandatory audits. This amendment brings greater certainty to tax compliance for small businesses.

Monthly investments of Rs 20,000 in mutual fund SIPs and bank RDs are compared. SIPs offer potential for higher returns over five years, while RDs provide predictable outcomes. India Post RD offers 6.7% interest, yielding Rs 14.27 lakh after five years.

Non-resident Indians (NRIs) and overseas citizens of India (OCIs) can consider investing in FCNR(B) and NRE fixed deposits to achieve reliable returns. While FCNR(B) deposits safeguard against currency fluctuations as they are held in foreign currency, NRE deposits offer opportunities in Indian rupees without such protection. Ultimately, your decision should align with your currency expectations and future financial objectives. Both investment avenues are tax-exempt and allow full repatriation.

Many taxpayers mistakenly believe that rental income from a house gifted to a spouse is taxable in the recipient spouse's hands. This article explains the clubbing and deemed ownership provisions under Sections 27 and 64, the correct ITR reporting requirements, and seven key things taxpayers should know before filing ITR for AY 2026-27.

Central government employees now have two new investment choices. These options were previously available only to central government employees. Now, National Pension System subscribers in Central Autonomous Bodies can also access them.

Consistently filing Income Tax Returns creates a verifiable financial document. Banks often request these returns to assess loan applicant income stability. ITRs also help demonstrate financial capacity for visa and study abroad applications. Landlords and businesses may seek ITRs for tenancy and partnership evaluations. Preserving complete tax records is crucial for future financial needs and compliance.

Small cap mutual funds delivered an average return of 21.89% over the past three months, sparking debate on whether investors should continue SIPs, invest afresh or rebalance portfolios. Experts advise sticking to long-term asset allocation, preferring staggered investments through SIPs or STPs, while cautioning that elevated valuations warrant selective exposure.