The Economic Times News

ET Wealth Reader's Query: I gifted my wife Rs 10 lakh, which she will report as exempt income in her ITR. If she invests this amount in an FD, the interest earned will be clubbed with my income and shown in my ITR. How should she report this in her return to ensure the interest isnt taxed twice in both our ITRs?

Senior citizens can now earn up to 8% interest on fixed deposits for three-year terms. Jana Small Finance Bank and Utkarsh Small Finance Bank are leading with this attractive rate. Other banks also offer competitive rates for longer tenures. Investors should note TDS rules and the option to submit Form 15H to avoid deductions if eligible.

Kotak Mahindra Bank customers should note a planned system maintenance on December 21, 2025. From 3:30 am to 4:30 am IST, mobile apps, net banking, UPI, and other payment services will be unavailable. ATM transactions below Rs 20,000 will not be affected. Customers are advised to plan their banking activities accordingly to avoid any inconvenience during this period.

The Punjab and Haryana High Court ruled that a driving license remains valid for 30 days post-expiration under the Motor Vehicle Act. This decision prevents insurance companies from reclaiming compensation from drivers whose licenses expired within this statutory grace period, as the license is legally effective during this time. Read more.

Taxpayers are receiving incorrect mismatch alerts from the Income Tax Department. The department's automated systems are misreading capital gains from unlisted share sales as business income. This is causing confusion and stress for those who have filed their returns correctly. The issue stems from how Section 194Q is being interpreted.

Planning a Rs 1.5 crore corpus for a childs overseas education requires more than market returnscurrency risk is key. Experts recommend starting early with equity mutual funds, disciplined SIPs with 22% annual step-ups, and strategic allocation to international funds, combining growth and rupee depreciation protection over a 20-year horizon

Taxpayers face a critical deadline. After December 31, 2025, revised income tax returns cannot be filed if the original return remains unprocessed. This impacts correcting errors and claiming refunds. Options include filing an ITR-U, which has limitations, or a rectification application for apparent mistakes. Proactive steps are advised for unprocessed returns.

While equity arbitrage funds may provide steady tax-efficient returns, a stunning analysis reveals how the government collects far more than investors realize.

Karnataka government has released its official holiday list for 2026, including both general and restricted holidays. This list is crucial for state government employees and institutions in Bengaluru and across the state to plan their schedules. The general holidays encompass national observances and state-specific festivals, while restricted holidays offer flexibility for employees.

Travellers can look forward to many long weekends in 2026. October offers three, while January and September each have two. Plan your trips with these extended breaks. Holidays like Republic Day, Good Friday, Buddh Purnima, Raksha Bandhan, Janmashtami, Ganesh Chaturthi, Mahatma Gandhi Jayanti, Durga Puja, Valmiki Jayanti, Diwali, and Christmas provide opportunities for short getaways.

Many bank customers remain confused about whether bank branches are open or closed today, Saturday, December 20, 2025, leading to doubts over whether to visit a branch or wait for a weekday

Tata AIA launched Multicap Opportunities Fund and Pension Fund via ULIPs, offering diversified equity exposure linked to the Nifty 500. The funds span large, mid and small caps, allow debt allocation for risk management, and aim wealth creation with cover.

Donating to charities offers tax benefits under Section 80G of the Income Tax Act. The Income Tax Department has clarified rules for these deductions. Taxpayers can claim benefits for donations to eligible institutions. Verification is done through Form 10BD. Different donation categories offer varying deduction limits. Cash donations over two thousand rupees are not eligible.

Indian mutual funds are set to buy more of the shortest maturity instruments as investors increasingly channel savings into sub one-year schemes, spurning longer duration debt including government bonds, fund managers said.

Our lives today are running on autopilot, leaving us with little time to think or reflect on our spending habits. Social media algorithms constantly show us products we may like or have recently searched for, while digital payment methods make shopping feel effortless. We often don't realise how much money we are mindlessly spending until we consciously review our expenses.

SIP inflows remained strong in November 2025, marking the second-highest monthly collection and extending a multi-year streak of robust and consistent investor participation.

More than 300 BSE 500 stocks ended 2025 in deep losses, with names like Ola Electric, FirstCry and Aditya Birla Fashion plunging as much as 70% amid volatility and sectoral churn.

The Punjab government has announced its official list of public and restricted holidays for state government offices in 2026. These holidays will be observed across all government offices, boards, corporations, and educational institutions under the state's purview. This annual release ensures clarity for public sector entities and aligns with the varied holiday schedules across Indian states.

The Karnataka Chartered Accountant Association has flagged the Income Tax Department's recent intimations. These emails, concerning mismatches in Annual Information Statements, property deals, and foreign assets, use a threatening tone. The association argues this causes undue stress to genuine taxpayers. They urge the department to adopt a facilitative approach, seeking explanations rather than demanding immediate revisions.

Six mutual funds made a complete exit from nine midcap stocks in November as part of active portfolio reshuffling, according to Nuvama Institutional Equities. Quant Mutual Fund led the sell-off by exiting three stocks, while Kotak Mutual Fund exited two.

DSP Mutual Fund has launched two new passive offeringsDSP Nifty 500 Index Fund and DSP Nifty Next 50 ETFproviding diversified, low-cost access to Indias equity markets. The NFOs aim to help investors build long-term portfolios using transparent, benchmark-linked strategies across market capitalisations.

Edelweiss Mutual Funds Altiva Hybrid Long Short Fund has crossed Rs 1,000 crore in assets under management within months of launch. The milestone reflects strong investor interest in the SIF strategy, which combines equity arbitrage, fixed income and special situations to deliver tax-efficient, consistent returns across market cycles.

Nilesh Shah of Kotak Mutual Fund says equity arbitrage fund taxation mirrors Chanakyas advice of gentle taxation. Despite low-volatility returns, Kotak Equity Arbitrage Fund generated significant government revenue through STCG and transaction charges, with total collections reaching up to 78% of investors net returns in FY25, according to his analysis.

In November, ICICI Prudential Mutual Fund adjusted its portfolio by increasing exposure in 455 stocks, including ITC and Eternal, while reducing stakes in 166 stocks, such as Mazagon Dock and RIL. The fund added 10 new entrants, exited four stocks, and maintained a diversified industry allocation, managing an AUM of Rs 11.41 lakh crore across 272 funds.

Silver ETFs have emerged as top performers in 2025, delivering triple-digit returns on the back of strong industrial demand and a sharp rally in silver prices. Experts advise partial profit-booking after the surge, while maintaining limited long-term exposure through disciplined rebalancing and staggered investments rather than aggressive lump-sum allocations.

Taxation of precious metalbased ETFs and FoFs varies by structure and holding period, with gold and silver ETFs taxed at 12.5% LTCG after one year.

Leasehold property owners in cities like Noida face specific payment systems. While initial agreements often involve a one-time premium, the enforceability of subsequent annual rent increases hinges on the original lease deed's clauses. Rajasthan's attempt to impose new lease rents after allotment was struck down by the High Court. Read more.

India is rolling out significant financial services reforms, including allowing 100% foreign ownership in insurance and pension sectors, to attract foreign capital and fuel economic growth. These measures aim to boost investment in equities and long-term projects, supporting Prime Minister Modi's developed economy goal by 2047 amidst global trade tensions.

PFRDA has introduced significant changes for NPS subscribers, extending the exit age to 85 and increasing the 100% withdrawal limit to Rs 8 lakh. New systematic unit redemption options and corpus slabs streamline withdrawals, offering greater flexibility for government employees upon retirement or in case of death.

HDFC AMC anticipates positive regulatory changes following Sebi's revised mutual fund expense rules. Brokerages believe these adjustments will boost earnings and valuations. The new framework, effective April 2026, is less punitive than initially feared. This clarity allows focus to shift back to HDFC AMC's growth potential and market share.

The Bihar government has announced its official holiday list for 2026, encompassing general and optional holidays for state government employees. The notification details closures for state and subordinate courts on general holidays. Muslim festival dates are subject to moon sighting, and employees can avail up to three restricted holidays.

Mutual fund advisors say banking & PSU debt schemes are relatively safe because these schemes invest only in bonds and papers of banks and public sector companies. Since most of these entities are government-backed, they dont have the credit risk.

Paisabazaar and YES BANK have launched an upgraded PaisaSave credit card, offering a significant 6% cashback on dining and travel, capped at Rs 3,000 monthly. This no-joining-fee card also provides 1% cashback on all other spends and a fuel surcharge waiver. It's designed for frequent diners and travelers seeking valuable rewards.

HDFC Bank is updating its debit card lounge access program from January 10, 2026. Customers will now need to spend Rs 10,000 per quarter to receive a digital voucher for lounge entry, replacing the previous swipe method. This change aims to streamline the process for cardholders.

ITAT Delhi ruled that brought forward long-term capital losses and current year's short-term capital losses from shares and mutual funds can be set off against long-term capital gains. This decision allowed a taxpayer to reduce his taxable income by Rs 25 lakh, overturning the tax department's disallowance. Read below to know how the taxpayer won.

The central government will not bring back the Old Pension Scheme for its employees. The Finance Ministry confirmed no proposal exists to replace the National Pension System or Unified Pension System. Several states have reinstated OPS. The Unified Pension System offers a guaranteed minimum pension. Over 1.22 lakh employees have opted for UPS.

The National Pension System has undergone one of its biggest transformations in 2025, with flexible withdrawals, expanded investment options and extended investment age. Read on to find how these changes make NPS more attractive to investors for retirement planning and what one must consider while carefully navigating new choices.

The Income Tax Department is sending advisories to taxpayers about potential mismatches in their income tax returns. Taxpayers have until December 31, 2025, to revise their returns or file belated ones. If a return is processed after this date and an error is found, taxpayers can apply for rectification. This process helps correct mistakes apparent from the record.

AMFI chairman Sundeep Sikka said Sebis revision of mutual fund rules strike a balanced approach, benefiting both investors and fund houses. Key changes include the Base Expense Ratio, lower brokerage caps, and removal of statutory levies from expenses. The framework offers clarity, reduces costs, and supports growth and penetration of the mutual fund industry.

ICICI Prudential Mutual Fund has filed draft documents with Sebi for two specialized investment funds (SIFs): iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long-Short Fund. These funds aim for long-term capital appreciation by investing in equity and debt instruments, with a unique long-short strategy involving derivative instruments.

Railway Minister Ashwini Vaishnaw announced new luggage rules for train passengers. Travelers exceeding free baggage allowances will now face charges. These regulations align with airport practices. Specific weight limits are set for different train classes. Passengers can carry excess luggage up to a maximum limit by paying a fee. Personal luggage dimensions are also defined.

Central government employees and can face potential financial losses if the 8th Pay Commission's implementation is delayed. The reason is employees don't get arrears on allowances such as House Rent Allowance (HRA), which is a big part of the salary. Depending on the basic salary of an employee, it can be a loss from a few thousands to a few lakhs.

Neo Asset Management has launched the India All-Cap Core Equity Fund, an open-ended, multi-manager Fund of Funds anchored in GIFT city's Category III AIF framework. Designed for global investors, the fund offers tax-efficient access to India's growth story with a target of USD 100 million. It aims to provide broad market exposure and deep research capabilities.

Seven mutual funds exited 19 stocks in November as part of active portfolio rebalancing, according to Nuvama Institutional Equities. HDFC, SBI, Kotak, Axis, Nippon India, Quant and ICICI Prudential Mutual Funds made full exits across financials, auto, pharma, metals and consumer stocks, reflecting shifting allocation strategies.

Seven equity mutual funds across large-cap, mid-cap and flexi-cap categories delivered over 15x returns in 20 years, led by Nippon India Growth and HDFC Flexi Cap, highlighting the power of long-term compounding and consistent performance across market cycles for investors.

The Supreme Court has opened a new chapter for a husband burdened by domestic abuse allegations and two years of joblessness, allowing him to accept a job offer in Belgium. By securing his commitment with a deposit of Rs 5 lakh, he can now travel, with the stipulation of attending court hearings remotely or face-to-face.