The Economic Times

Legacy planning helps Indian families transfer wealth smoothly across generations. Unit Linked Insurance Plans offer life cover and market-linked growth potential. Life insurance provides immediate financial security after an unexpected earning member's demise. ULIPs build a long-term corpus and offer liquidity after a lock-in period. Bajaj Life Supreme can support wealth creation and family protection goals.

Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electronic Verification Code (EVC) are convenient methods available. Net banking and Demat accounts also facilitate this essential tax process. The Income Tax Department provides clear steps for each verification method. Completing this verification ensures your tax return is officially processed.

Central government employees retiring soon will find CGHS pensioner card applications simpler. Pension details from the Bhavishya portal will now pre-fill CGHS applications automatically. This integration reduces paperwork and manual data entry for all retiring employees. PAN card will serve as the unique identifier for data exchange between systems. Approved CGHS pensioner cards can be downloaded from both the CGHS and Bhavishya portals.

The Aadhaar app has surpassed four crore downloads, becoming a key digital service platform. Users can now update addresses and personal details conveniently from home. The biometric lock feature allows users to control fingerprint and face authentication access.

Filed revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know how a man challenged tax dept's decision and won case in ITAT Bangalore. Know how the taxpayer won the case in ITAT Bangalore.

Employee unions demand a higher minimum Employees Pension Scheme pension. The government has not announced any increase to the current Rs 1,000. The Employees Pension Scheme 2026 has now replaced the previous EPS 1995. This new scheme introduces faster pension claim settlements and higher interest. Pension calculation formulas under the new scheme remain unchanged.

Choosing the right income tax return form for AY 2026-27 depends on income sources. Individuals can now report two house properties using ITR-1 under specific conditions. Salary, house property, and other sources may qualify for ITR-1 if income is below fifty lakh. Business or professional income typically requires ITR-3 or ITR-4 for presumptive taxation. Capital gains and complex income often necessitate ITR-2 or ITR-3 forms.

Many taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) become taxable only on withdrawal. This article explains the overlooked three-year rule under Sections 54 and 54F, why it leads to income tax notices and the key compliance checks taxpayers should undertake while filing their ITR for AY 2026-27

Purple Finance plans to acquire Saksham Gram Credit for rural market expansion. The company also secured equity funding of Rs 108 crore for growth. This acquisition will mark Purple Finance's entry into rural and semi-urban lending. Combined Assets Under Management are expected to reach approximately Rs 850 crore. The deal strengthens distribution networks and supports small finance bank aspirations.

Gold rates today: Gold rates saw a significant increase across leading Indian jewellery brands today. Tanishq, Malabar Gold & Diamonds, and Joyalukkas reported higher prices for 22k gold. Consumers planning purchases should compare prices to secure the best available deals.

Foreign currency deposits have seen significant inflows after a new RBI scheme. Canara Bank offers the highest 3-year FCNR(B) USD fixed deposit rate. HDFC Bank, Axis Bank, and ICICI Bank offer a 6% interest rate. These deposits are available in various foreign currencies and offer tax exemptions.

Indian taxpayers earning global income face potential double taxation concerns. India's tax treaties offer relief through credits or exclusive taxing rights. Taxpayers must accurately report foreign income and overseas assets to authorities. Claiming foreign tax relief prevents unnecessary tax burdens and compliance issues. Understanding treaties and documentation is key for cross-border tax matters.

Sebi has eased certification rules for Specialized Investment Fund distributors. A new certification allows selling both mutual funds and SIFs. This new NISM Series V-D certification is now required for SIF distributors. Those holding this certification can distribute both product types. Existing mutual fund-only distributors retain their NISM Series V-A requirement.

Mutual fund unit transmission is now simpler for nominees and joint holders. Asset management companies will rely on the latest address with valid documents. A harmonised framework addresses name and signature mismatches effectively. Surviving joint holders or nominees submit a death certificate and bank details. The process is completed within five to fifteen working days.

Sebi has launched a unified certification for mutual fund and Specialised Investment Fund distributors, known as the NISM Series V-D certification. This new credential streamlines the eligibility criteria for selling these products.

Indian taxpayers must report foreign assets in their Income Tax Returns for AY 2026-27. Foreign currency amounts require conversion to Indian Rupees using SBI's TTBR exchange rate. This specific rate is mandated by the Income-tax Rules for accurate reporting. Taxpayers should use the TTBR rate applicable on the relevant date of acquisition or closing year. Retaining records of the adopted exchange rate is crucial for compliance and avoiding reporting errors.

8th Pay Commission salary: Central government employees anticipate the 8th Pay Commission's fitment factor recommendations. A higher fitment factor could significantly increase employee payouts and basic salaries. Past pay commissions show varied gross salary hikes despite differing fitment factors. The prevailing Dearness Allowance rate influences the actual gross salary increase. Projections suggest potential gross salary increases ranging from 31% to 68%.

After filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice confirms the tax department's preliminary processing of your filed return. It details any adjustments made to your income, deductions, and tax liability. Taxpayers must review this intimation carefully for any discrepancies or demands. Responding within thirty days is crucial to avoid penalties and interest.

ITR filing 2026: The government has addressed concerns regarding the income tax e-filing portal's performance. While usage has increased, the portal has largely remained stable, according to officials. The managed service provider, Infosys, has faced contractual penalties for project delays and outages.

ET Wealth Reader's Query: I am 45, and want to buy a holiday home, or what may be called a second home. I do not have any major financial commitments apart from my two daughters education. I have also been investing through Systematic Investment plans (SIPs) for the past two years. Should I liquidate my gold investments to buy the second home, or would it be better to pledge the gold instead?

Choosing health insurance requires careful consideration of several important factors. Opting for a policy simply because it has a low premium can leave you underinsured and cost you more when you actually need to file a claim. Adequate coverage is crucial, especially as medical inflation is projected to rise significantly in the coming years. Read on to learn about five key factors every policyholder should assess before buying a policy.

Gold rate: Gold prices saw an increase across major Indian cities on Tuesday, July 21, 2026. The India Bullion and Jewellers Association also noted an upward trend in gold rates. Consumers planning purchases should verify current rates before buying.

Sovereign gold bonds: The Reserve Bank of India has set the premature redemption price for SGB 2019-20 Series-VIII. This offers investors a significant absolute return of nearly 257 percent. Tax rules apply to capital gains on premature redemption of these bonds.

Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosures for foreign shares and overseas bank accounts. Employee stock options and cryptocurrencies also demand careful reporting considerations. Jointly held foreign accounts need accurate disclosure based on fund ownership. Accurate reporting is crucial to avoid penalties under the Black Money Act.

Non-Resident Indians can park their Indian income in NRO fixed deposits. These deposits offer attractive interest rates, with some banks providing up to 6.75 percent. Banks like Bank of Baroda offer the highest rates on specific tenures. Investors should consider tax implications and Double Taxation Avoidance Agreements. Understanding these factors helps maximize returns on NRO fixed deposits.

Staying invested throughout market cycles yields the highest returns for investors. Missing just fifty strong trading days drastically reduces Nifty 50 returns to 0.89 percent. Missing thirty best trading days improved returns to 4.59 percent for the Nifty 50. Missing ten best trading days boosted Nifty 50 returns to 9.67 percent. Market timing requires two correct decisions, which is difficult for investors.

The government is planning a new pension scheme under the EPFO 3.0 framework. This new plan aims to provide retirement benefits to workers in both formal and unorganised sectors. Members will build a retirement corpus through regular contributions invested in government-backed assets.

HSBC Bank's IFSC unit offers Non-Resident Indians significant leverage on FCNR(B) deposits. This strategy allows investors to borrow up to nineteen times their initial deposit amount. The potential for amplified returns arises from the spread between deposit earnings and borrowing costs. However, this leverage strategy carries risks if borrowing costs exceed deposit interest rates. FCNR(B) deposits also offer protection against Indian Rupee depreciation for investors.

Gold rate: Gold rates remained largely steady across major Indian jewelry brands today. Find the latest 24k, 22k, 20k, 18k and 14k gold and 999-purity silver jewellery indicative rates provided by the India Bullion and Jewellers Association (IBJA) today.

Central government employees anticipate significant salary raises from pay commissions. However, gross salary increases may lag behind basic pay hikes. This difference arises from various allowances that do not always scale proportionally. Historical data shows gross salary hikes have been lower than basic pay increases. The 8th Pay Commission's projections suggest similar trends for future salary revisions.

Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing this income tax return is July 31, 2026. This simplified form is for resident individuals with income up to fifty lakh rupees. It covers income from salary, one house property, and other specified sources. Taxpayers must log in to the e-filing portal and follow the guided steps.

New income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from October 2024. Prosecution provisions are softened with reduced jail terms and graded punishments. Several penalties are converted into fixed fees to reduce litigation and bring certainty. Penalty proceedings will merge with assessment proceedings from April 2026.

The Reserve Bank of India has set the premature redemption price for SGB 2021-22 Series-IV. Investors can redeem these bonds prematurely from July 20, 2026, after five years. Tax rules apply to capital gains on premature redemption of these bonds.

Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individuals and HUFs with income up to fifty lakh rupees. However, certain conditions like foreign income or losses necessitate filing ITR-3. Essential documents include PAN, Aadhaar, bank details, and tax payment proofs. Ensuring an active PAN and validated bank account is crucial for filing.

Under the new labour code, employers must pay salaries by the seventh day of the following month. Daily wage workers must be paid at the end of each workday. Employees who leave a job are entitled to receive their final dues within two working days. The code applies to all employees, regardless of salary, and introduces the role of an inspector-cum-facilitator to help resolve wage-related complaints and claims.

Largecap mutual funds' cash holdings fell to a one-year low of 2.2% in June, reflecting higher equity deployment and fund managers' confidence in select opportunities. Experts caution this is not a buy signal, advising investors to continue SIPs and focus on long-term goals, as lower cash may increase volatility during market corrections.

Hybrid long-short funds rival debt, arbitrage and hybrid funds, but look beyond the label.

Report even exempt equity gains under Section 112A, and file losses on time to carry them forward.