income tax - Wealth and Money

mutual funds

What is the FIFO method used to work out capital gains tax on mutual funds?

FIFO stands for "first in, first out." It means the mutual fund units you bought first are treated as the ones you sell first. Capital gains tax is worked out on that basis.

income tax

Taxpayers with overseas income could need a CA's certificate

A couple of important changes will reach taxpayers from next month. One of them is that you will need a CA's certificate to claim a foreign tax credit when the foreign tax you paid is more than ₹1 lakh in a year.