Kolkata: This Diwali Indians have spent a lot. From the big cities to rural India, many have loosened their purse strings like never before, show data from all India trader bodies. The GST rejig has helepd the splurge as has the significant income tax reliefs from April 2025 that has placed significant amounts of cash in hand of a lot of salaried people.

Many have recieved a lot of gifts as well as given a lot. And some of these gifts were of high value. Do you have any idea whether Diwali purchases are tax-exempt? If you receive gifts from friends and relatives are they tax-free? How are taxes charged on any Diwali bonus that might have come your way? Let’s have a look.

All........

© News9Live