BUSINESS
How FM Nirmala Sitharaman's Budget will help the middle class
Overall, the Budget focuses on providing significant benefits to the middle class by reducing the tax rates and thereby increasing the take home pay for individuals. It is clear that the Budget is aiming to further promote adoption of the new regime.
BUSINESS
Budget 2024 personal taxation and capital gains proposals decoded
Overall, the Budget has aimed to simplify the taxation structure for individuals and has also proposed further tax measures for adoption of the new tax regime.
BUSINESS
Here’s all you need to know about the amendment to the valuation of 'rent-free accommodation' perquisite
The amendments are effective from September 1, 2023. Hence, housing perquisite should be calculated using the old rates till August 31, 2023
BUSINESS
Income tax returns: New income-tax regime is now the default regime. Here’s how to navigate the switch
I-T return-filing: You can now select between the old and new income tax regimes at the time of filing your tax returns, irrespective of which option you had gone in for at the start of the calendar year with your employer. Salaried individuals can do this every year. But for professionals, the option to switch regimes is available only once.
BUSINESS
EPF or NPS: Which is the better investment option?
It doesn’t have to be an either/or decision. Indeed, choosing both the Employees’ Provident Fund and the National Pension System is the best option, for they are complementary forms of investment.
BUSINESS
How 20% TCS on foreign remittances under LRS can impact overseas spend of Indians
The new changes could impact high networth individuals making investments overseas and those making payments for the purchase of overseas tour packages.
BUSINESS
May 3rd is the last date to apply for higher pension from EPS, check how to apply
Employees opting for a higher pension contribution will be required to make the additional contribution of 1.16 percent to be moved from the employee’s share of the Provident Fund to the Pension Scheme.
BUSINESS
What Union Budget for 2023-24 has for individual taxpayers
There are trade-offs in switching from the current income tax regime to the new one that offers fresh rebates, but the utility depends on the salary bracket, and the system has moved from an opt-in one to opt-out.
BUSINESS
Budget 2023 | Will FM Nirmala Sitharaman’s 'Bahikhata' meet Indian taxpayers’ expectations?
Taxpayers are looking for cut in tax rates, hike in deduction/exemption limits, long-term benefits in healthcare and post-retirement, and affordable housing.
BUSINESS
Budget 2023: What February 1 may have in store for an ESOP holder
Since global mobility has become a common trend in recent times, a clear provision in the tax laws is required to eliminate the ambiguity regarding taxation of ESOPs for employees
BUSINESS
Budget 2023 | Why there is a need for rationalisation of certain personal tax exemption and deduction limits
The monetary caps on certain exemptions and deductions were fixed many years ago and are long overdue for rationalisation. This will help bring them in line with the high inflationary trends witnessed in the last few years.
BUSINESS
Missed filing your income tax returns? Be prepared to pay higher TDS
Changes introduced in the Income Tax Act require the deductor to withhold tax deducted at source (TDS) at a higher rates on payments made to certain “specified persons”
BUSINESS
Nuts and bolts of how cryptos and digital assets will be taxed this year, and the challenges
Aside from the flat tax rate, the government has also imposed a 1% withholding tax. But when the buyer and seller of virtual digital assets on exchanges are unknown to one another, deducting the TDS will be a challenge
BUSINESS
How to plan your income tax smartly in the new financial year
Although the income-tax slabs and rates remain the same for the new financial year, there are a number of tax-saving instruments to choose from. Just make sure they fit well in your overall financial planning.
BUSINESS
Budget 2022: All the personal tax-related proposals that you should know
In the case of transfer of an immovable property (other than agricultural land), TDS is to be deducted at 1 percent on the amount paid to the resident or the stamp duty value of such property (both in excess of Rs 50 lakh), whichever is higher
BUSINESS
Budget 2022: Income tax deductions and benefits that the salaried expect
Taxpayers would be happy to see a dip in the tax rate from 30 percent to 25 percent for individuals having income over Rs 10,00,000
BUSINESS
Explained: All about the new annual information statement of the income tax department
Information about various financial transactions executed by the taxpayer is obtained by the department from various financial entities
BUSINESS
7 steps to filing your income-tax returns smoothly
Any inconsistency or gaps in reporting can invite queries or tax notices from the income-tax department
BUSINESS
Why linking Aadhaar with UAN is crucial for continuing your provident fund investments
As per a recent government requirement, PF remittance will be permitted only for those employees whose UAN and Aadhaar number are seeded and verified
BUSINESS
The challenges in computing taxes on employer contributions to EPF and NPS
Where the employee has contributions to multiple retiral funds, such as EPF and NPS, there is no specific guidance on allocating the excess contributions
BUSINESS
Extending stay in India or in a foreign country due to Covid-19 lockdowns can have income-tax implications
COVID-19 restrictions have forced employees to work remotely from their destination country, which may lead to double taxation
BUSINESS
Taxation of employer's contribution to retiral funds: Here's how it affects high income earners
Employer's contributions to provident fund, superannuation fund and the NPS beyond Rs 7.5 lakh would be taxable
BUSINESS
New income tax return forms notified: Here’s your guide to choosing the right ITR
Salaried taxpayers having non-business income are generally required to file their returns in Form ITR 1/ITR 2
BUSINESS
Budget 2021: Much to cheer for taxpayers on procedural changes
The easing of procedural norms for senior citizens, NRIs and advance tax payers is welcome
