Budget Snapshot: STT collections to take a beating, thanks to SEBI curbs
While current STT collections may exceed budget forecasts for this fiscal year, a steep decline in revenue from STT for the next fiscal year is likely due to reduced trading volumes
Money changes in January 2025: RBI’s new FD rules, quicker credit data updation, deadlines for tax-saver investment proofs, and more
January 2025 Money Changes: The New Year is set to bring in significant changes, from RBI’s revised rules for fixed deposits to modification in certain card-issuers’ credit card features. It is also the month when most employers ask their employees to submit proofs of tax-saver investments during the financial year.
Investment declaration to employers: Five tax-saving hacks that can reduce your outgo in 2025
Top tax-saving tips: Tax planning must start in April, at the beginning of the financial year. Yet, many leave the job for the last minute, when they have to submit the proof of investment in January or February.
Top five changes in income tax rules in 2024
Income tax rules: Here’s how a raft of Union Budget announcements in July 2024 such as revised new regime of I-T slabs, major changes in capital gains tax structure, higher standard deduction under the new tax regime and increase in tax deduction limit for employers' contribution to NPS have impacted individuals’ tax payable.
Four charts explain how the 1991 Budget by Manmohan Singh transformed Indian economy
India’s compounded annual growth rate hasn’t dipped below 4 percent since 1991 reforms
Didn’t submit your tax returns by July 31? Don’t miss the Dec deadline for late filing
Also, taxpayers who have noticed errors in their original income tax returns can revise the same by December 31.
Karnataka: New cars to attract cess of Rs 1,000, bikes Rs 500
The Karnataka Motor Vehicles Taxation (Second Amendment) Bill was passed despite opposition from the BJP
Advance tax: As the third installment is due on Dec 15, here’s why you must adhere to the deadline
Individuals whose estimated tax liability is likely to be over Rs 10,000 in a financial year are required to pay advance tax that year.
West Bengal, Telangana see biggest fall in share of national GST collections since 2019-20
GST collection figures show that the eastern state’s share in national GST collections decreased to 4 percent in 2024-25 (till November) from 4.6 percent in 2019-20
MC Analysis: GST data shows Assam, Odisha outpace Maharashtra, Gujarat in collections growth
Bihar and Uttar Pradesh trumped the likes of Gujarat in growth in GST collections with an 11.1 percent increase.
India has world's best taxation system, says Lok Sabha Speaker Om Birla
Due to these policies and laws, companies and people from around the world are eager to invest in India, he asserted.
CBDT extends tax return filing deadline to December 15
The income tax return filing deadline has been extended for taxpayers who have international transactions and are required to furnish reports under Section 92E.
Magic can't save 'Harry Potter' star Rupert Grint from a $2.3 million tax bill
Rupert Grint, who played Ron Weasley in the magical film franchise, was ordered to pay the money in 2019 after HM Revenue and Customs, the UK tax agency, investigated his tax return from seven years earlier.
December financial alert: RBI rate call, tax deadlines, and credit card updates
In December, watch out for RBI’s policy announcement. Then, update your Aadhaar for free, pay your advance tax and file belated tax returns to avoid penalties, among others.
Looking to book profits in bitcoin? Here’s how taxation on crypto assets work
Taxation On Cryptocurrency: Given the complexity over certain aspects of crypto taxation, investors would be better off taking a chartered accountant or tax portal’s help in filing their taxes
Karnataka CM to officials: Stop liquor smuggling from Goa, face action for missing tax targets
CM Siddaramaiah warns that commercial tax officials failing to meet collection targets will be held accountable.
How new share buyback tax rules affect shareholders, corporates
Since share buyback amount is now taxed at potentially higher individual rates, the post-tax return for shareholders is reduced. This makes buybacks less beneficial as a method of returning capital compared to earlier when the tax burden was borne by the company
Maharashtra government increases stamp duty payable on Arbitral Awards
Maharashtra has introduced an ordinance raising stamp duty rates to enhance government revenue. Notably, the stamp duty on arbitral awards has significantly increased, marking the first adjustment since 2015, when it rose from Rs 100 to Rs 500
Are you facing a liquidity crunch on paying TCS? Your employer can help
If eligible, taxpayers can claim a refund on the TCS being withheld at the time of filing I-T returns, as per the government's new notification that was issued on October 17.
Hong Kong cuts liquor tax in effort to reignite its nightlife industry
After fulfilling Beijing’s long-standing imperative to enact a homegrown national security law, Chief Executive John Lee now faces challenges with economic competitiveness against regional rivals like Singapore, Japan, and mainland Chinese metropolises.
States shouldn’t shy away from taxing agriculture
States’ deficit indicators are set to worsen as spending spigots open up in a competitive political environment. To compensate they need to find an additional source of revenue. Agriculture income tax, which comes under the control of states, holds the potential of being an important revenue source if a beginning is made now
How much tax is deducted from your salary: A comprehensive guide
Understanding how much tax is deducted from your salary can seem confusing at first, but it’s an important part of managing your finances. Whether you’re starting a new job or just trying to get a better handle on your pay slip, knowing how much tax you’ll pay can help you plan better.
Centre releases Rs 1.78 lakh cr tax devolution to states, including advance instalment for festive season
The Union Government has doubled the release to help states manage their finances more effectively during the festive period.
As FM Sitharaman pushes for action on tax refund delays, CAs call for better I-T dept communication
Chartered accountants say that while the majority of their clients have received their tax refund credit faster than usual, others have seen their refund issuances stuck.
