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Those with an estimated tax liability of over Rs 10,000 in a financial year are required to pay advance tax during the year.
Inclusive and equitable tax policies will not only improve the lot of women employees and entrepreneurs, but also facilitate their participation in policy formation
India’s federal structure is under stress on several grounds, particularly tax devolution between Centre and states, and among states. Finance Commissions play a critical role in the devolution process. However, a drawback in their approach has been the absence of an adequate level of transparency on the underlying reasons for significant changes in devolution formulae
Tax-savers: Parents can individually claim tax deductions under section 80C on the tuition fee component in their children's school fees. However, any donation made to the school or expenses paid towards extra-curricular activities will not be eligible.
With increased financial flexibility comes greater responsibility. Will taxpayers continue to make wise investments even when there are no tax-saving incentives or spend more since they can afford it?
Public Provident Fund, Sukanya Samriddhi Account and National Savings Certificates are some of the small-saving schemes eligible for Section 80C deductions under the old tax regime
The report also said that the government may need to strengthen revenue mobilisation, particularly by increasing the tax-to-GDP ratio from the estimated 12 per cent in FY26 (Budget Estimates) to 14 per cent by FY31
This ambitious reform seeks to modernise India’s tax framework, enhance compliance, and streamline existing laws by eliminating redundant provisions and consolidating multiple sections
Milan prosecutors had opened an investigation against Google for failure to pay taxes on earnings in Italy from 2015-2019.
Treat tax planning as an ongoing process rather than a one-time activity to avoid last-minute jitters for saving on taxes. Plan early and plan efficiently to ensure you can claim all eligible deductions and maximise your savings.
Under the new Income Tax Bill, 2025, Clauses 196, 197, 198 will deal with capital gains, and cryptocurrency has now formally be included as a taxable capital asset.
Over six decades of amending the income tax law has made it an unwieldy legislation, increasing the incidence of litigation. The new income tax bill tabled in Parliament on February 13 tries to cut through the complexity and offer stakeholders a simpler legislation.
By trimming word count by 40-50% and eliminating confusing phrases, the new Income Tax Bill makes itself more accessible to the common tax payer. It also aligns with global best practices
The new Income Tax Bill, tabled today in the Lok Sabha, retains all the deductions and exemptions but under new section numbers
The proposed I-T Bill would introduce the concept of ‘tax year’ to replace the financial year and is likely to be 622 pages long with 536 sections. However, it is unlikely to introduce drastic changes, say experts.
Gujarat, Haryana and Odisha joined Kerala and Tamil Nadu in asking the Finance Commission for a 50 percent devolution in central taxes. It shows that the fiscal pressure states experience is structural in nature and has nothing much to do with the political colour of the chief minister
Finance Minister Nirmala Sithraman in her Budget 2024-25 had announced a proposal for developing a taxonomy for climate finance.
Apart from tax relief provisions, the bill may introduce several structural and linguistic reforms. Such as replacing the term “Assessment Year” with “Tax Year”, eliminating British era references like “notwithstanding”, simplifying legal language by removing separate explanations and provisos, making tax clauses self-explanatory.
Kia competes with Hyundai and Maruti Suzuki in the world's third-largest auto market, where it has a share of 6% of roughly 4 million units a year, and its Kia Seltos and Sonet SUVs are among the top sellers.
Chartered accountants differ on a salaried taxpayer’s eligibility for the tax rebate if her total income—including special rate income such as short-term capital gains—is over Rs 12 lakh but the salary component itself does not exceed the threshold. The income tax department ought to explicitly clarify its position on the rule, they say.
When a larger share of the income pie goes to labour – rather than capital -- consumption will get a sustained boost, and complement the tax breaks given to the middle class. The former is structural, the latter a one-time measure. The budget made a reassuring beginning by focusing on labour-intensive sectors to boost employment
Tax measures announced in Budget 2025 will have a wide-ranging impact on individual taxpayers across income brackets, as also senior citizens, students and outbound travellers.
The middle-class has a lot of cheer for, as the tax savings under the new regime will be significant, but there are some nitty-gritties that the Budget could have taken care of, to make their lives easier, say tax experts.
In the biggest ever import tax demand, India in September slapped a $1.4 billion tax notice on Volkswagen for using a strategy to break down imports of some VW, Skoda and Audi cars into many individual parts to pay a lower duty.
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.
