Government to allow tax collected at source to be set off against TDS on salary: Budget 2024
Steeper 20 percent TCS paid on foreign tours and foreign investments needn’t wait for advance tax only
No hike in tax deduction under Sections 80TTA and 80TTB disappoints individuals, HUF and senior citizens
Finance Minister Nirmala Sitharaman kept tax deduction unchanged under Sections 80TTA and 80TTB in Union Budget 2024 announcement.
Good news for domestic taxpayers: Re-assessment window has been shrunk
Reduced from 10 years to 5 plus one additional year
NPS Vaatsalya for minor children announced in Budget 2024
Account to facilitate contributions from parents and guardians
Support through Employees’ Provident Fund for fresh employees: Union Budget
The government extended the direct benefit transfer for fresh workforce through the employee provident fund
Financial support announced for students to pursue higher education in Union Budget 2024
E-vouchers for loans up to Rs 10 lakh for higher education announced in Union Budget 2024
Income tax slabs revised, standard deduction raised from Rs 50,000 to Rs 75,000 under the new tax regime in Budget 2024
Finance Minister Nirmala Sitharaman has announced major tax measures in Budget 2024, including rejigging of income tax slabs and hike in standard deduction limit under the new tax regime.
Extended EV loan benefits, increased home loan, FD interest deductions: What small savers want from Budget '24
The budget is expected to focus on employment generation, and rationalise tax rates by increasing limits for basic tax exemption, standard deductions, and medical expenses, among others.
Lack of clarity on TDS, reduced ITR verification window among tax-related woes for NRIs
If returns aren’t verified within 30 days, then starting AY 2024-25, not only is the return considered invalid, but a penal interest is also levied. Additionally, all the consequences of a belated return would be applicable.
Raise home loan deduction limit to Rs 5 lakh in Budget 2024, say homebuyers, realtors
The deduction against home loan interest has remained unchanged at Rs 2 lakh for several years, while property prices and the average home loan amount have increased significantly.
Individual taxpayers’ Budget 2024 expectations: Raise basic income exemption limit to Rs 5 lakh, standard deduction to Rs 1 lakh
Tax experts say Finance Minister Nirmala Sitharaman should also look at introducing a new income slab – Rs 15-20 lakh – that attracts a tax rate of 25 percent under the new tax regime. On the other hand, individuals engaged in F&O activities could be in for an unpleasant surprise if the government decides to revert to its pre-2006 classification as 'speculative business'.
Union Budget 2024: Six demands that top home loan borrowers’ wish list
Budget 2024 Expectations: Home loan borrowers are hoping that the Union Budget will increase the tax concession on home loan interest paid. Other demands include a separate tax deduction for home loan principal repayment, reinstatement of credit-linked subsidy scheme, etc.
Union Budget 2024: Financial planners wish for more tax benefits in NPS
Union Budget 2024 expectations: Under current rules, investing up to Rs 50,000 in their NPS Tier I accounts gives taxpayers another head under which to decrease their liability. But financial planners believe that this amount is too low to contribute significantly to a retirement corpus, and want the limit on this deductible component raised to incentivise savings.
Union Budget 2024: Standard deduction for salaried individuals may increase to Rs 1 lakh
Union Budget 2024: The standard deduction of Rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and pension.
Budget 2024-25 expectations: Increase health insurance benefits under Section 80D
The deduction under Section 80D for health insurance was last increased from Rs 15,000 to Rs 25,000 in Budget 2015. Over the past nine years, there has been no further change in this limit, even as health insurance premiums have risen significantly during this period.
No need to raise capital gains tax for now
It could hit emerging equity culture, hurt foreign inflows. The government should hold its hand at this stage of the development of Indian stock markets and economy
Prioritising a stable and simple tax regime in Budget 2024 to enhance ease of doing business
According to a Deloitte Survey, many industry leaders anticipate a stable and simplified tax law to enhance the ease of doing business and support India’s growth trajectory. A stable tax policy is crucial for sustainable business expansion and increased foreign investments
ITR filing 2024: How tax harvesting can slash the tax payable, boost returns
In tax harvesting, long-term capital losses can only be set-off against long-term capital gains, while short-term capital losses can be set-off against either short-term or long-term capital gains.
ITR filing 2024: New and old tax regimes: Six points that you need to bear in mind while filing returns
ITR filing: Old tax regime offers a host of deductions under section 80C, 80D and so on, while the new tax regime offers limited number of exemptions including employers’ NPS contribution of up to 10 percent of the employee’s basic salary.
India Budget 2024: Capital gain tax regime is too cluttered. It needs an overhaul
As the Indian economy grows globally, it has added to the complexity of computing capital gains. It has in turn led to disparity on account of rate of tax, benefits of indexation or foreign currency fluctuation among other issues. Hoping Budget 2024 provides solutions to this
Union Budget 2024-25 to balance investment and consumption
Budget 2024-25 could focus on measures that boost demand to help support the capex cycle. A relief on personal income taxes would boost consumption, especially for the low- and middle-income households who have been hit with high food inflation
Union Budget 2024 expected to focus on India’s manufacturing boom through tax incentives
India needs to present itself as the next big manufacturing hub and to that effect its essential that the tax structure should be stable and simpler
Budget 2024 | Middle-class taxpayers’ wishlist: Hike basic income exemption limit to Rs 5 lakh, standard deduction to Rs 1 lakh
Finance Minister should also consider introducing a new income slab – Rs 15-20 lakh – that attracts a tax rate of 25 percent under the new tax regime, say experts.
No tax rebate for those who have short-term capital gains, says income-tax portal
While the old utility of income tax filing permitted the claim of Rs 25,000 worth of rebate, the altered utility — updated on July 5, 2024 — declines it, without any amendment in the Income Tax Act, 1961.
