Budget 2024-25 should increase health insurance benefits under Section 80D, say experts
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.
Filing income tax returns at the last minute? Understand the hurdles that you could face, mistakes you must avoid
While digitalisation of the income tax returns has made the tedious process simpler to some extent, many tax-payers are facing several challenges this year – delay in accessing the e-filing portal, challenges in downloading annual information statement (AIS) and so on.
69% CEOs say govt should focus on tax simplification, energy reforms under Modi 3.0: MC Survey
The Moneycontrol-Deloitte CEO survey asked 78 CEOs across industries on their assessment of the reform agenda of the newly elected government. On being asked which reforms should be the government’s top priority to boost growth, 37 percent CEOs felt that investment and trade reforms, higher exports and foreign investments should be on focus
MC-Deloitte CEO Survey: Simpler tax regimes, compliances to improve ease-of-doing-business in India
The survey shows a significant interest in enhancing digitisation efforts and implementing an online single-window system to streamline clearances and integrate business procedures
Budget 2024: Government may bring overseas credit card spend above Rs 7 lakh under 20% TCS
Currently, spends via debit cards, forex cards, or any other payment mode attract 20 percent TCS once they cross the Rs 7 lakh per person per financial year limit, but those via credit cards are exempt.
ITR filing 2023-24: Why you must file Form 10-IA for claiming disability deductions
Income tax filing: It’s crucial to understand that deductions under Sections 80DD and 80U cannot be claimed without a valid certificate of disability. If the certificate expires, a new one must be obtained and submitted with the return to continue receiving the deductions.
Tax practitioners' urge govt to rationalise personal income tax
All India Federation of Tax Practitioners (AIFTP) president Narayan Jain stated that the exemption limit should be increased to Rs 5 lakh.
ITR filing 2023-24: How to check income tax refund status
Income tax: Expecting refund on excess taxes paid after filing tax returns? You can monitor the status through the I-T department’s e-filing portal.
Budget 2024: Will FM Change Tax Rates? | Demands to Increase Exemption Limit, Rationalise Tax Slabs
Ahead of Budget presentation on July 23, it has been reported that FM Sitharaman could be considering introducing tax relief measures in a bid to stimulate consumption. But how much can the Finance Minister accommodate and what will it cost the government to do so? Stacy Pereira chats with Preeti Kulkarni on what we could expect on the personal income tax front in the full Budget 2024.
Retrospective punishment under Black Money Act unconstitutional, holds Karnataka HC; relief to tax haven investors
Section 72 of the Black Money Act states that if an individual does not declare an asset made/acquired before the Black Money Act came into force, it will be deemed an offence under the Act.
Slowdown in access to AIS, ITR e-filing portal, resulting in delays, say chartered accountants
ITR filing process this year has been marred by constant updates to the AIS, delays in Form-16 receipt and hiccups in accessing AIS and the e-filing portal.
ITR filing 2024: Avoiding double-taxation: How Form 67 can help you claim foreign tax credit
ITR filing: Form 67 is a crucial document that aligns with global taxation principles. Filing of this form is necessary to ensure that taxpayers with foreign income do not come under double taxation.
Will Section 80C deduction limit be hiked in Budget 2024?
Budget 2024-25: Section 80C tax deduction limit was last hiked in 2014 after the NDA government came to power. The subsequent move towards the new income-tax regime have resulted in Section80C limits remaining static for years. Some tax experts believe that the recent election results might just nudge the government to take a re-look.
Budget 2024 should allow refund of excess taxes paid under CGST
Budget 2024-25: GST Council recommended change in CGST to regularise short-levy of tax. But tax payers can’t claim refunds for excess payments. Budget can set it right
ITR filing: Seven points to bear in mind before filing income tax returns
ITR filing 2024: Yet to start the annual ritual? Here's a comprehensive guide to completing the unavoidable exercise without hassles.
Income Tax Returns: Pre-validating your bank account can help expedite refunds
ITR filing 2024: By pre-validating, you eliminate potential hurdles that might delay your refund. The income tax department can directly deposit your refund in your pre-validated account, reducing processing time and avoiding failures.
Budget 2024 expectations: Financial planners wish for more tax benefits in NPS
Union Budget 2024: 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.
ITR filing 2023-24: How to maximise rent tax benefits, steer clear of pitfalls to avoid I-T notices
Income tax return: Salaried individuals can claim exemption HRA even while filing their tax returns in case they have missed out on submitting their investment declarations to their employers on time. Those who do not get HRA or are self-employed can avail of tax breaks under section 80GG on rent paid.
Budget 2024: The case to extend 15 percent tax rate for manufacturing
India's economic progress depends on the expansion of manufacturing sector. Tax concession to this sector has had positive effects and it's important to build on early success
Income tax return filing: No HRA? You can still claim tax benefits on rent paid
Salaried tax-payers are allowed to claim exemption on house rent allowance (HRA) paid by their employer as part of their compensation package. While the non-salaried do not get any HRA, they can avail of tax concessions under section 80GG of the Income Tax Act on rent paid.
Union Budget 2024-25: 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.
Income tax returns: 5 popular small-saving instruments with tax benefits under Sec 80C
ITR filing 2023-24: If you haven’t claimed tax breaks on small saving investments at the time of filing your investment declarations with your employer, ensure that you do not miss the opportunity to avail of the benefits while submitting your tax returns.
Budget 2024: How capital gains tax can be used to optimise capital allocation
Uniform tax rate structure across financial instruments will allow investor to choose based on their risk-return trade-off, not tax concessions
Budget 2024-25: 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.
