Foreign Investment and India’s Economy: Role of tax policies in Budget 2025
India's tax policies play a crucial role in attracting foreign investment, which drives economic growth. Budget 2025 offers an opportunity to simplify tax regulations, reduce capital gains tax, and introduce sector-specific incentives to enhance India's global investment appeal
Will Budget 2025 lay the roadmap for a simplified income-tax system?
The government should consider making the filing process simpler for non-resident Indians who do not have Aadhaar by allowing them to use a PIN or electronic verification code to e-verify their returns
Budget 2025 wish list: 'Relax income tax return-filing timelines for residents with foreign income'
While most countries, such as the US, UK, Australia, Canada, the Netherlands and Germany follow the calendar year (January to December) as their tax year, India operates on a fiscal year (April to March). This mismatch creates discrepancies in the income and taxes declared in the respective countries, often affecting the tax burden in India.
A decade on, Sukanya Samriddhi Yojana emerges as a clear winner
SSY has the EEE tax benefit available to PPF, which provides attractive post-tax returns in the backdrop of negligible risk. It offers parents a good option to provide a solid investment for their daughter. In its category, SSY is a highly attractive investment product.
Sukanya Samriddhi @10: The scheme can add value to your daughter’s education corpus, but do not ignore allocation to equities
Sukanya Samriddhi Yojana can make up the debt component in your daughter’s education portfolio. Equities, on the other hand, can generate wealth over 10-15 years by yielding inflation-beating returns.
Trump's exit from global tax deal not to hit India from tax collection standpoint: Experts
Nangia & Co LLP Managing Partner Rakesh Nangia said the impact of the US pulling out of the global tax deal would have monumental impact on the global tax landscape
India’s third shot at tax reform mustn’t miss the target
While the middle class hopes for urgent relief, New Delhi wants more people to pay taxes. The new code needs to do a balancing act
'Tax-payers with incomes of over Rs 19 lakh are shelling out ‘excess’ tax’, says BankBazaar study
Budget 2025: As per BankBazaar calculations, ‘excess’ tax is the difference between inflation-adjusted taxes and actual taxes. For instance, based on the Cost Inflation Index (CII), a taxpayer with a taxable income of Rs 25 lakh now pays Rs 37,200 a year in ‘excess’ taxes.
Budget 2025: Exempt NPS annuity income from tax, allow deduction for Vatsalya scheme, say experts
Compulsory annuitisation of 40 percent of the National Pension System (NPS) corpus is a roadblock to greater adoption, say industry players and independent experts. It should either be exempt from tax or investors should be offered an alternative, such as a systematic withdrawal option.
Will FM Nirmala Sitharaman scrap the old, with-exemptions tax regime in Budget 2025?
Though the government is incentivising a shift towards the new tax regime, it is unlikely that the old regime will be scrapped entirely, say tax experts. This is because a section of tax-payers does benefit from this with-exemptions tax structure. However, it might not be retained once the Income Tax Act is revamped.
Key Expectations for Union Budget 2025: Tax reforms and relief
With the Union Budget 2025 approaching, taxpayers and industry professionals anticipate significant tax reforms, including increased exemption limits, housing-related reliefs, clearer guidelines for modern assets, and enhanced investment deductions. These measures aim to reduce tax burdens and promote economic growth
Budget 2025: Hike in tax deduction on health insurance premiums critical, say experts
Tax and financial experts recommend raising tax breaks on health insurance premiums to Rs 50,000 for individuals and Rs 75,000 for senior citizens to factor in escalating medical costs.
ITR filing: Did you miss the extended January 15 deadline? You can still file 'Updated' returns
ITR filing: An updated income tax return can be filed by a taxpayer to correct any mistakes or omissions in the original or belated return. However, such returns cannot be filed to claim tax refund or reduce tax liability. The process can be completed within two years from the end of the relevant assessment year.
Navigating double taxation: How NRIs can minimise tax implications on their incomes
A double taxation avoidance agreement (DTAA) ensures your income is taxed in only one country or provides credit for taxes paid in another.
Extended Jan15 ITR deadline: Revise your income tax returns today to claim tax rebate under Section 87A
It is also the last chance for other individual tax-payers who may have missed filing their returns by July 31, or spotted errors in their submitted returns, to file belated returns or revise them.
What NRIs need to know about Indian income tax rules
Income earned or accrued in India is taxable for NRIs. Unlike resident Indians, whose taxes are based on global income, NRIs are only liable to pay taxes on income generated within India.
Budget 2025-26: Taxpayers want higher deductions on savings, fixed deposit interest income
Union Budget 2025: Individual tax-payers, especially senior citizens, are hoping for increased tax deductions under Sections 80TTA and 80TTB in Union Budget 2025 in the face of rising inflation and healthcare costs
Wait until I-T portal glitch is resolved before revising returns, CAs tell tax-payers
At present, small tax-payers with special rate income such as short-term capital gains are unable to claim the rebate under section 87A, even if their income is below the basic exemption limit, as the updated utilities are not calculating the amount automatically.
Budget 2025 Wishlist: Individual taxpayers want tax relief, deductions, slab relaxation on February 1
Income tax payers have a long wishlist, featuring a 30 percent tax slab only for those with incomes over Rs 20 lakh, inclusion of 80C and housing benefits under the new tax regime, and a special deduction for upskilling programmes.
Tax rebate denied in July 2024? Revise your return by Jan 15 to claim the same
Even if your return has been processed and you have received a refund or paid any additional tax that may have been demanded, you can revise your return.
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
