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
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.
