Filing proposed investment declarations in April? Choose your income tax regime wisely
You must declare to your employer this month which tax regime you wish to adopt, and accordingly, TDS will be deducted from your monthly salary. If you do not specify the regime you wish to choose, your employer will compute taxes as per the new regime rates, as it is the default regime 2023-24 onwards.
Infosys receives tax demand of Rs 341 crore from I-T dept
Infosys is in the process of evaluating the implications of this order on the financial statements and will also evaluate filing appeal against the order
India's March GST collection second-highest ever at Rs 1.78 lakh crore
For the entire fiscal year 2023-24, gross GST collection stood at Rs. 20.18 lakh crore, a 11.7 percent increase compared to the previous year.
No diesel, petrol cars in India soon? Here's what Nitin Gadkari proposes for greener economy
The minister said he firmly believes the country can end fuel import by promoting the use of biofuels.
No changes in new tax regime from April 1: Finance Ministry
The option of opting out from the new tax regime is available till the filing of return for the assessment year 2024-25, the ministry has said
'If you're married and a Hindu...': Billionaire Nithin Kamath highlights a way to save taxes
Meanwhile, Zerodha explained in its blog that when planned meticulously with a long-term perspective, HUF can emerge as a powerful tool for tax planning.
How to make the best use of NPS investment choices and withdrawal options
By contributing to a Tier I (retirement) account, investors can secure their retirement foundation, enjoying the benefits of a disciplined savings mechanism and tax advantages, while Tier II (investment account) allows for the management of additional savings with greater flexibility, catering to evolving financial needs and opportunities.
Your guide to decoding the nitty-gritties of old and new tax regimes
While the new tax regime might seem simpler, the old tax regime still has a lot of benefits that will appeal to many professionals and regular taxpayers.
Tax planning in March: How a multi-year health cover keeps premiums in check, offers tax benefits
Such health insurance policies, which come with tenures of up to three years, provide extended coverage, discounts on premiums, and locked-in premiums, apart from tax benefits.
Stakeholders divided over state governments ending 100% road tax exemption for EVs
Experts call for a uniform road tax on EVs across the country, to promote adoption of clean and sustainable transportation
Australia unveils minimum 15% tax rate for multinationals
"Multinational companies making a profit in Australia should pay tax on those profits in Australia," Treasurer Jim Chalmers said as he unveiled draft legislation that the government hopes to pass by July.
Tax-saving: Exemptions you can claim under the new and old tax regimes
The new tax regime has done away with over 70 exemptions under the old tax regime. However, this does not mean that the new regime does not offer any benefit. Here are some key tax breaks that you can claim even under the new regime, which is the default system 2023-24 onwards.
Last-minute tax saving tip: Tax-breaks are important, but prioritise your financial goals
Buy insurance, not just for income-tax breaks, but because you really need an insurance policy. Consider Public Provident Fund to be a great investment, even without tax breaks.
Last-minute tax saving: How to open an NPS account online, claim deductions of up to Rs 50,000
Section 80 CCD(1B) offers an additional deduction of Rs 50,000 – over and above the Rs 1.5-lakh section 80C limit – for investing in NPS. You can open an account online and invest before March 31 to claim these deductions.
Narayana Murthy's Rs 240-crore gift of Infosys shares to 4-month-old grandson: Find out the tax implications here
Under the Income Tax Act, gifts from relatives are not taxed. Gifts received from one’s marriage or from a will are also not taxed, nor one’s inheritance. But gifts from non-relatives are taxed if the aggregate value exceeds Rs 50,000 annually. The limit is applicable separately on money and movable properties
Ashneer Grover: 'I’ve always been a diligent taxpayer. My dad kept me honest'
Ashneer Grover, who has on multiple occasions been critical of the tax system in the country, said that his last income tax returns was filed by his late father who also was his CA.
Last-minute tax planning: Your tax checklist for the financial year-end
Year-end tax planning tips: Tax-loss harvesting lets you offset your capital gains tax liability by selling off shares or mutual funds at a loss. Typically, such securities are purchased again to maintain the same asset allocation or portfolio. If you have not used this strategy, do it before March 31 .
Last-minute tax saving for FY2023-24: Do’s and don’ts for tax planning in March
Last-minute tax-saving: Despite the increase in awareness around the importance of incorporating tax planning into the overall financial planning strategy and starting early, many tend to put off the process until the last minute.
Joe Biden's $7.3 trillion budget is campaign pitch for spending, tax goals
Biden wants to raise taxes by trillions on corporations and high earners, his budget wish-list showed, to help cut the deficit and pay for new programs assisting those who make less cope with high housing and childcare costs. Congress is unlikely to adopt the measures as proposed.
I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates
The Income Tax department has clarified that due to a data reporting error by a yet-unnamed entity, taxpayers have received notices for paying higher advance tax for financial year 2023-24. The I-T department has now asked such taxpayers to wait for updated data.
Coming soon: March 15 is last deadline to pay advance tax
If you are anticipating a tax liability of Rs 10,000 or more in a year, get ready to pay advance tax. Failure to do so will attract 1 percent penal interest per month. But if you miss the March 15 deadline, you can still pay your advance tax by March 31, albeit with one month’s interest. So, don't wait until July 31 to do this.
Registration for scheme to provide Rs 1,000 monthly to non-tax paying women to start soon: Arvind Kejriwal
While presenting the 2024-25 Delhi budget in the assembly on Monday, Finance Minister Atishi had announced a new scheme for women under which eligible non-income tax payees above 18 years will get the amount every month.
Pre-2017 investments of Mauritius-based funds may face enhanced tax scrutiny
According to depository data, Mauritius-based FPIs owned shares worth Rs 5.2 lakh crore in April 2017 contributing to 20% of the total FPI assets in India.
Petty, old outstanding tax demands not withdrawn? Know what to do next | Simply Save
The income tax department has activated a feature on its tax return filing portal that allows tax-payers to view the status of their outstanding, petty and old tax demands. The eligible ones are being ‘extinguished’. Tapati Ghose, Partner, Deloitte India gives an insight into the facility, areas that need further clarity and the complaint redressal process to be followed if your tax demand is not withdrawn. Tune in.
