tax

Govt stays focused on Mission Viksit Bharat in Budget 2024

Union Budget focused on getting the right balance between fiscal prudence and growth.

Real estate investments with shorter duration, moderate price growth to be hurt the most with indexation benefit removal: CLSA

The removal of indexation benefits will not be applicable to old properties held before 2001, and they will continue to get indexation benefits.

TDS on life insurance payouts reduced from 5% to 2% from October 1

Life insurance companies have welcomed the reduction in TDS levy

Old vs new (simplified): Which income tax regime will help you save more on tax outgo?

Tax outgo will be lower in the old, with-exemption regime if you claim multiple, higher deductions; primarily, home loan interest or house rent allowance (HRA). For low-income earners and others with fewer deductions, the new, simplified regime will score.

India Inc welcomes Budget focus on infra, consumption growth and employment

Even as the FM announced a slew of measures to boost the economy, she did not lose focus on fiscal prudence and targeted a fiscal deficit of 4.9 percent of the GDP for 2024-25, significantly lower than the target of 5.1 percent pegged in the interim Budget.

Implications of Budget 2024 announcements on indirect taxes

Budget 2024 has implemented the recommendations by the GST council by bringing in changes in the finance act. The measures will boost manufacturing sector in India and improve ease of doing business

Holding Period for REITs Reduced to 12 Months from 36 Months to Qualify as Long-Term Assets: Budget 2024

Finance Minister proposed that listed financial assets held for more than a year will be classified as long term

Middle class homeowners to be hit hardest as FM revokes indexation benefits in property deals

New tax regime raises LTCG tax to 12.5 percent without indexation benefits, significantly impacting property sellers, particularly in non-metro areas, by increasing their tax burden and reducing real estate investment attractiveness

Govt removes 20% TDS on repurchase of units by mutual funds, UTI

The Finance Bill 2024 seeks to omit Section 194F of the Income-tax Act relating to payments on account of repurchase of units by Mutual Fund or Unit Trust of India.

What government earns and where does it spend?

The reliance on borrowings and other liabilities has also reduced in FY25

Lower LTCG Rate and Abolition of Indexation: A Benefit or a Disadvantage?

The finance minister has proposed changes in LTCG taxation rates and rules for assets such as real estate and gold. LTCG from these assets will now be taxed at a lower rate of 12.5% instead of 20%, but there will be no indexation of the acquisition value allowed while calculating LTCGs.

Gold funds, overseas funds, FoFs big beneficiaries of capital gains tax changes

The Union Budget for 2024-25 has hiked the long-term capital gains tax (LTCG) on all financial and non-financial to 12.5 percent from 10 percent, while short-term capital gains tax (STCG) on some assets would be 20 percent.

Budget 2024 changes will boost GIFT City IFSC’s growth trajectory

This year's budget has put retail Schemes and ETFs in IFSC under the same tax regime as Category IIII IFSC AIFs which spells good news for the fund management ecosystem as it will attract more global fund managers

FM declines additional tax deduction for NPS Vatsalya for children: Budget 2024

No likelihood of offering more deductions in the future as we are moving to simplified tax regime

Finance Minister declines clarity on future of old tax regime

About 70% of tax filers have opted for new tax regime for the last fiscal

Fiscal prudence continues: Budget 2024 in 10 charts

Fiscal deficit target set at 4.9 percent for FY25, lower than 5.1 percent in the interim budget

New income tax regime gets sweeter; tax slabs softened, standard deduction hiked

Income-tax slabs slashed, standard deduction hiked for new income-tax regime. These are big bang personal finance Budget recommendations that will impact your money box.

What Budget 2024 means for India Inc.

From infrastructure spending to boosting consumption through tax cuts and support for domestic manufacturing, Budget 2024 delivered on several fronts for corporates.

Byju’s TDS default: Employee not handing over taxes to government, Budget announces measures

Compounding of non-payment of TDS by corporates to be rationalised

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