How new tax rules are chipping away at real estate's investment appeal
From capping the exemption limit under Section 54F to limiting exemptions on reinvestment in real estate for tax savings, the government’s moves over the years appear to have made real estate less speculative and more favourable to genuine homebuyers
How India can escape the middle income trap
At India’s current per capita levels of $2,540, even upper middle-income status is some years away. What is required now is the infusion of new, modern technologies and business models along with investment. For graduating to high-income, additionally, innovation will be needed
GST Rate Rationalisation: Impact on different industries and challenges in tax simplification
GST rate rationalisation has sought to simplify India’s tax structure, aiming to reduce cascading taxes and litigation. Efforts include merging tax slabs and addressing input tax credit issues to create a more transparent and efficient tax environment
Shah Rukh Khan tops the list of highest tax-paying Indian celebrities with Rs 92 crore contribution in 2024, Thalapathy Vijay ranks second with Rs 80 crore
Bollywood superstar Shah Rukh Khan has claimed the top spot as the highest tax-paying Indian celebrity, contributing an impressive Rs 92 crore for the financial year 2024. After delivering massive box office hits that grossed over Rs 2,000 crore globally, SRK leads the list of top 10 highest tax-paying celebrities, according to a report by Fortune India.
I-T dept’s e-Dispute Resolution Scheme: Will the process become simpler and quicker?
Central Board of Direct Taxes’ new dispute resolution scheme has set a timeline of six months to pass orders involving taxpayers whose total income is less than Rs 50 lakh and the disputed amount does not exceed Rs 10 lakh.
GST taxpayers without valid bank account to be barred from filing GSTR-1 from September 1
The GSTN has asked all the taxpayers who have not yet furnished the details of a valid bank accounts to add their bank account information in their registration details by visiting the GST portal.
Unified Pension Scheme: Old, bad ideas in a new package
If actual market performance is short of the government’s assumption, the union budget will have to make good the shortfall to honour its commitment. That’s the risk of a guarantee which is what the 2004 pension reform bypassed. UPS effectively takes on the risk again which has to be backstopped by tax payers
DGGI drops Rs 3,000 crore tax demand for FY18 on 18 foreign shipping firms working in India: Report
This comes as good news for foreign shipping lines like Maersk, Orient Overseas Container Line Ltd and Hapag Lloyd Mediterranean Shipping, as they were facing notices for non-payment of goods and services tax (GST) on import of services from July 2017 onwards.
Supreme Court walks a tightrope in allowing states to retrospectively levy tax on mineral extraction
Supreme Court has given effect to states right to levy a tax on mineral extraction with retrospective effect. The Court has held that it generally does not apply a judgment prospectively when upholding the legislative competence of states. However, states have been left with the discretion to forego the dues prior to July 25, 2024. So, a lot depends on the approach that respective states adopt now
Why HRA could be the ace in the pack that helps you choose between old and new tax regimes
You can choose the old-tax regime if you make use of enough tax deductions, but you might still not save much, despite the additional paperwork. What could move the needle for you is the house rent allowance (HRA) exemption.
Need tax revenue to fund innovation in India’s push for green power: FM Sitharaman
Till the time India gets a lead in battery storage, the country will still depend on fossil fuels like coal, crude oil, she said.
Foreign investors demand tax indemnities for startup investments
Private equity and venture capital funds are seeking protection against unanticipated regulatory risks
Govt eases LTCG tax blow: Finance Act protects property sellers against higher tax outgo
Individuals who purchased properties before July 23, 2024 will not see any additional tax outgo due to the change in long-term capital gains (LTCG) tax rules announced in Budget 2024.
AMFI likely to knock govt doors again for restoring indexation benefits
While the government has decided to restore indexation benefits for the real estate industry, no such rollback has been announced for the mutual fund industry, which has already written to the government seeking certain relaxations in the Budget announcements.
Opting for the new tax regime? Here’s how you can increase your tax savings
Availing of employers’ NPS contribution can cut your tax outgo substantially, particularly under the new regime, where the deduction limit is higher at 14 percent.
With new tax regime sweetened in Budget 2024, can you switch mid-year? Tax experts seek clarity
Chartered accountants have alerted the income-tax department about the need to clarify whether salaried employees can revise their choice of tax regime during the financial year, after having indicated their preference in April, as employers typically ask for proposed investment declarations to compute TDS only once.
India Inc favours phased transition to LTCG tax regime: Report
Some options put forward are a higher tax rate with indexation or a lower rate of 12.5 percent without indexation as well as some form of grandfathering for ancestral properties
Key financial changes in August: Tax deadline, faster cashless insurance approvals and new credit card rules
Verifying income tax returns, non-life insurance companies granting cashless authorisation within one hour, revised terms on HDFC Bank credit card and more. August brings crucial changes that will impact on your personal finances.
ITR filing last date: Disclosing foreign assets in your ITR? Bear these points in mind
ITR filing 2024: If a resident individual acquires a foreign asset in July 2023 in a country that follows the calendar year for tax filing, the individual must report it in the ITR for FY 2023-24. Similarly, foreign assets acquired in February 2024 must be reported in the ITR for FY 2024-25.
No ITR filing extension: Can salaried tax-payers file returns after July 31?
Such tax-payers can file belated returns or revise their returns up to December 31. Companies and businesspersons who need to get their accounts audited can file their returns by October 31.
ITR Filing 2024: What you need to do when your employer does not deposit TDS with I-T Dept
ITR Filing: An employer is required to deduct TDS from an employee’s salary and deposit it with the department by the 7th of the following month. Failure to do so will attract penalties. But it can also create troubles for the employee.
ITR filing: How social media influencers, gig workers should file their income tax returns
ITR filing 2024: Such tax-payers should choose between forms ITR-3 or ITR-4 (Sugam) carefully, declare all incomes, verify Form-26AS and AIS and maintain proofs for deductions claimed.
ITR filing 2023-24: 10 common mistakes you must avoid while filing returns at the last minute
The consequences of not adhering to the deadline can be severe. Besides late-filing fees, interest and penalties, you could also miss out on the opportunity to claim deductions under the old, with exemptions tax regime.
ITR filing 2024: Why you must disclose 'income from other sources' in your tax returns
Income tax return: make sure you disclose interest income from bank deposits, dividends, family pension, gifts, and similar earnings under the tax head `income from other sources'. Otherwise one can land in a lot of trouble.
ITR filing 2023-24: Find out if you still owe taxes even after TDS has been paid
Even if your employer has deducted taxes from your salary, you may still be liable to pay taxes if your tax liability exceeds the TDS withheld.
