Tax saving: Five tips to get the best from your ELSS Mutual Fund
Your money in an ELSS is locked in for three years, even if you invest in excess of Rs 1.5 lakh. But mind the lock-in when you put your money through SIPs. Each SIP instalment gets locked in for three years.
Don’t tax the gig economy before it becomes robust
Governments must strive to enable new businesses to grow so that there is economic growth resulting in a growing tax base. The cardinal rule is to not start taxing an emerging sector before it has found its feet
Has the new income-tax regime killed tax-saving mutual funds? Not yet, but…
Budget 2023 made the new income tax regime the default regime. Since this regime doesn’t give Section 80C benefits, ELSS, or tax-saving mutual funds, have lost their tax-benefit edge. Aside from taxpayers who would still opt for the old tax regime, it remains to be seen if ELSS funds can sell themselves purely on performance.
Abstain questioning CXOs at late hours, taking tax payments during search ops: SOPs for tax officials in the works
The move comes after many multinational companies represented to the finance ministry about the investigation process, especially questioning of CXOs.
GIFT City tax regime for aircraft leasing needs a second look
The overall success of GIFT City hinges on the competitiveness of its tax regime. There is a high expectation that the beneficial tax regime for aircraft lessors will continue to move in the right direction
Tax benefits not prime motivator to buy health insurance, finds ICICI Lombard survey
Only 30% of respondents cited tax exemptions or rebates as primary reason behind buying health insurance policies
Karnataka Budget: State to impose cess on commercial transport vehicles, multi-storied buildings & online deliveries
Cess will be levied on online delivery transactions to fund welfare of gig workers.; tax slabs for Indian Made Liquor (IML) and beer also to be revised
Getting a living allowance while working abroad? You might have to pay tax on it in India
Any allowance that compensates you for expenses incurred in the course of your employment is exempt from tax under the Income Tax Act. This is irrespective of whether it is for services rendered in India or overseas. But the allowance must be backed by bills or a declaration from the employee that the money was used for the intended purpose.
Can you claim tax deduction for electoral bonds bought before the SC verdict?
While usually court decisions and tax changes are applicable after the date of announcement, the income tax department will have to issue a clarification regarding electoral bonds purchases that offer 100 percent tax deduction
Want to stick with the old income-tax regime? Don’t forget to fill this form first
Although the new income-tax regime has been made the default regime, you could still switch back to the old regime if you claim deductions and loan exemptions. But make sure you fill this form by July 31.
TDS nightmare: Homebuyers face tax shock after property purchases, seek relief from Delhi High Court
Many homebuyers who purchased properties between July 1, 2023, and January 10, 2024, have been served with a TDS shortfall notice due to sellers' inoperative PAN. A writ petition has been filed in the Delhi High Court.
How to choose the right tax-saver 80C investments before the March 31 deadline | Simply Save
Starting early and identifying the most suitable section 80C instruments after meticulous research will ensure that your tax-planning is not an isolated activity, but is integrated into your larger goal-based financial planning strategy. Do not wait until March 31 to complete the process as technical glitches on investment portals could derail your plans at the last minute.
Will FM's talk of small tax demands really make a big difference?
Interim Budget 2024: The government’s decision to waive old tax demands of less than Rs 25,000 might not be the end for many long-standing petty tax disputes.
New tax return forms for FY 2023-24 seek more details of tax deductions to eliminate false claims
While filing income tax returns for the financial year 2023-24 in July, you will now have to furnish additional information on tax deductions claimed, including break-up of donations made to political parties, details of disabled dependents for availing of deductions under section 80DD, information on receipts from high-premium life insurance policies and so on.
Tax on online gaming may be reviewed after March, says Revenue Secy
According to a senior finance ministry official, India will evaluate the national sales tax system for online gaming companies after next month.
Network18 Exclusive: Can the salaried class be more hopeful about tax sops in July Budget? Here is what FM Sitharaman had to say
Direct tax reforms constitute ongoing activity, government is looking to improve ease of tax-payers facilitation, Finance Minister Nirmala Sitharaman said in an exclusive interview to Network18, while refusing to comment on whether salaried tax-payers could expect tax concessions in July 2024.
Resolution to disputed tax demands is a relief for small taxpayers: Alok Agrawal, Deloitte India
Individual tax payers had many expectations from the budget, such as relief in increase in standard deduction, incentives in purchasing electric vehicles, enhanced deductions for health insurance premium, HRA higher deduction for other tier 1 cities, increase in deduction for NPS employer contribution, etc. Some announcements on such deductions/ exemptions and improvements in administrative processes would have offered respite to taxpayers.
ITR filing: Income Tax department notifies ITR-2, ITR-3 forms for FY 2023-24. Details here
ITR filing: The deadline for filing tax returns using ITR-2 and ITR-3 for the FY 2023-24 (AY 2024-25) is July 31, 2024, for most taxpayers. However, individuals who are subjected to income tax audit and have income from business or profession have an extended deadline until October 31.
Interim Budget 2024 makes a progressive leap towards inclusive growth, says Zuno Insurance CEO
It is heartening to see the government put its might behind fostering financial independence and empower of women across the strata of society, says Shanai Ghosh, MD and CEO, Zuno General Insurance.
Old vs New tax regime: What to choose and how?
Budget 2024 kept income tax rates and slabs constant. Also, new and old tax regimes continue to co-exist. The choice between the two would depend on the difference that your tax deductions and exemptions make to your taxable income.
Has Budget ignored electoral bonds in the election year?
Electoral bonds that have been garnering more than half of political party donations by individuals in 2021-2022 find no impetus as the country that aims to fight corruption races towards elections in mid- 2024.
"Good for taxpayers and the middle class": Raj Khosla, MyMoneyMantra.com
From withdrawal of disputed tax demands to proposing a housing scheme for the middle and lower income groups, Budget 2024 had some positives for the common man.
Govt to give up on Rs 3,500 crore-worth disputed direct tax demands: Revenue Secretary
Petty tax disputes involving an amount of up to Rs 10,000 for five years between 2010-11 and 2014-15 will be withdrawn; more than 2 crore disputes concerning tax demands of up to Rs 25,000 will be waived.
A Booster Dose For The Fintech Sector By Nirmala Sitharaman's Interim Budget: Flexiloans.com's co-founder
The Rs 1 lakh crore corpus with 50-year interest-free loans for tech-driven growth presents a unique opportunity for lenders. This can fuel innovation and accelerate their reach, potentially increasing competition in the lending space.
