How FM Sitharaman's Budget may impact your money
FM Sitharaman chose to maintain the status quo in the income-tax rates and slabs, refraining from introducing any alterations in either the old I-T regime or the new I-T regime.
Budget 2024: Thrust on spiritual travel to enhance Leave Travel Allowance usage
A higher proportion of leave travel allowance is granted with salary increase but the tax benefit is restricted to domestic travel. With enhanced tourism infrastructure, taxpayers can utilise this benefit while travelling within the country.
No hike in home loan interest deduction limit in Interim Budget 2024
Under section 24(b) of the Income Tax Act, home loan borrowers can claim deduction of up to Rs 2 lakh per annum for interest paid on a home loan.
FM waives off disputed direct tax demand of Rs 10,000-25,000
Interim Budget 2024: Upto 1 crore taxpayers would be freed from challenging petty tax claims dating back to 1962
FM Sitharaman leaves income tax rates, slabs unchanged
The middle class was hoping that the interim Budget would offer some tax relief, coming as it did ahead of the Lok Sabha elections.
Union Budget should hike the standard deduction limit
With the significant lifestyle changes post-COVID and the rising focus on well-being, the general cost of living has gone up. This makes a strong case for putting more money (disposable income) in the hands of taxpayers as part of Budget announcements
High medical inflation calls for higher tax deductions for medical expenses, say experts
Tax deductions for health insurance premium payments and medical expenses under Sections 80D, 80DD and 80DDB need to be hiked to adjust for inflation, in Interim Budget 2024
Budget expectations: Why higher standard deduction, easier double taxation regime are crucial
Considering the current cost of living and inflation, the threshold of Rs 50,000 is a meagre amount for individual taxpayers and therefore, it is expected to be raised to a minimum of Rs 1 lakh in the election interim budget
Budget for Women: Can Nirmala Sitharaman incentivise more savings and nudge to health insurance?
Only a fifth of mutual fund investors in India are women, as per AMFI, the mutual fund industry’s trade body. Interim Budget 2024 should therefore incentivise women to build a financial kitty
Interim Budget: Raise basic exemption limit under both regimes to counter inflation, say tax experts
Unlike the tax rebate (available on incomes up to Rs 5 lakh and Rs 7 lakh, respectively, under the old and new tax regimes), a hike in the basic exemption limit will reduce the tax liability across income slabs
Life insurers urge distinct premium deductions in Modi's election budget for old and new tax regimes
The Insurance industry also wants government to roll back its previous decision to tax maturity proceeds of traditional endowment policies with aggregate annual premiums of over Rs 5 lakh.
What NRIs want from Budget 2024: Prevention of double taxation agreements, AIS introduction positives, to begin with
In interim budget 2024, there is a need to enhance digitalisation of tax return filing-linked procedures such as changing residency status, assessments and even alternative tax return verification systems linked to NRIs, say tax experts.
Will Section 80C tax benefits be hiked in the Election Budget?
Section 80C is perhaps the most popular section in the Income Tax Act for claiming tax deductions. You can claim deductions for investments made in different avenues such as PPF, NPS, ELSS, among others for a total of up to Rs 1.5 lakh per financial year.
Tax-saving mutual funds and Section 80C: Why lock-in is good news
Equity-linked tax savings schemes, the only pure equity investment in the Section 80C basket of eligible tax saving instruments, got net inflows of just Rs 3773 crore last year, the third least flows among 11 equity fund categories. The 3-year lock-in was the impediment.
Budget 2024: How children’s tuition fee can help save on taxes under old regime with minimal effort
The new, minimal exemption tax regime is often seen as a simpler alternative and has many takers
Do you have to pay tax on gifts received?
Tax is applicable on gifts received from non-relatives once the aggregate value of gifts received breaches the Rs 50,000 annual limit. The limit is applicable separately on money gifts and movable properties. For immovable property, the limit applies per transaction and not in aggregate.
Budget 2024: Five tax breaks that can make ‘Insurance for all’ by 2047 a reality
From tax deduction to first-time insurance buyers to nudging vehicle owners to buy third-party vehicle insurance, Budget 2024 can announce sops to achieve the vision of universal insurance coverage.
DESH bill to introduce simplified exit processes for companies in SEZs: Sources
The DESH Bill came into the picture as the Indian government looked to become more compliant with norms laid down by World Trade Organization (WTO).
The TDS tangle for which homebuyers are getting tax notices
According to income tax rules, the home buyer is required to deduct 1 percent TDS if the sale consideration is Rs 50 lakh or more. The TDS rate is 20 percent in the absence of a PAN, or if the PAN is deemed inoperative.
Extend deadline to file revised tax returns; rationalise capital gains tax: CII Budget expectations for direct taxes
CII has sought that capital gains tax from equity and debt mutual funds and other assets be made uniform to bring about simplicity and consistency.
Budget 2024: `If not direct tax rate cuts, then at least ease of compliance’
Sudhakar Sethuraman, Partner, Deloitte India says that while this year’s Interim Budget might not have much for the individual taxpayers in terms of reduced income-tax rates, the procedures and compliance could be eased.
Customs duty inversions on key items may be corrected in Budget
The commerce ministry has sent a list of items to the finance ministry to correct the inverted structure in the customs duty levied on certain items.
How to claim tax deductions on Ram Temple donations
Donations made towards the temple in Ayodhya are eligible for tax deductions, but not if you pick the new tax regime.
Budget 2024: Simpler tax provisions, compliance norms will help to expand tax net
Concerns over claiming tax treaty benefits and simplification of withholding tax guidelines.
