Union Budget 2024 and the taxpayer: Higher basic exemption limits, more medical deductions needed
Budget 2024: An increase in basic exemption limit under both the regimes, allowing NPS, health insurance as well as home loan interest deduction under the new regime and permitting self-employed professionals to switch in and out of tax regimes every year top the wishlist for individuals.
Budget 2024: Tax deductions for medical purposes should be liberalised, say experts
The deduction limits for some medical expenses under sections 80D, 80DD and 80DDB need to be revised to account for inflation.
Budget 2024: Higher employers’ NPS contribution limit, tax-free annuity income on the wish-list
PFRDA wants the employer NPS contribution limit to be raised from 10 percent to 12 percent. Exempting annuity income from tax, too, has been a long-time demand. A vote-on-account is unlikely to accommodate these demands, but the product already offers a plethora of tax breaks, making it an attractive retirement planning tool.
Budget 2024: Will the interim budget hike Section 80C tax benefits?
Section 80C provides taxpayers investment avenues to claim deductions of up to Rs 1.5 lakh per financial year. So, don’t be swayed by tax benefits alone and pick options that suit your investment horizon and risk appetite.
Tax officials are making energy more costly and dirty
Dipping consumer sentiment towards EVs might be a whole lot different if protectionist barriers that keep cheap Chinese inputs out were lifted
Budget 2024: What is Non-Tax Revenue?
While taxes constitute a major part of revenue, the central government also generates revenue from other sources. Non-tax revenue refers to the income earned from sources apart from taxes
Chartered accountants may soon have to file tax returns for robots: Experts
Due diligence has to be thorough while submitting tax returns as currently there is no escape from tax litigations in case errors are introduced by technological tools.
Three tax departments ask LIC to cough up Rs 668 crore
The insurance behemoth claimed that there was no material impact on financials, operations or other activities of the corporation due to the abovementioned orders.
Should the basic tax exemption limit be raised in Budget 2024?
Despite being a vote-on-account and most of the changes having come through in 2023, individual taxpayers could expect some concessions in this election-year Budget. However, any changes would be limited to the new tax regime, as the government seems determined to look past the old one
Pre-Budget wishlist: Give greater flexibility to the self-employed to switch between old and new tax regimes
Self-employed individuals can switch between the old and the new tax regime only once in their lifetime. The flexibility to make this choice every financial year would help those with varying annual incomes, say experts.
Twelve financial resolutions for a happy and prosperous 2024
The road to hell is paved with good intentions. The shadow falls between the idea and the execution. Etc. Hence, we’ve kept it really simple — just take care of one thing once a month. Deal?
Mahindra & Mahindra gets Rs 4.12 crore tax penalty; company to challenge
In a regulatory filing, Mahindra & Mahindra said it has received an order from the office of the Deputy Commissioner, State Tax, Audit Wing, Indore-01, Madhya Pradesh imposing a penalty amounting to Rs 4,11,50,120 to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with the company.
How To save more tax before submitting investment proof? | Investment proof submission | FY 23-24
You must have received a mail this time around from your HR or the financial department regarding the submission of investment proof. But what if you haven't made enough investments? Can you still make the best of the deductions? Watch this video as we explain 5 such ways.
Received notices or alerts from Income Tax Department? Here’s how you can respond to them
Several taxpayers have received messages from the Income Tax Department alerting them about possible non-disclosure of high-value transactions such as property sales and purchases, foreign investments and remittances overseas, investments of over Rs 10 lakh in mutual funds, and capital gains made on the sale of equity shares.
Tax-Saving FDs: These largest banks offer up to 7% interest rate
Tax-saving FDs are one of the least risky investment options in the crowded 80C benefit. They have a lock-in period of five years and premature withdrawals are not allowed. The interest in this investment is taxable
Showered with gifts at your wedding? Here’s how they will be taxed (or not)
Gifts received on the occasion of a wedding from relatives, friends and acquaintances are tax-free. However, if exemption is claimed on gifts received from a relative or friend well in advance, be prepared for queries from the income tax department.
Pay third instalment of advance tax on December 15, if your estimated tax liability is more than Rs 10,000 for the fiscal year
According to Section 208 of the Income-tax Act, any individual with an estimated tax liability of Rs 10,000 or more for the year is required to make advance tax payments in four tranches, with the third part falling due on December 15.
Plan to save tax by investing in spouse’s name? That could spell trouble
You can use your income to buy an asset for your spouse. But any income from that asset will be clubbed with your income and taxed accordingly. This can’t be taxed as part of your spouse’s income. Doing so can get you an income tax notice.
Avoid fudged or incomplete documents when submitting tax deduction documents
Providing evidence of investments and expenses eligible for tax deductions is a crucial responsibility. However, it is of paramount importance to refrain from submitting false claims or incomplete documentation, as it could lead to potential complications and issues.
Booked profits on Tata Tech, IREDA listing days? Be ready to pay short-term capital gains tax
There are tax implications on gains made on share sales within a day of listing. Read on to find out what they are.
Budget 2024: AIS, avoidance of double taxation are positives, but NRIs need more reforms
Budget 2024: Many double taxation avoidance treaties have been forged and annual information statements capture tax details, but there is a need to shift procedures to digital mode for NRIs too.
Now, file fresh ITR after discarding erroneous, unverified tax return
From Assessment Year 2023-24, individuals will have the flexibility to submit a fresh ITR after discarding the previous submission, without having to verify the original, discrepancy-ridden return
Budget 2024-25: FinMin aims to roll out pre-filled GST return form before next fiscal, says official
Budget 2024-25: The Central Board of Indirect Taxes and Customs (CBIC) is currently analysing the technological requirement and upgrade needed and is debating the additional cost impact vis-a-vis the slowdown of processes
Interim Budget 2024: Tax compliance improves, but process glitches remain
Interim Budget 2024: Technology has eased tax-filing thanks, in part, to pre-filled forms. But mass tax-notices and erroneous notices have caused confusion. And dispute resolution needs to improve.
