The taxman will eventually come for AI, too
One option is to let AI bots work tax-free. But tax-free AI labour would have a pronounced competitive advantage over its taxed human counterpart. Since AIs do not enjoy leisure as humans do, arguably their labour should be taxed at a higher rate than humans
New tax regime vs old tax regime - deductions and exemptions allowed under both the regimes
You can claim deduction for home loan interest, but only on a rented property, and not as much as under the old regime. Gratuity is tax-exempt up to Rs 20 lakh and leave encashment up to Rs 25 lakh for non-government employees under the new and the old tax regimes.
Four tax-saving tools for your investment portfolio
Although there are many such financial investments available, not all would suit your risk profile and requirements. Investing in the wrong instrument just to save on taxes is like boarding a wrong train
ED initiates FEMA investigation against BBC India; calls its staffers for questioning
According to officials, the case under the provisions of the Foreign Exchange Management Act (FEMA) was registered nearly two weeks ago to essentially probe purported foreign direct investment (FDI) violations by the company and related instances.
MC Explains: What is property tax & what happens if you don’t pay it on time
If you own property, then you must pay property tax against it. If you don’t, the municipality may issue a warrant, preventing you from transferring / selling your property.
Cut your tax liability with right choices
60 percent of the proceeds of the accumulated corpus in the National Pension Scheme can be withdrawn tax free at the time of maturity. Choose your investment carefully.
Financial and tax planning 2023-24: How to choose the most suitable tax regime | Simply Save
In this edition of the Simply Save podcast, Moneycontrol's Preeti Kulkarni speaks to Bhavesh Shah, senior partner with Mumbai-based chartered accountancy firm Hasmukh Shah & Co to understand why it is important to commence tax planning process early and how you should pick the tax regime most suitable to you. Tune in for more
How Long Should You Keep Your Tax Documents, Income Proof?
Do not throw your tax documents, income and expense proof so soon. In fact, you should keep them. Tax proofs for expenses incurred or investments made must be saved for a few more years after you file your income-tax returns. If your case is reopened, the tax man could ask for document proof. If you fail to submit them, it can spell trouble.
Why domestic withholding tax rates on royalties and fees for technical services were increased
An increase in the rate of withholding tax on such payments to non-residents brings it on par with the base rate of tax prescribed in domestic law for various payments to non-residents such as dividends or share buybacks
Will NBFCs bond more with public issues?
The change in the tax regime for debt MFs could see NBFCs hit the public bond market to raise long-term money at attractive yields
NPS Tier-II investment account: Lucrative option, but lack of clarity on capital gains taxation a dampener
Tax treatment for gains made on investments through NPS Tier-II accounts ought to be similar to that of mutual funds, but remains a grey area in the absence of a formal government notification, say tax experts
Non-equity mutual fund tax: FDs & bullion to be more attractive, bonds to take a hit
With the proposed change, retail investors may stay away from non-equity mutual funds because if they are risk-averse and conservative in their approach, they may just find it easier to park monies in fixed deposits
How Finance Act 23 offers marginal relief for income of slightly over Rs 7 lakh
Finance minister Nirmala Sitaraman proposed the amendment to introduce marginal relief, implying that the tax liability cannot be greater than the income that exceeds the threshold.
Debt mutual fund tax change: Throwing out the baby with the bath water
The amendment to the finance bill fails to address the larger issue of varied capital gains tax liability across different assets, creating more confusion
Govt hikes duty on X-ray machine imports to 15% from April 1
Currently, portable X-ray machines and non-portable X-ray generators and apparatus attract 10 percent import duty.
How Finance Bill amendment will affect debt mutual fund investors post April 1
In a big blow to mutual fund (MF) investors, capital gains from debt funds and certain other categories of non-equity MFs are set to be taxed at a higher rate.
Indexation benefits on debt funds will go away now
The amendment to the Finance Bill, 2023, proposes to bring taxation of debt mutual funds on par with other debt instruments, like fixed deposits, by abolishing long-term capital gains. This also closes the indexation facility that came with it.
Last-minute tax planning: 3 things to look at
At times, just top-ups in existing investments might suffice
Income tax department launches AIS mobile app for taxpayers. Here’s what you should know
Taxpayers can use the mobile app to view their information related to TDS/TCS, interest, dividends, share transactions, tax payments, Income Tax refunds, Other Information (GST Data, Foreign Remittances, etc.) as available in the Annual Information Statement or Taxpayer Information Summary.
Explained: Lock-in periods for 80C instruments
All section 80C instruments come with lock-in periods.
Income Tax: 4 mistakes to avoid while tax-planning at the last minute| Personal Finance | Money Mojo
The clock has started ticking for those who have not made their tax-saver investments yet. March 31 is the last date to complete your tax-planning exercise for the financial year 2022-23 and claim deductions of up to Rs 1.50 lakh under Section 80C. Well, better late than never. But we tend to make mistakes, when in a rush. Watch this video to find out 4 mistakes that you need to avoid while devising a tax-saving plan at the last minute.
Does the new tax regime do more damage than good by disincentivising savings?
Many people who don’t understand the need to save for the future, may decide not to save anything at all, if they have the option to pay lower taxes without deductions under the new tax regime. For such people with little to no savings, the negative fallout from this issue will manifest in the next decade or two.
Delhi GST officers detect Rs 17 crore tax evasion by issue of fake invoice, arrests 2
Central Goods and Service Tax (CGST) Delhi South Commissionerate conducted inspection at the registered premises of three bogus firms/company, namely M/s. NexGen Busicorp, M/s. XEL Informatics and M/s. GW Infotech Pvt., engaged in fake invoicing and circular trading, according to a statement.
Money Mojo | Five instruments to help you save Income Tax
Are you looking for ways to save the tax on your income? In this video, we tell you five tax-saving instruments, divided on the basis of the minimum investment tenure and the rate of returns so you can select as per your requirement and choice. Watch!
