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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.
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.
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.
According to a senior finance ministry official, India will evaluate the national sales tax system for online gaming companies after next month.
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.
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: 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.
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.
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.
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.
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.
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.
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.
Interim Budget 2024: Hike in the TCS (tax collected at source) rate on foreign remittances from 5 percent to 20 percent announced in the last budget is set to be formally incorporated into the Income Tax Act.
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.
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.
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.
Interim Budget 2024: Upto 1 crore taxpayers would be freed from challenging petty tax claims dating back to 1962
The middle class was hoping that the interim Budget would offer some tax relief, coming as it did ahead of the Lok Sabha elections.
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
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
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
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
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
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.
