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Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
TVK chief Vijay declared assets worth 603.20 crore in his election affidavit, including luxury cars and significant bank deposits, ahead of the Tamil Nadu Assembly polls.
Indian carmakers experienced a robust start to the new fiscal year, with an estimated 4.5 lakh passenger vehicles sold in April, marking a 27 per cent increase year-on-year, attributed to factors like GST 2.0, repo rate cuts, and income tax benefits.
This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
Police in Kanpur have arrested a suspected mastermind behind a network of fake firms, forged documents, and suspected hawala transactions worth over Rs 3,200 crore.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
According to a study, there are several misconceptions regarding income tax.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
I don't know who would want to celebrate the creation of the income tax, other than the tax officials themselves, says T N Ninan.
The government has shown its efforts in phasing out the four-and-a-half-decade old Income Tax Act of 1961 with a new and 'taxpayer friendly' Code. The Code is designed to provide stability to the tax regime and is based on the accepted principles of taxation and best international practices.
If we really want to curb the further depreciation of the rupee and make the rupee appreciate, we want to come out of the mindset that the exchange rate is merely a number, bring policy corrections to help reduce the outflow of foreign exchange by imposing suitable tariffs to discourage imports and bring self reliance, discipline FPIs, and correcting rules governing royalty outflows, suggests Dr Ashwani Mahajan, National Co-Convenor, Swadeshi Jagaran Manch.
The Nifty 50 firms' contribution to the overall earnings of India Inc has steadily declined, reaching its lowest share in at least 21 quarters at 47.1 per cent in Q4FY26, down from 51.8 per cent a year earlier.
Global financial consultancy firm Ernst and Young wants the personal income tax slabs to be raised to a reasonable level as the lowest bracket "kicks in too early".
Even if your only source of income is salary and the tax has been deducted at source, you need to file returns.
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
The FM proposed a rule-based automated process for small taxpayers in FY27 Budget.
Atishi claimed the notice was sent to scare her, but "we have come from difficult fields to change politics of this country and we will not get intimidated by these hollow threats of the BJP".
Yuzvendra Chahal's impressive bowling performance and Yash Dhull's explosive batting were among the highlights of the opening day of the DY Patil T20 Cup.
The Reserve Bank of India's Financial Stability Report indicates that the interim peace deal between the US and Iran has favourably shifted the balance of risks, reducing headwinds from the West Asia conflict. However, it cautions that exchange rate volatility could increase if crude oil prices spike due to delayed normalisation of supply chain disruptions.
There are some countries where more than 50 per cent of the income goes to taxes.
Here we take a look at income tax rules governing income tax for the NRIs in India.
For members, the message is simple: don't be misled by headlines about '100% withdrawal'. The basic purpose of the EPF remains unchanged -- to help employees build a financial cushion for retirement while allowing limited access to savings for genuine needs during their working lives.
The 2026-27 Budget, seeking to harmonise the government's imperative to grant certainty while ensuring a rational tax policy, had several notable announcements to usher in halcyon days, says Mukesh Butani.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
Although many European countries have high income taxes, they don't charge as much as India.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
Government Railway Police (GRP) recovered Rs 1.75 crore in cash from two passengers on the Akal Takht Express at Pandit Deendayal Upadhyay Railway Station in Chandauli district, Uttar Pradesh. The passengers, residents of Lucknow, claimed the money was related to their diamond and jewellery business, but police are investigating further.
A banker from Jaipur in Rajasthan tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
The International Monetary Fund (IMF) has reduced India's growth forecast for FY27 to 6.4 per cent, citing the potential impact of higher energy prices offsetting the country's economic resilience. Despite this, India remains among the fastest-growing major economies.
TVK chief Vijay, a candidate in the Tamil Nadu Assembly elections, has filed a revised election affidavit disclosing two pending FIRs, addressing discrepancies in his initial filing.
Choosing the right ITR form for your income tax return filing can be quite confusing. Investmentyogi simplifies the ITR forms and all the jargon associated with it. Keep it handy for your returns in 2010.
Despite the Reserve Bank of India's (RBI) and the government's recent initiatives to attract foreign capital, which are expected to alleviate pressure on long-duration bonds, most debt fund managers are maintaining a cautious stance, favouring shorter-duration papers due to global uncertainties and potential future rate hikes.
Your children may always love you but should you expect them to to finance your retirement in today's economy?
Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act. These deductions are available to assesses, who have taken a loan to either buy or build a house.
The most common mistake is investing without assessing suitability and long-term implications.
No income tax relief, but compliance burden eased for youth and middle class through lower TCS.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
