The Telangana government's salary structure reveals surprising figures, with senior sweepers earning up to 2 lakh and chief engineers drawing 7 lakh monthly.
The most common mistake is investing without assessing suitability and long-term implications.
Trade unions have decided to launch a phased, consistent struggle to press for the withdrawal of the labour codes and go on a countrywide general strike in February next year, a statement said on Tuesday. The date of the strike will be announced on 22nd December 2025 in the next meeting of the joint forum of central trade unions, a statement said.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
The Income Tax Department can easily detect such illegal activities and the penalties could be huge.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
Anant Ambani, the youngest son of billionaire Mukesh Ambani and the first among three siblings to be appointed executive director on flagship Reliance Industries, will be paid Rs 10-20 crore salary annually plus a host of perks including a commission on company profits, according to a shareholder notice. While the richest Asian's all three children - twins Akash and Isha, and Anant - were inducted on board of the oil-to-telecom-and-retail conglomerate in 2023 as non-executive directors, the youngest of the three was in April this year appointed executive director of Reliance Industries Ltd.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
rediffGURU T S Khurana answers readers' personal income tax queries.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
It is advisable to file your ITR right away and not rely on potential extensions.
The Centre on Thursday hiked Dearness Allowance (DA) to 50 per cent of basic pay from the existing rate of 46 per cent effective from January 1 this year, benefitting over 1 crore employees and pensioners ahead of general elections. The Union Cabinet has approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners from January 1, 2024, representing an increase of 4 percentage points over the existing rate of 46 per cent of the basic pay/pension, to compensate against price rise, Union Minister Piyush Goyal said after the Cabinet meeting.
Forty-five specialists will soon be joining key posts of joint secretaries, directors and deputy secretaries in different central ministries as part of the Modi government's ambitious plan to infuse fresh talent to further improve ease of governance.
Form 16 contains details of salary income, deductions, and exemptions.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
Employees who benefit from rent-free accommodation should pay heed to these new regulations, especially if they are in the higher salary brackets.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
Finance Minister Nirmala Sitharaman in her fifth Union Budget made five major announcements for the income tax assesse. She announced no changes in the old tax regime and confined her relief measures to the new tax regime. There have been no changes under the old tax regime.
Policymakers are examining the possibility of increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime to make it attractive, a government official said. At present, taxpayers don't pay income tax if their taxable income is Rs 2.5 lakh and below. Increasing the threshold will reduce the tax outgo for assessees, thereby leaving more money with them to invest, the official said.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
We take up for discussion the tax exemption you can claim from your house rent allowance.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
A number of tax department officials PTI spoke to said the circular does not state that such a document has to be a 'sworn affidavit' or a 'notarised document'.
Analysts at Bank of America Merill Lynch said that fears of inflation getting "generalised" are overdone, as only two sub-categories of fuel and light and housing (accounting for 22 per cent of the basket) have seen a price-rise above the headline 5.2 per cent.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
House Rent Allowance (HRA), is an important component in most salary slips. Here are 7 must knows to help you utilise this component of your salary in a tax-efficient manner.
According to a study, there are several misconceptions regarding income tax.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
Taking the advantage of both is a tricky affair.
ICICI Bank, the country's largest private sector lender, has revised allowances paid to its executive directors, including that of its managing director and CEO Chanda Kochhar.
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