Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Karnataka legislative assembly on Tuesday passed bills enhancing the salaries and allowances of the chief minister, ministers and legislators.
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.
You can reduce your tax burden by wisely using partially taxable allowances, suggests Bindisha Sarang.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
F&O trading is a zero-sum game where one person's loss is another's gain. Only one per cent of traders gained the money lost by 93 per cent, warns Harsh Roongta.
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.
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?
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.
Syed Firdaus Ashraf/Rediff.com tried to buy a house on his recent visit to Srinagar.
Use deductions introduced in the Budget to save additional Rs 24,000 in tax
Is there a conflict of interest in civil servants having a decisive say on the recommendations made by a Pay Commission or is it time for a new review mechanism, asks A K Bhattacharya.
Thousands of workers of every description -- from journalists to steel workers, from painters to New York cops, from auto to engineering workers -- marched for two hours down 5th Avenue one of Manhattan's most iconic thoroughfares, reports Jyoti Punwani.
Lok Sabha Speaker Om Birla recognised Rahul Gandhi as the leader of opposition on Wednesday, a day after the Congress communicated its decision to name him for the position to the Lok Sabha Secretariat.
On Bhagat Singh's 117th birth anniversary, Utkarsh Mishra recounts fascinating incidents from the legend's life.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
From working in a garment factory, selling bread, and driving an autorickshaw, the 24-year-old fast bowler's path to representing domestic giants Mumbai was anything but easy.
You think Naxals or Maoists are killing more CRPF jawans, then read this.
The industry status will help the sector access bank lending at average interest rates
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.
As the MPC is mandated to target CPI inflation rate at 4 plus minus 2 per cent, any measurement error in CPI is likely to have grave consequences for monetary policy.
Another major development is REITs coming closer to reality
We take the opportunity to bust a few myths
RBI's likely focus will shift back towards the resolution of non-performing loans in the banking system for reviving credit demand
The imported inflation component is also expected to ebb on lower oil prices and softer US dollar, it said.
The government has been trying to make the tax laws simpler every year; however, there are numerous amendments required in the tax laws.
Key risk for price rise is the 'deficient' monsoon that could lead to a pick-up in inflation expectations.
A simple primer on how much money taxpayers can save under various sections of the Income Tax Act.
This city is not for developers, and the Slum Rehabilitation Act (SRA) is intended to serve the purpose of public welfare and not the developers, the Bombay high court said, directing two developers to pay transit arrears of Rs 11 crore to a suburban SRA project.
Salaried employees get several benefits under Sections 80C, 80D, 80G and others.
During the three years of confinement with her son, the woman did not allow even her husband into the house after he stepped out to go to office when restrictions eased after the first lockdown in 2020, police said.
Ask your bank to save for you. Plan your taxes. Reward yourself for your addictions... Chartered accountant Shreya Jaiswal's 10 ways to make more money this year.
Make financial planning a part of your education and definitely a part of your marriage, says financial planner Sheetal Jhaveri.
Six people hailing from different cities got together at a flat in Gurugram, a major satellite city of Delhi, after hatching a plan to intrude into Parliament on the anniversary of the December 13, 2001 attack on Wednesday.
"The main risk stems from the uncertainty surrounding the outcome of the south west monsoon in view of the rising probability of an El Nio event around July-August, and its implications for food inflation," RBI said, as it kept the status quo on key interest rate for the third time in a row.
Deduction on home loan interest cannot be claimed when the house is under construction
'The sooner Kalyan Chaubey leaves, the better it is for Indian football'
'If his father and brother were alive today, they would be brimming with joy. This is the life's most memorable day and only few are lucky to see it. I'm the proudest mom on this earth.'
Listening to her and showing appreciation can improve your connection, suggests rediffGURU Kanchan Rai.
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