The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR).
10 largecaps stocks which stand to gain from the Budget.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
Clearing the way for oil refiners to pay Iran in Indian rupee, the Union Budget has exempted the payments made for crude oil purchased from the Persian Gulf nation, from any local tax.
With the price of gold entering a strong bull run, gold-loan non-banking financial companies (NBFCs) are under the spotlight, even though their performance is not directly linked to gold price. Muthoot Finance outperformed in the April-June quarter (Q1) of 2025-26 (FY26), with its assets under management (AUM) growing 10 per cent quarter-on-quarter (Q-o-Q) and 42 per cent year-on-year (Y-o-Y), an improvement of 88 basis points (bps) Q-o-Q in net interest margin (NIM), and a fall in credit cost. Gold AUM rose 40 per cent Y-o-Y and 10 per cent Q-o-Q. The company recorded recoveries of 350 crore, including 100 crore from an asset reconstruction company (ARC), resulting in a 100-bp Q-o-Q yield increase.
The RBI under new Governor Sanjay Malhotra on Friday cut interest rate for the first time in nearly five years as the central bank pivoted the policy stance to support a shuttering economy. The 25 basis points rate cut to 6.25 per cent comes after last rate reduction in May 2020. The last revision of rates happened in February 2023 when the policy rate was hiked by 25 basis points to 6.5 per cent.
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Startup and venture funds on Tuesday cheered the Budget decision on the abolition of angel tax for all investor classes, terming it a "game-changer" that would remove significant barriers in growth and foster a vibrant and dynamic ecosystem. Angel tax refers to the tax that the government imposes on funding raised by unlisted companies, or startups if their valuation exceeds the company's fair market value.
Banks offer a wide range of group insurance plans -- personal accident, health, hospital cash, home insurance, credit protection, and critical illness.
The systematic withdrawal plan stands out as a superior option, providing steady income despite market fluctuations and inflation, says Ramalingam Kalirajan.
State Bank of India chairman Dinesh Kumar Khara has pitched for tax relief on interest income, saying it would help banks to garner savings that could be used for funding long-term infra projects. Currently, banks are required to deduct tax when interest income from deposits held in all the bank branches put together is more than Rs 40,000 in a year. With regard to savings accounts, interest earned up to Rs 10,000 is exempt from tax.
Given the stronger rural activity, and potential goods and services tax (GST) impact, investors are bullish on the two-wheeler (2W) segment. In August, dealers in the domestic market picked up 11 per cent more 2Ws year-on-year (Y-o-Y), despite only 2 per cent growth in retail registrations. This indicates inventory stocking ahead of the festival season. Export trends were good. TVS Motor and Royal Enfield may have gained domestic market share.
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.
Last week, the ITAT had dismissed the Congress' appeal against the imposition of penalties for discrepancies in tax returns for previous years.
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Is there any tax implication while making an investment in shares? Are investors in shares entitled to any tax benefits? Check out.
India's real GDP growth in FY26 will slide further to 6.2 per cent in FY26 from 6.5 per cent in FY25, a Japanese brokerage said on Monday. In a research report, Nomura said there is a "divergence" between the growth in GST collections and across other high-frequency growth indicators like auto sales and bank credit growth.
The life and non-life insurance industries are hopeful of a reduction in the goods and services tax (GST) on health and life insurance premiums, after Prime Minister Narendra Modi, in his speech on Friday, announced GST relaxations aimed at providing relief to ordinary citizens, farmers, the middle class, and the small and medium enterprises (MSME) sector.
Finance Minister P Chidambaram on Thursday provided some relief to income tax assesses earning up to Rs 111,250 annually.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
Fitch Ratings on Wednesday raised India's GDP growth forecast to 6.9 per cent for current fiscal year, from 6.5 per cent earlier, citing strong June quarter growth and domestic consumption-led demand.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
The Monsoon session of Parliament concluded after facing disruptions and protests over the revision of electoral rolls in Bihar. Despite the disruptions, the government managed to pass key legislations.
The income tax department has extended the date for filing audit report for 2023-24 by 7 days till October 7. In a circular, the I-T department said considering the difficulties faced by taxpayers in electronic filing of various audit reports under the Income Tax Act, the deadline is being extended from September 30 to October 7.
Ulip investments can be claimed as a deduction from taxable income. But there is a catch to this which most insurance companies do not tell you.
With 17 films crossing the Rs 100 crore mark in the first six months, this year relied less on big-ticket blockbusters.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Under the provisions of Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax. However, for individuals or HUFs when agricultural income is in excess of Rs. 5,000, it is aggregated with the total income for the purposes of computing tax on the total income in a manner which results into "no" tax on agricultural income but an increased income tax on the other income.
Bharatiya Janata Party on Thursday issued a three-line whip to all of its Lok Sabha MPs asking them to be present in the House for the passing of the Union Budget 2025-26.
From tackling visa woes to admission counselling, rediffGURU Dr Karan Gupta helps you choose the right course and country to study abroad.
While this will incur a revenue loss amounting to 0.2 per cent of GDP, it will provide a strong boost to consumer sentiment and spending, points out Rajani Sinha.
Arms dealer Sanjay Bhandari has opposed the Enforcement Directorate's (ED) plea in a Delhi court seeking to declare him a "fugitive " in connection with a black money case. Bhandari claims his stay in the UK is legal as the London High Court denied his extradition to India. The court's decision was also cited by an English court in April to deny the Indian government's request to extradite another accused in a rice-buying scam. Bhandari's lawyer argued that the ED's application was "vague, misplaced and without jurisdiction " and that the value involved in the case was less than the required Rs 100 crore to declare someone a "fugitive. " The Delhi court has sought the ED's rebuttal to Bhandari's argument by May 3.
The fear of losing purchasing power due to inflation and low-interest rates has led many to explore safe alternatives to fixed deposits with high returns
'The finance minister missed yet another opportunity to simplify the income tax structure in the Budget.' 'This was an opportune moment to get rid of the old tax system entirely and move fully to the new system,' asserts M Govinda Rao, member of the 14th Finance Commission.
'Sindoor symbolises our culture, honour and dignity. Modiji has acted rightly against Pakistan by naming it Operation Sindoor.'
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