Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries
Following the lacklustre growth numbers in the second quarter (Q2FY25), economists believe the upcoming Union Budget for 2025-26 should focus on reforms that will stimulate consumption, manufacturing and spur employment. India's growth unexpectedly slowed to 5.4 per cent in the second quarter, due to low capital formation, weak consumption, besides adverse weather impact.
RBI's interest rate decision, quarterly earnings and global cues would be the major driving factors for equity markets this week, analysts said adding that the impact of the Union Budget could linger on this week. Trading activity of foreign investors will also be a key driver for the markets, experts noted. "US and India's manufacturing PMI for January to be released on Monday, will be the key macro data to watch out for.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government on Tuesday proposed a relief to taxpayers with respect to capital gain tax on real estate properties by giving them the option to choose between 20 per cent and 12.5 per cent tax rates.
Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividend from October 1, a move that will increase the tax burden on investors. Further, the cost paid by the shareholder to acquire these shares will be considered for computation of capital gains or loss to them.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
Biggest beneficiaries would be people having income between 800,001 to 999,999 per annum.
Failure to disclose any income can lead to penalties and legal issues.
Non-banking financial company (NBFC) Tata Capital is set to launch its much-anticipated $2 billion (Rs 17,200 crore) initial public offering (IPO) in the week beginning September 22, market sources familiar with the matter said on Sunday. The issue is expected to value the company around $11 billion, they added. Tata Capital is likely to make its stock market debut by September 30.
Here are some of the important items of income, which are fully exempt from income tax and which can be utilised by a resident individual Indian assessee for the purpose of tax planning.
The United Forum of Bank Unions (UFBU) on Thursday said its two-day nationwide strike on March 24 and 25 will be observed as scheduled since discussions with the Indian Banks' Association (IBA) over key demands failed to yield any positive outcome. In a meeting with the IBA, all UFBU constituents raised issues, including recruitment in all cadres and a five-day workweek.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
The net direct tax collection increased by 21.82 per cent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday. The net collections have reached 52.5 per cent of the full-year budget estimates (BE) of Rs 18.23 lakh crore. The provisional figures of Direct Tax collections up to October 9, 2023, continue to register steady growth, the statement said.
>According to the latest RBI data, PPF receipts have already experienced a decline between April 2023 and February 2024. Other schemes like the Sukanya Samriddhi Account and National Savings Certificate are also witnessing reduced inflows.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
'If a taxpayer opts for the new tax regime once, he can only switch back to the old tax regime once in his lifetime.'
When the market is down, you can buy more units, which offers you the rupee cost averaging. But the question here is, with so many options available in the market, which one should you choose? Keep reading to get the answer.
'If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio.'
With the Income Tax department recovering over Rs 225 crore cash during a series of raids on an Odisha-based distillery group on charges of tax evasion, Prime Minister Narendra Modi on Friday assured the people that the money looted from the public will be returned.
Many affluent young people are first-generation wealthy. They have limited financial literacy, lack quality financial guidance or role models, and often fall prey to mis-selling. This makes them hesitant to invest in high-return assets like equities.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
Bank unions on Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from both the finance ministry and the IBA on their demands, including a five-day work week and adequate recruitment in all cadres. The strike call for March 24 and 25 was given by United Forum of Bank Unions (UFBU), an umbrella organisation of nine bank employees' association.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
Maruti Suzuki India on Tuesday reported an 18 per cent year-on-year dip in consolidated net profit at Rs 3,102 crore for the second quarter ended September hit by the withdrawal of indexation benefit and change in the tax rate on long term capital gains on debt mutual funds. The country's largest carmaker had posted a net profit of Rs 3,786 crore in the July-September quarter of last fiscal.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
The Delhi high court on Wednesday upheld an order of the Income Tax Appellate Tribunal (ITAT) refusing to stay a notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore.
Passenger vehicle dispatches in India from factories to dealers rose to record levels at over 43 lakh units in FY25, with utility vehicles accounting for 65 per cent of the total sales in the segment, industry body SIAM said on Tuesday. Passenger vehicle (PV) dispatches rose to 43,01,848 units in the last fiscal year, marking a 2 per cent increase compared to 42,18,750 units in FY 2023-24.
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
Belying expectations, Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23.
Officials said the agency has sought property details on ten serving and retired officials of the ministry of defence and the IAF.
S&P Global Ratings on Tuesday upped India's GDP growth forecast for the current fiscal to 6.5 per cent, citing lower crude prices, monetary easing and normal monsoon, and said the ongoing geopolitical tensions are unlikely to put a "significant pressure" on the rupee or inflation.
The government may relax the requirement of making payments to MSMEs within 45 days of buying goods and services to check large corporate from looking at other sourcing avenues, sources said. The announcement to this effect could be made in the Budget likely to be presented on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the Income Tax Act made by MSMEs during pre-Budget consultations, sources said.
The interest rate on these schemes have remained unchanged for over a year now.
Rajkumar Gupta's hammy treatment and bombastic score strips the realism to turn Raid 2 into another hail the hero exercise, observes Sukanya Verma.
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