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While recalling the order, the bench agreed to the contention of the law officer that there was a "breach of principle of natural justice" as the government department was not accorded the hearing.
Following the demonetisation move, the recast in direct tax moves is expected to give a boost the economy.
The government has proposed to dilute the controversial Fringe Benefit Tax, exempt savings account from the 0.1 per cent banking cash transaction tax and raise income tax exemption limit for women and senior citizens.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Jaitley said the GST Composition Scheme, under which small traders and businesses pay a 1 per cent tax based on turnover, can be availed by businesses with a turnover of Rs 1.5 crore, against the earlier Rs 1 crore, with effect from April 1.
With the Budget just round the corner, insurance companies have suggested a separate limit for deductions under Section 80C of the Income Tax Act, for long-term saving instruments like life insurance and exempt exempt exempt (EEE) treatment on the maturity proceeds of products.
Doubling standard deduction to Rs 1 lakh, increasing tax break on interest paid on housing loan and rationalisation of capital gains tax regime are some of the expectations that consultancy firm KPMG has from the Budget 2024-25 to be unveiled on July 23 in Parliament. There has been a significant rise in medical expenses, fuel costs and overall inflation.
Want your investments to make money as well as save tax for you? Anil Rego has some advice
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Siam argues that a 2040 ban could destabilise ongoing and future investments and threaten millions of jobs in the automotive value chain.
Engineering Export Promotion Council (EEPC) of India has urged the Centre to extend lower corporate tax benefit to Limited Liability Partnerships (LLPs) and proprietary firms as it would make funds available with MSMEs and boost private investment cycle. A body of direct tax professionals also sought for reduction of tax burden on individuals and requested the government to raise the income tax exemption limit at Rs 2.5 lakh to Rs 4 lakh per annum in the upcoming budget for 2022-23 fiscal. EEPC India chairman Mahesh Desai claimed around 84 per cent of small businesses are being denied the benefit of lower corporate tax which was aimed at providing industrial units with more investible surplus.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Budget 2025-26 delivers a carefully calibrated strategy-stimulating demand and investment while keeping fiscal discipline intact. In an environment marked by global trade disruptions, and a softening in urban consumption, Finance Minister Nirmala Sitharaman has taken a measured approach.
The Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs 3.5 lakh to Rs 10 lakh as also the exemption threshold from income tax on it.
Encourage domestic savings by providing tax incentives for investment in insurance and pension schemes.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'The move to remove indexation benefits on LTCGs presently available for property, gold, and other unlisted assets may have a negative impact as it directly impacts real estate investors.'
India is well-positioned to deal with the negative effects of US tariffs and global trade disruptions as domestic growth drivers and low dependence on exports anchor the economy, Moody's Ratings said on Wednesday.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
In a relief to individual tax payers, the government on Friday changed the slabs cutting the rate to 10 per cent for income up to Rs five lakh, while leaving the threshold limit for tax-free income unchanged at Rs 1.6 lakh.
Analysts point out that exporters outside SEZs enjoy Cenvat credit against service tax paid on a host of services subscribed to while engaging in export-related activities. In addition, the department of revenue recently permitted service tax exemption on seven services used by exporters.
Individual tax payers will save only Rs 1,000 more a year following the government raising the tax exemption threshold by Rs 10,000 to Rs 1,60,000, whereas the benefit for senior citizens (65 years and above) will be higher at Rs 1,500.
Adani Ports, NTPC, Infosys, Hindustan Unilever, HCL Technologies and Sun Pharma were among the other big gainers. However, Larsen & Toubro, Bajaj Finance, State Bank of India, Axis Bank and HDFC Bank were amonh the major laggards.
With basic exemption for individual tax payers increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above), the tax slabs will stand as follows:
'We have promised to ensure reduced tax rates.'
The Bharatiya Janata Party on Thursday moved several amendments to the Finance Bill in the Lok Sabha, including raising the Income Tax exemption limit for senior citizens to Rs 2.5 lakhs and hiking Provident Fund interest rates to 9.5 per cent.
The proposals before the ministry is to hike the tax exemption limit from the existing Rs 250,000 per annum to at least Rs 300,000 if not 500,000.
There has been a lot of talk about tax evaders stashing their wealth in tax havens around the world.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
Sector analysts in India feel that the new convention may not lead to a significant increase in the number of Indian employees being sent to the UK.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
rediffGURU Mahesh Padmanabhan answers readers' personal income tax queries.
If gratuity is not paid within 30 days of termination, the employer must pay interest as set by the central government.
From the 30-share blue-chip pack, Zomato surged over 7 per cent. Maruti, ITC Hotels, ITC, Mahindra & Mahindra, Asian Paints, Titan and IndusInd Bank were among the biggest gainers. Power Grid, Larsen & Toubro, NTPC, UltraTech Cement, HCL Tech, Tech Mahindra, Infosys and Adani Ports were among the laggards.
Jaitley is expected to present a common man friendly Budget.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
In a chat on rediff.com, direct tax expert Vikas M Gandhi offered some valuable tax-saving tips.
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