Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees.
From taxation of EPF contributions to new wage code, life won't be the same in FY22.
There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
At a press conference on Monday, Finance Minister P Chidambaram said when the final version of the Bill was tabled in Parliament, the government would abide by the recommendations of the parliamentary standing committee on DTC.
With 2014 polls in mind, FM may provide individual tax payers relief despite fiscal constraints.
Says Finance Ministry is working on tax structures as suggested by the Parliamentary committee
The point to note is that since the new rebate is up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs.
A look at things whose prices will change post Budget.
If you have a health insurance policy, you can earn benefits on premiums paid on health check-ups, says Sajja Praveen Chowdary, head-Term Life Insurance, Policybazaar.com.
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
Unemployment and income inequality are increasing in the United States.
Finance Minister Pranab Mukherjee's Budget had quite a few tax-related proposals, although initially they did not appear to be too significant. However, read on to find out what are the proposals related to Direct and Indirect taxes that he has made and how the two affect you!
No major relief is expected for corporate and individual tax payers.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
The individuals and HUFs are seeking effective reduction in tax incidence through hike in threshold limit of income tax exemption, restoration of standard deduction, increase in exemptions U/s 80 C etc
"The schedule of recruitment process will be announced shortly. We call upon our youth to avail this opportunity for joining the Indian Army as Agniveers," Gen Pande said.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
Expectations of Women from Budget 2013.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Don't let income tax come in the way of your long-term financial planning, says Ashish Vohra, Senior Director and Chief Distribution Officer, Max Life Insurance
Forty years ago, an individual in the highest tax bracket (above Rs 70,000 per annum) had to pay 70 per cent income tax.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
The company is far behind its aggressive Japanese competitors, selling only 4,000 vehicles annually.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
The benefit of the revamped I-T regime will percolate down to every section of the taxpayer and the government expects a 'fabulous' response to it, a top Income Tax official said on Friday. The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
In an hour-long chat on rediff.com on Thursday, DCW chairman Mudit Jain replied to many queries on how Budget affects the common people.
In an hour-long chat on rediff.com on Thursday, founding chairman & managing director of Country Club, India Rajeev Reddy analysed how good is the Budget for the common people.
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