Aayog feels expansion of the lowest base will enable more people to pay taxes.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The tax authorities and insurance regulator Irda are working on the possibility of removing Service Tax on first premium.
Tata Communications employee Agnello Alphonso's main complaint is that the current income tax exemption limit of Rs 1.5 lakhs has only been raised by Rs 10,000 to Rs 1.6 lakhs.
Keeping a track of the latest developments will help you plan your investments wisely
Given here is an example explaining how the repayment of your home loan EMI reduces your loan amount during the repayment period leading up to the end of the loan tenure.
Taxpayers can claim a deduction on tuition fees for a maximum of two children.
'It makes sense to have gold in one's portfolio keeping the political and economic risks of 2024 in mind.'
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
A neutral Budget for media and entertainment sector.
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
The Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
At a macro level the Union Budget 2012-13 is a balanced one. The Finance Minister has taken step to create an environment for sustainable growth. The marginal increase in exemption limit on personal taxation to Rs 2 lakh and realignment of tax slabs would leave more money in the hands of the consumers.
To generate ample private sector interest, there is a need to introduce market-linked tariff rates.
Eminent business journalist and author Tamal Bandyopadhyay discussed Budget with rediff.com readers on Tuesday.
The govt has incentivised the worst of investment products.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
The limit under the Liberalized Remittance Scheme (that was earlier $200,000 and now brought down to $75,000) is applicable per person per financial year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Simple takeaways from the Union Budget 2015-16 and how it impacts your life
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Cabinet likely to pave way for the 'super-rich' tax today.
Exemption limits, standard deduction on radar.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Many house owners are not aware of this option and hence end up taking personal loans to renovate their homes
'For the first month, we have only had 5.5 million who have paid the tax.' '40 per cent have paid nil as tax; 95 per cent of the taxation for the first two months has come from only 400,000 assessees.' 'So even now, the tax-paying habit, of paying a marginal or negligible amount, or not paying anything at all, is quite prevalent,' reveals Finance Minister Arun Jaitley.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Can't believe you can file your income tax return without Form 16? Read this...
The people of the nation co-operated and patiently waited for the government's promised "ache din", and now they want their just rewards, says Adhil Shetty.
Does it make sense to hold more than one residential property? Does the investment really give very high returns as we Indians tend to presume? Anil Rego takes you through the ups and downs of investing in residential properties
The window for registration is open up to September 30
Tax Guru Anil Rego answers your personal income tax queries.
Court rulings interpret 'retirement' and 'resignation' as similar events, thereby allowing tax exemption.
ELSS is a great instrument for tax planning which also ensures good returns. But investment should be carefully planned.
Tax practitioners said that the move will help salaried individuals meet the cost of some of the surgeries since the present limit was low and was mostly used up by consultation fees and cost of medicines.
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