Recent changes to tax exemptions and allowances, including increased education, hostel, and HRA limits, have made the old tax regime more competitive against the new regime, prompting salaried employees to re-evaluate their choice for the current financial year.
Tax payers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit for individuals.
Vijay Kelkar panel on tax reforms on Friday proposed doubling of the tax exemption limit on personal incomes to Rs 1,00,000.
Investment in Public Provident Fund up to Rs 150,000 would now be exempt from tax.
If an individual invests in the specified tax saving schemes of the government, the effective tax-free income limit will be Rs 650,000 a year.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
Indian companies are increasingly turning to share buybacks as a preferred payout strategy, driven by recent tax framework changes that make them more tax-efficient for non-promoter shareholders and a fall in stock prices.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
The government has increased the tax exemption limit under the Senior Citizen Savings Scheme, 2004, to Rs 10,000 from Rs 5,000
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Days ahead of the Budget, Reserve Bank Governor Raghuram Rajan on Wednesday pitched for increasing the tax exemption limit on financial investments by individuals from Rs 1.5 lakh a year.
This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
A key mistake would be continuing to rely on provisions of the Income-Tax Act, 1961, where the new law now applies, and vice versa.
The most common mistake is investing without assessing suitability and long-term implications.
The move to relax tax norms on fixed deposits would help the banking sector tide over the current liquidity shortage following the Reserve Bank's decision to tighten monetary policy to tame the rising inflation.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
One of the key issues will be tax exemption sought by the ICC for the future global events in India like the 2021 Champions Trophy and the 2023 World Cup.
Anil Rego, CEO, Right Horizons lists out the important things, of course, apart from the IT exemption limit, that the salaried class must be looking forward to in the Union Budget 2015-16 that Finance Minister Arun Jaitley will present tomorrow morning
Among its 27 recommendations for the Union Budget is this: It has suggested that equity investments held for more than one year and up to three years should be taxed at 12.5 per cent on gains exceeding 2 lakh in a financial year.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Many exemptions make little sense, such as a monthly exemption of Rs 100 for college education and Rs 300 for hostel fees.
In its report, which was submitted to the Lok Sabha Speaker Meira Kumar on Friday, the Standing Committee on Finance suggested that the wealth tax limit be pegged at Rs 5 crore (Rs 50 million), while the Securities Transaction Tax be abolished.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
Sometimes, the most powerful Budgets whisper and the wisest investors listen, notes Ramalingam Kalirajan.
The Supreme Court's verdict directing Tiger Global to pay capital gains tax on its 2018 sale of Flipkart shares is unlikely to accelerate the selloff by foreign portfolio investors (FPIs). However, legal and tax experts say the ruling sharpens scrutiny around treaty benefits and could influence how offshore investors structure future India bets.
Before 2019, an estimated 22 million individual income-tax returns did not have to pay any taxes. But after the change in the exemption level, another 13 million individual tax returns did not require to pay taxes. Thus, of about 58 million returns, as much as 63 per cent or 35 million went out of the direct tax net, A K Bhattacharya points out.
rediffGURU T S Khurana answers readers' personal income tax queries
The Central Information Commission has ordered the disclosure of an investigation into a retired IRS officer's alleged acquisition of assets under different identities and subsequent name change to claim ownership, deeming the case a potentially significant revelation.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
The levy has also been removed on low cost houses up to a carpet area of 60 square metres in a housing project under any housing scheme of the state government.
The FM proposed a rule-based automated process for small taxpayers in FY27 Budget.
Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Gayatri Basu, an auditor with the government of India, says the news that income tax exception limit for women has been raised to Rs 1.9 lakh was welcome. That was her number one concern with the Budget, she said.
Taxpayers should consider ITR-U if they omitted income, wrongly claimed deductions or exemptions, or made reporting errors that led to a shortfall in tax payment.
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