rediffGURU Vivek Lala answers your income tax and personal finance queries.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
GST 2.0 may cushion consumers against US tariffs, but like the 2019 corporate tax cut, it risks being another tactical fix rather than a structural growth strategy, expects Debashis Basu.
Among the Sensex firms, Mahindra & Mahindra jumped the most by 5.96 per cent. Bajaj Finance, Bajaj Finserv, Trent, ITC and HDFC Bank were also among the gainers. However, Maruti Suzuki India, Bharat Electronics, HCL Tech, NTPC, Power Grid, Infosys and Reliance Industries were among the laggards.
'We are not asking for incentives, but at least taxation can be aligned such that the rupee tax on consumers remains the same.'
Investors with a long-term horizon and high-risk appetite seeking capital appreciation can consider investing in ELSS.
To offer additional support at the low end of the income ranges, the Centre will consider a large-scale jump in exemption rates under the old income-tax regime in the vote on account, or interim Budget, according to a senior official in the know. Those will include an extension of the income tax exemption rates close to Rs 7 lakh and additional measures for women farmers.
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
Don't solely focus on tax-saving alone.
rediffGURU T S Khurana answers readers' personal income tax queries.
Policymakers are examining the possibility of increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime to make it attractive, a government official said. At present, taxpayers don't pay income tax if their taxable income is Rs 2.5 lakh and below. Increasing the threshold will reduce the tax outgo for assessees, thereby leaving more money with them to invest, the official said.
At the end of the day, this isn't about choosing between EMIs and SIPs. It's about choosing your path to financial freedom.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
Exchange Traded Funds (ETFs) have stepped into the spotlight this quarter. With evolving market conditions and shifting investor sentiment, ETFs offer a timely solution for accessing growth with liquidity and efficiency. In this article, we break down the most important ETF trends, performance drivers, and what to watch in the months ahead.
Says ministry and RBI are working closely.
The government on Tuesday announced withdrawal of the 2 per cent equalisation levy or digital tax on overseas e-commerce supplies.
The Securities and Exchange Board of India (Sebi) has planned a slew of further relaxations to facilitate easier registrations of foreign portfolio investors (FPIs), including a common know-your-client (KYC) and smoother documentation through India digital signature.
'There is no retrospective changing of the law, only its simplification.'
Young investors with a higher risk appetite are better off with a combination of term insurance and equity funds.
Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35 per cent tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is likely to discuss rate rejig in about 148 items, besides, it will also deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
'It was like rigorously preparing for a solid, good exam...' 'I don't know what marks I will get, but I felt the rigorous preparation of an exam.' 'You may sweat, but I feel rejuvenated.'
Among Sensex firms, Maruti zoomed the most by 8.94 per cent. Bajaj Finance rallied over 5 per cent, UltraTech Cement by 3.71 per cent, and Bajaj Finserv by 3.7 per cent. Mahindra & Mahindra, Hindustan Unilever and Trent were also among the gainers. However, ITC was the biggest loser, dropping by 1.26 per cent. Eternal, Tech Mahindra and Larsen & Toubro also declined.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Digipin promises to revolutionise location-based services in India with safeguards.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Can this growth in GST collection be sustained in the coming years? asks A K Bhattacharya.
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
Rediff.com spoke to registered investment advisors to figure out how best the extra Rs 17,500 saved ever year can be invested to create a decent corpus in the years ahead. This is what they said.
rediffGURU T S Khurana answers readers' personal income tax queries.
The new tax regime will be optional and the taxpayers will be given the choice to either remain in the old regime with exemptions and deductions or opt for the new reduced tax rate without those exemptions.
GST seeks to subsume many indirect taxes at the Central and state levels.
The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy on crude oil produced by firms like state-owned Oil and Natural Gas Corporation (ONGC) and exports of fuels done by companies like Reliance Industries Ltd.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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