Benchmark BSE Sensex declined for the fourth day in a row on Wednesday due to selling in financial and banking shares and the government's move to hike securities transaction tax and short term capital gains tax. The 30-share BSE Sensex declined 280.16 points or 0.35 per cent to settle at 80,148.88 with 19 of its components closing lower and 11 with gains. During the day, it tumbled 678.53 points or 0.84 per cent to 79,750.51.
'For those in for the long haul, this is a God-given opportunity.' 'Your market is falling despite strong fundamentals, and such a clear roadmap has been announced.'
Net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal, on higher advance tax payment by corporates.
Finance Minister Nirmala Sitharaman on Tuesday said the government plans to raise capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class.
rediffGURU T S Khurana answers readers' personal income tax queries
Kerala's voters are sophisticated, educated, and unforgiving. They have once again made it clear that no government is entitled to remain in power. The Congress would do well to remember this, points out Ramesh Menon.
A trade deal makes sense only if it is fair and reciprocal. If the cost is strategic dependence or loss of policy space, waiting is the wiser option, asserts Ajay Srivastava.
'This Budget has a one-year agenda, which you can call the sprint, and the marathon is towards Viksit Bharat.'
The majority of investors fail to reach their financial goals, even if they started with a well-defined financial strategy. This isn't just about market volatility; it's a complex interaction of factors that include human psychology, inconsistent habits and lack of proper monitoring.
The majority of investors fail to reach their financial goals, even if they started with a well-defined financial strategy. This isn't just about market volatility; it's a complex interaction of factors that include human psychology, inconsistent habits and lack of proper monitoring.
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.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
'Expectations are high regarding the change in LTCG with respect to equity investments.'
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
rediffGURU Anil Rego answers readers' personal income tax queries.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
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.
AI isn't a magic wand. It works best when combined with good systems, informed investors, and skilled advisors, says Amit Suri.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Booming economic activity enabled the government to collect Rs 99,935 crore (Rs 999.35 billion) from direct taxes during April-November this year
The Nifty ended at 4,605 -- up 148 points. Earlier in the day, the index opened at 4,459 and touched a high of 4,614. The market breadth was extremely positive. Out of 2,794 stocks traded 2,215 advanced while only 517 declined.
The government on Wednesday released a brand new direct taxes code that will replace the 1961 Income Tax and other direct tax laws, saying it will provide a simple tax structure for better compliance.
'Everyone involved in this transaction must be punished and penalised.'
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
The finance ministry on Friday said advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over the year-ago period, representing an increase of 60.8 per cent, the ministry said in a statement. "The net collection (as on December 16) in FY22 has registered a growth of 40 per cent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 per cent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore," it said.
'Volumes in F&O trading had gone up rapidly and, in a way, the increase in STT on F&O will protect investor interest.'
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT).
P Chidambaram has unveiled a bigger-than-expected outlay for the coming fiscal year.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
Nestle, Titan, ICICI Bank, Tata Steel, IndusInd Bank, ITC, JSW Steel and State Bank of India were the other laggards. Among the gainers, Tata Motors jumped nearly 6 per cent. Larsen & Toubro, Sun Pharma, Kotak Mahindra Bank, Bajaj Finance and Power Grid also ended in the positive territory.
President Droupadi Murmu addressed the nation on the eve of Republic Day, emphasising India's role in promoting peace, the empowerment of women, and the country's economic growth.
Finance Minister Pranab Mukherjee on Monday said that he proposes to exempt the income of New Pension System Trust from the income tax and any dividend paid to this Trust from Dividend Distribution Tax.
Lawful possession means having both actual control over a property and a valid legal right to keep it, usually based on a registered sale deed, lease agreement, or lawful allotment.
RBI's interest rate decision, quarterly earnings and global cues would be the major driving factors for equity markets this week, analysts said adding that the impact of the Union Budget could linger on this week. Trading activity of foreign investors will also be a key driver for the markets, experts noted. "US and India's manufacturing PMI for January to be released on Monday, will be the key macro data to watch out for.
