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.
Gross GST collections remained above the Rs 2 trillion mark for the second month in a row, rising 16.4 per cent in May to over Rs 2.01 lakh crore. Goods and Services Tax (GST) collection had touched a record high of Rs 2.37 lakh crore in April. In May, 2024, the mop up was Rs 1,72,739 crore.
Deductions missed in Form 16 can still be claimed while filing ITR.
The government has no say in where the country's refiners source oil from because these are commercial transactions.
Despite a strong 7.8 per cent growth in the first quarter, the Indian economy is expected to grow at 6.5 per cent in the current financial year as the impact of US tariffs on Indian exports will reduce prospects, particularly in the second half, ADB said on Tuesday.
...on par with oil, power, and defence, and to restrict its storage under foreign control.
The Central Bureau of Investigation (CBI) has initiated an inquiry into alleged violations of the Foreign Contribution (Regulation) Act (FCRA) against an institution founded by Ladakh-based educationist and activist Sonam Wangchuk. The inquiry follows a complaint from the Ministry of Home Affairs regarding the Himalayan Institute of Alternatives Ladakh (HIAL).
The US remains the largest market for IT outsourcing, and for Indian giants TCS, Infosys and Wipro, it contributes around 40 per cent of their top line.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
When and how you can access EPF money before retirement without jeopardising your long-term retirement savings.
The GST will be a national sales tax that will be levied on consumption of goods or use of services
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
From the Sensex firms, Infosys climbed 3.86 per cent. HCL Tech, Tata Consultancy Services, Axis Bank, Kotak Mahindra Bank, Titan and Tech Mahindra were also among the gainers. However, Eternal, UltraTech Cement, Bharti Airtel and Adani Ports were among the laggards.
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.
Leading hospital chain Apollo Hospitals Enterprises Ltd (Ahel) has posted a consolidated net profit of Rs 477 crore during the second quarter this financial year, up 26 per cent from Rs 379 crore during the same period last financial year.
'In the long run, India's strong growth story and reforms to make assets globally attractive will determine the rupee's resilience.'
Foreign investors continue to show confidence in the country's equity market, infusing Rs 18,620 crore so far this month, driven by a combination of global tailwinds and improving domestic fundamentals. This positive momentum follows a net investment of Rs 4,223 crore in April, marking the first inflow in three months, data with the depositories showed.
DGCA provided temporary relief to IndiGo, which is partially owned by Rahul Bhatia, by rolling back the night duty definition to 12 am-5 am from 12 am-6 am earlier, and allowing its pilots to do six night-landings from two earlier, besides other relaxations.
With the inclusion of 14 items, the total number of services in the negative list will go up to 38.
FSN E-Commerce Ventures Ltd, the parent company of beauty retailer Nykaa, recorded a 3.4x growth in net profit at ~34.43 crore in the second quarter of FY26, up from ~10.04 crore in the corresponding period last year.
Union minister Nitin Gadkari on Monday asked the industry not to perennially demand a reduction in taxes as the government needs funds to implement welfare schemes for the poor. Addressing an event, the road transport and highways minister said the logistics cost in India will come down to 9 per cent within two years.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Top real estate developers are expected to report improved earnings and resilient presales growth, even as overall housing sales across major Indian cities declined during the July-September quarter (Q2) of 2025-26. The anticipated earnings growth in what is typically a subdued quarter is credited to steady sustenance sales, improved collections, the strong positioning of listed developers, and sustained demand for premium homes.
Despite the benefits of hybrid technology, a lack of government backing and few launches have kept the segment from gaining ground.
The government has asked manufacturers to revise the maximum retail price (MRP) on unsold stocks in line with the change in GST rates. The government has reduced GST on various products and services, which will come into effect from September 22.
Experts say the state's economy is grappling with hidden debt, rising welfare costs, and lack of transparency.
The average Indian worker must labour for an extraordinary 160 full working days to afford Apple's latest iPhone 17 Pro.
Your visit to the neighbourhood beauty parlour, dry cleaner or a cyber cafe may become cheaper in the next financial year.
Here's unlocking the real story behind your EPF's 8.25% interest and what it truly means for your retirement kitty.
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.
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
Seven more services such as commercial property renting, fax, pager and content for telecom will become costlier from June 1 with the government bringing these services under the tax net.
Laying the roadmap for the introduction of a goods and service tax (GST), state governments on Tuesday proposed a dual GST structure, with two rates for goods and a single rate for services. The tax would be levied both by the Centre and the states, though there is still no clarity when the new tax regime will be implemented.
Goods and Services Tax (GST) collection rose 12.6 per cent Y-o-Y to an all-time high of about Rs 2.37 lakh crore in April, which the government said shows resilience of the Indian economy and the effectiveness of cooperative federalism. The gross GST mop-up was Rs 2.10 lakh crore in April 2024 -- the second highest collection ever since GST was rolled out on July 1, 2017. The net mop-up was Rs 1.92 lakh crore.
Reduction of GST on health insurance premium from 18% to 0% looks like a straight 18% reduction in what consumers pay. The truth, however, is...
While the economy will wait for a rate cut in December, the banking industry should be happy with the wave of liberalisation -- a big push for growth in bank credit, points out Tamal Bandyopadhyay.
'I am doing the drive in making sure that people pass this on. So the drive is not with distrust. The drive is just in case.' 'Just in case it doesn't get passed on, I am here.'
