Several changes were made to the new income-tax regime in Budget 2023. The old income-tax regime was not tinkered with and is still available.
In a chat on rediff.com, direct tax expert Vikas M Gandhi offered some valuable tax-saving tips.
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.
Income tax payers can now file their tax returns more easily, says tax expert Subhash Lakhotia.
We the people are left in the wind, waiting on the whims of an unengaged president and an oligarch with a nearly bottomless wallet, observes Sree Sreenivasan.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
Disclosing an individual's income-tax returns is tantamount to violating the person's fundamental right to privacy as recognised by the Constitution.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
SC dismisses review petition; govt waits for Finance Bill passage.
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.
Job creation, improving farm productivity, and mobilising public funds for infrastructure development were some of the issues that figured during the interaction between Prime Minister Narendra Modi and economists ahead of the 2025-26 Union Budget. The prime minister on Tuesday met eminent economists and sectoral experts at NITI Aayog to hear their views and suggestions for the upcoming Budget. Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2025-26 in the Lok Sabha on February 1, 2025.
Equity mutual funds (MFs) capped a strong 2024 with near-record inflows in December. With net inflows of Rs 41,156 crore in December, the 2024 tally surged to Rs 3.9 trillion, up 144 per cent compared to 2023. The December tally, which was only slightly short of the record-high inflows of Rs 41,887 crore achieved in October 2024, was fuelled by record inflows of Rs 9,761 crore into small-cap and mid-cap funds.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi offered some valuable tax-saving tips.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips.
In an hour-long chat on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi replied to many such readers' queries.
Direct tax expert Vikas M Gandhi offers some valuable tips.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
Direct tax expert Vikas M Gandhi offers some valuable tips.
DeepSeek is a case in point on how economic interdependence between nations are utilised for geopolitical ambitions and global domination efforts, observes China expert Srikanth Kondapalli.
'...he keeps his campaign promises, does what he said he will do which led to his huge victory.'
The Union government's revenue from securities transaction tax (STT) is on track to exceed its Budget projection for the current fiscal year, with the mop-up already surpassing 50 per cent of the annual estimate. Provisional figures reveal that the Centre has collected approximately Rs 14,000 crore in the first half of this fiscal year up to September, according to a government official. This amount exceeds half of the full-year target of Rs 27,625 crore set for FY24.
Such schemes try to exploit an anomaly in taxation, but aren't in violation of laws, experts say.
Loss incurred in F&O transaction is considered as speculation loss and this can be carried forward to subsequent years, provided you file your return within the due date, says direct tax expert Vikas Gandhi.
You can carry forward losses and revise the returns umpteen times in case of mistakes.
Exporters on Thursday sought a fund of Rs 750 crore for three years to tap USD 25 billion export potential in the US, aiming to seize potential opportunities that may arise as the US President-elect, Donald Trump, has threatened to impose high tariffs on Chinese goods. In its pre-Budget meeting with the finance ministry, Federation of Indian Export Organisations (FIEO) President Ashwani Kumar has also demanded extension of the five per cent Interest Equalisation Scheme (IES).
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
Direct tax expert Vikas Gandhi offers some valuable tips.
Interest accrued on PPF account is exempt from tax.
Direct tax expert Vikas M Gandhi offers some vaulable tax-saving tips.
The criteria for filing returns when you possess phone or house previously existed. However, there is no such requirement now. Irrespective of what you own, you are required to file return only if your total income exceeds the exemption limit, says tax expert Vikas Gandhi.
One has to include one's savings bank interest while calculating one's taxable income and pay tax on the same, says direct tax expert Vikas Gandhi. In ITR, one needs to have schedule of income from other sources. For online payment of tax, visit tin.nsdl.com.
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