'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
The Bharatiya Janata Party and its allies on Tuesday welcomed the Union Budget and said it focussed on youth, farmers, women, and has 'substantial allocations' for Maharashtra, but the opposition slammed the annual financial statement, claiming it neglected the western state and only seeks to please the saffron outfit's partners in Bihar and Andhra Pradesh.
'If such a practice were feasible, every state would seek additional funds, posing a significant risk to the overall health of the economy.'
These plans aren't likely to put substantial cash in your hands.
Before you file your income tax return this year, have a look at the amendments that might help you take the most possible tax benefit.
The Income-tax Department has allowed irregular exemptions on TV rights from BCCI to four cricket associations resulting in non-levy of tax to the tune of Rs 37.23 crore, the Comptroller and Auditor General (CAG) said on Friday.
The govt has incentivised the worst of investment products.
'Alongside economic growth and the Asian century, stress has become an Asian caravan.' 'But stress doesn't arrive in one's country as invitation to taste exhaustion. It comes dressed as a challenge.' 'Its evangelists ask: Are you man enough to shoulder stress?' points out Shyam G Menon.
Outward remittances under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) surged by 50.64 per cent to $9.1 billion in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24), driven by healthy growth across segments due to a revision in the timeline of tax collected at source under the LRS scheme and normalisation in international travel. Major drivers include equity and debt investments, deposits, and the international travel segment, among others. According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year.
Now that the National Pension Scheme offers more choices than the Employees Provident Fund, is more transparent and also allows to choose the level of allocation to equities as investors like, should one switch to the NPS?
Real estate sector cheers reforms in the Budget.
Constantly evolving rules and anomalies over tax treatment have constrained corporate programmes in the first year that the government's CSR mandate has been in force.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
A key demand is to reduce the dividend distribution tax on listed firms.
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
Resolving the TBS challenge comprehensively would require 4 Rs: Recognition, recapitalisation, resolution and reform.
Sun Pharmaceutical Industries (Sun Pharma) reported a turnaround in the January-March quarter of the 2022-23 financial year (Q4FY23), declaring a profit after tax (PAT) of Rs 1,984 crore versus a loss of Rs 2,277 crore in Q4FY22. However, that loss in FY22 was due to several exceptional one-time items -- with Rs 3,723.15 crore allocated to settlement of lawsuits in the US and other Exceptional Items adding up to Rs 3,935.75 crore. Adjusted for exceptional items, PAT in Q4FY22 amounts to Rs 2,155 crore, which is a year-on-year (YoY) growth of about 36 per cent.
Do you know you can invest in funds to donate money for a good cause?
The government has not done its homework or made any attempt to forge a consensus on this matter that affects millions of people in the organised sector, says Harsh Roongta.
The prime minister also praised the Dawoodi Bohras, a sect within Shia Islam known for their trading and business acumen, for their efforts in making the Swachh Bharat Abhiyan a success.
Taxpayers can claim a deduction on tuition fees for a maximum of two children.
FM proposed rationalisation of various tax exemptions.
An Aadhaar card can fast-track the KYC procedure for some instruments.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
They were participating in a debate on the bill for giving effect to various compliance relief measures for taxpayers, including extending time limits for filing returns, in the wake of the coronavirus crisis and tax benefits for donations to PM CARES Fund.
When the state is unable to provide adequately for the bottom half of the population, should it be giving tax benefits to the well-off?
On one hand, South Indian states have been complaining about denial of a proportionate portion of the sharable funds from the Centre, based on population. On the other hand, they stand to lose Lok Sabha and Rajya Sabha seats that again are based on population, points out N Sathiya Moorthy.
Sandeep Shanbhag offers tips on post Budget taxation rates.
Dear readers, we had asked you to send in your personal finance queries to be answered by Basis founder and CEO Hena Mehta. Here's the first batch of responses.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
EPFO may start investing up to five per cent of its incremental corpus in the equity market.
While the PM sees zero tax on long-term capital gains and dividend income as unfair since the beneficiaries are not poor, he is silent on the fact that rich farmers too don't pay taxes, since farm income is tax-free, a loophole exploited by many netas and babus, says Debashis Basu.
The impact of Shinzo Abe's towering personality is such that even in death, Abe remains a polarising figure, asserts Dr Rajaram Panda.
It was not immediately known if Modi acceded to Jaitley's request.
The abolition of wealth tax is again a welcome step.
Despite the equity booster, many would be uncomfortable about NPS.
The budget will empower the poor, give a boost to the farmer and an impetus to the economic growth, the PM said.
This was the one Budget that required radical departures on all these fronts, when it had none, asserts, Shreekant Sambrani.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
Bharti Airtel Chairman Sunil Bharti Mittal said India has lost one of the finest political leaders and a legal luminary.
