Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming.
Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. The Budget 2023-24 has proposed changes in the optional tax regime, which was introduced in 2020-21. Speaking to reporters after presentation of the Budget, Sitharaman said the country has been waiting for a direct tax regime which is simplified and easy in compliance.
Apart from the emotional value attached to buying gold, the yellow metal offers protection against inflation, interest rate spikes, currency and geopolitical risks, says Anamika Pareek.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
Investors with a long-term horizon and high-risk appetite seeking capital appreciation can consider investing in ELSS.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'By investing in a basket of funds, FoFs can help minimise the impact of underperforming funds, thus reducing overall investment risk.'
'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
Investors should view the increase in the LTCG tax rate in conjunction with the increase in capital gains exemption from Rs 1 lakh to Rs 1.25 lakh, which will provide some relief.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Equity-focused schemes may perform better in a bull market, while debt-oriented ones may offer greater stability during volatile periods.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
If it was Andhra Pradesh last Budget, it's poll-bound Bihar that has now turned to Centre with a list of demands. How the NDA government is delivering on promises.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
'Investors with foreign currency-denominated goals, such as foreign education or foreign travel, should go for US equity funds.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Taxing the rich will fetch nothing; only votes, argues Debashis Basu.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
'If a taxpayer opts for the new tax regime once, he can only switch back to the old tax regime once in his lifetime.'
Invest in MFs for liquidity and choice of funds. Invest in NPS for the tax benefits, tax-free rebalancing, and for earmarked savings for retirement.
The Supreme Court on Wednesday rejected the Centre's plea for prospective effect of its July 25 verdict, which upheld the power of states to levy tax on mineral rights and mineral-bearing land, and allowed them to seek refund of royalty from April 1, 2005 onwards.
Donald Trump's exaggerated opinion of his dealmaking capacity can get him into trouble, observes R Sriram.
New investors should gradually build a 5 to 10 per cent allocation to gold.
'Ensure that all property-related documents are up-to-date.' 'Relying on outdated documents can create legal complications.'
With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
The Income Tax authorities have left the offices of the BBC in New Delhi and Mumbai after three days of lengthy questioning of some of its staff, the United Kingdom-headquartered public broadcaster said on Thursday.
There are reports that the government will soon cut income taxes by about Rs 50,000 crore to boost consumption.
Prime Minister Modi, I suggest that, instead, you distribute about one lakh crore rupees per year to the 80 crore poor, which will boost both consumption and economic growth, suggests Kalyan Singhal, McCurdy Professor of Business at the University of Baltimore.
Long-term tax-saving FDs can also be considered after the PPF limit has been exhausted.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
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