Exemption limit for the general category of individual taxpayers will increase the liquidity.
Slamming the Union budget as 'insipid' and lacking in stimulus for growth, the Congress on Saturday said it does not address the main issue of unemployment and describes the mindset of the government.
Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of the RBI, she said it is not necessary to induce individuals to invest through government schemes but give them an opportunity to make a personal decision regarding investments. "...the way we allowed for standard deduction and also the rates which have been fixed, tax rates which have been fixed for different slabs, it has actually left more money in the hands of the people, the taxpayer, the household," she said.
Sooner the investors shift, the better it is as a majority of equity funds have single-digit returns since January 31.
The government is open to 'some tinkering' in the varied rates and holding period for computation of capital gains tax on shares, debt and immovable property, in a bid to make it simple, revenue secretary Tarun Bajaj said on Wednesday. Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
Will Finance Minister Arun Jaitley live up to the expectations of India Inc and individual taxpayers? Watch all the action here live from Parliament.
How do you feel about Modi 2.0's first Budget? Does it meet your expectations? Or do you feel let down?
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Federation of Indian Chambers of Commerce and Industry charted a roadmap for 8-10 per cent economic growth
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
Finance Minister Arun Jaitley on Monday did not change tax slabs but offered a relief of Rs 3,000 to the salaried with income below Rs 5 lakh per year.
'The economy needed 3 or 4 major fixes. The major one was, of course, the direct tax structure, but we ended up complicating the existing convoluted tax structure,' says M R Venkatesh, chartered accountant and lawyer.
The interest earned on bank fixed deposits are added to an individual's taxable income and charged as per the applicable tax slab.
The NSE Nifty closed at 4922, up 63 points. The market breadth was strong. out of 2874 stocks traded on the BSE, there were 1848 advancing stocks as against 942 declines.
Higher levy on dividends earned by individuals also on radar.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
Institute of Chartered Accountants of India has suggested a four-tier income tax structure for individuals, abolition of surcharge, a 30 per cent corporate tax and a scheme for taxing agriculture income by putting it in the Union List.\n\n\n\n
Here are some tips on what you must NOT do with your hard earned money.
If the BJP comes to power, sources say it may change the financial year (April-March) to the calendar year (January-December).
Here's a summary of top financial events that affected your money directly in 2011.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Here are 9 easy steps that guide you on things that you must consider before and after buying your dream home.
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
Do not keep a large portion of your long-term portfolio in FDs.
The stalemate over compensating states for the shortfall in GST collections continued on Monday with a meeting of the GST Council ending without reaching any consensus. The panel, which is the highest decision-making body on indirect taxes, for the second time in a week failed to reach a consensus on the Centre's proposal of states borrowing against future GST collections to make up for the shortfall.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Will Finance Minister Arun Jaitley's Budget 2016 be able to put India on a growth trajectory?
In an hour-long chat on rediff.com on Monday, chartered accountant and Income Tax expert Chetan A Gandhi offered some valuable tips.
Under the GST law, states were guaranteed to be paid for any loss of revenue in the first five years of the GST implementation from July 1, 2017.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Since MAAFs invest across multiple asset classes, they offer diversification.
A retirement fund can be helpful for all age groups, but ideally one should start investing early to beat market swings and gain from compounding.
Hospitality and travel sector players on Tuesday demanded infrastructure status for the hotel industry besides measures such as tax exemption on LTA annually to boost domestic tourism ahead of the Union Budget. They also recommended removal of the current TDS levied on automated bookings for internal or closed user groups such as business travel platforms and reducing the total number of licenses required to establish a hotel. "A full-blown infrastructure status for the hotel sector and further rationalisation of the Goods and Services Tax (GST) and a Central single window clearance for hotel projects are some of the major expectations from the Budget 2024," Roseate Hotels & Resorts CEO Kush Kapoor said in a statement.
Some states are taking a legal view on the state GST rate and the compensation rules ahead of the Goods and Services Tax (GST) Council meeting, which is likely to be held in mid-June, said people in the know. While the agenda is still being finalised, several states are likely to take up the matter related to GST compensation and may pitch for its continuation beyond the June 30 deadline. States would like to know how they would divide the compensation collected after June 2022 for payment of principal and interest of compensation shortfall borrowing and arrears to states, sources said.
In an hour-long chat on financial planning expert Sailesh Multani offered answers to many investment-related questions.
In a major bonanza to the salaried class, the government on Friday proposed to increase the income tax exemption limits from Rs 1.10 lakh to Rs 1.50 lakh, in addition to restructuring the tax slabs.
Financial planning expert Sailesh Multani offers some valuable investment tips.
To incentivise the Micro and Small enterprise is to offer them lower rates of interest based on their business turnover
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