The government on Wednesday released a brand new direct taxes code that will replace the 1961 Income Tax and other direct tax laws, saying it will provide a simple tax structure for better compliance.
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
Younger investors with long investment horizons may continue their SIPs.
The UK's prime ministerial race frontrunner, Rishi Sunak, spoke of his pride in what his Indian parents-in-law -- Infosys co-founder Narayana Murthy and Sudha Murty -- had achieved, as he fought back over media commentary around wife Akshata's family wealth.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
The net direct tax collections jumped by 18 per cent to Rs 43,391 crore during the first two months of the current fiscal.
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.
Fintech firm BharatPe is targeting an initial public offering (IPO) in the next 18-24 months with the company expecting profitability at an earnings before interest, taxes, depreciation and ammotisation (Ebitda) level for FY25, chief executive officer (CEO) Nalin Negi said.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
'Choose an equity allocation that will allow you to remain invested even if the market falls by 50 to 60 per cent.'
Isn't the goal of retirement planning to create a balanced portfolio that aligns with your financial goals, rather than chasing returns blindly, asks Ramalingam Kalirajan
Through history, the Mela has held different meanings for ascetics, the colonised, colonisers, and tourists, but all have been moved by its grandeur points out Atanu Biswas.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
From how to open an NPS Vatsalya account to knowing how this scheme compares to investing in mutual fund or in provident fund, Ramalingam Kalirajan offers a 360-degree view and the pros and cons of investing in a scheme that has the potential to secure your child's financial well-being.
Investors with a long-term horizon and high-risk appetite seeking capital appreciation can consider investing in ELSS.
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
China, mindful of its global image, has rebutted as 'inaccurate' the recent 'Tax Misery Index' released by Forbes, asserting that the nation's macro tax burden remains 'relatively low' compared with other countries.
While other backward classes had a share of 9 per cent, there were no scheduled tribe billionaires.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
First things first: For those wondering if they need to reapply, the answer is no.
'Asset allocation should change only if your goals, life situation, or risk profile have changed.'
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.
Long-term tax-saving FDs can also be considered after the PPF limit has been exhausted.
Interest payment on home loans could become fully taxable. Perks to be included in salary income and taxed.
'Investors with a long-term investment horizon and the risk appetite for fluctuations in property values may find SM Reits a viable option.'
All sectoral indices ended lower. BSE Telecommunication tanked 2.18 per cent, metal (1.77 per cent), auto (1.70 per cent), energy (1.64 per cent), oil & gas (1.59 per cent), commodities (1.39 per cent) and financial services (1.37 per cent) were the major laggards.
The government's step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market which actually needs to grow, points out T N Ninan.
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.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
'Subject to any worldwide economic collapse.'
'Investors with foreign currency-denominated goals, such as foreign education or foreign travel, should go for US equity funds.'
Ramalingam Kalirajan explains the pros and cons of both investment types.
Food delivery and quick commerce (qcom) service application (app), Zomato, now commands a market capitalisation (mcap) higher than automobile giants Tata Motors and Bajaj Auto. Zomato, whose shares closed 1.18 per cent lower on Thursday at Rs 288.45 per share, has an mcap of Rs 2.78 trillion, according to BSE data. By comparison, Tata Motors' mcap stood at Rs 2.74 trillion, while Bajaj Auto's was Rs 2.5 trillion on the BSE.
Equity-focused schemes may perform better in a bull market, while debt-oriented ones may offer greater stability during volatile periods.
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