rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego will answer your tax queries related to the Union Budget 2026-2o27.
Have income tax-related questions? Ask rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego, T S Khurana and Mahesh Padmanabhan your Budget-related tax questions
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego and Mahesh Padmanabhan your I-T related questions.
How does the Union Budget 2024-25 impact taxpayers, investors and traders?
The income-tax (I-T) department has started scrutinising cases for the assessment year (AY) 2018-19 to determine which of them need to be reopened, a process that might result in a raft of tax notices. This follows this year's Union Budget move to reduce the time limit for tax reassessment from 10 years to five in cases of escaped income. The new provision becomes effective on September 1 and will make past assessments for AY 2018-19 time-barred.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
'While the Budget would be growth-friendly, it would not come at the expense of an increase in the fiscal deficit.'
Missing the deadline for filing Income Tax returns can lead to consequences.
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.
Union Finance Minister Nirmala Sitharaman on Friday said the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion. She further said that the confidence in the Indian stock market is growing as retail and small investors are keenly investing money in the share market. She was addressing the media in New Delhi.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
Union Budget 2012 will be unveiled soon and as is the case with every Budget season there are a lot of expectations, aspirations as well as doubts.
The panel has proposed lower rates of 10 per cent for annual income between Rs 5 lakh and Rs 10 lakh, 20 per cent for income between Rs 10 lakh and Rs 20 lakh. For income of Rs 20 lakh to Rs 2 crore, the suggested rate is 30 per cent.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
New simplified law should be put in place to replace the over four-decade old Income Tax Act and streamline the direct taxation structure, the Economic Survey said.
Like the UPA government, probably the NDA government also feels that hardships caused to taxpayers are just collateral damage and that taxpayers are too few and even those few don't have a vote (non-individuals) or don't vote, says Harsh Roongta.
India can be rated as among the best performing economies in the world
In 2019-20 Budget, the government had increased surcharge from 15 per cent to 25 per cent on those with taxable income between Rs 2-5 crore and from 15 per cent to 37 per cent for income above Rs 5 crore. Following the increase, the effective income tax rate for individuals with a taxable income of Rs 2-5 crore will go up from 35.88 per cent to 39 per cent and for those above Rs 5 crore it would go up to 42.7 per cent.
Jaitley has pledged to narrow the deficit to 3.9 per cent of GDP in this fiscal year from 4.0 per cent in 2014/15.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
Jaitley began his 10-day visit to the US on Wednesday.
Define ownership proportionately at the time of registration to ensure that you don't face problems on taxation front.
'We have promised to ensure reduced tax rates.'
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
CBDT circular issued last month had raised multiple taxation concerns.
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
Prepare your replies with expert help, if necessary. Keep relevant documents ready to support your replies.
New ITR form may be simpler, but some changes could stump you.
The FM has been making efforts to make the taxation laws simpler.
The new tax regime proposed by the Modi government may not have acceptance from all corners.
Noted jurist Ram Jethmalani on Tuesday accused in the Supreme Court the National Democratic Alliance government and the previous United Progressive Alliance dispensation of failure to bring back black money stashed abroad and criticised leaders including Prime Minister Narendra Modi, Bharatiya Janata Party President Amit Shah and Finance Minister Arun Jaitley on the issue.
The Budget is remarkably coherent.
Ramon Magsaysay winner Anshu Gupta, whose non-governmental organisation Goonj has been leading the relief efforts in Nepal which was ravaged by a devastating quake in April this year, speaks to Ankita Mishra.
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