Anil Rego, CEO, Right Horizons, answers 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.'
Several changes were made to the new income-tax regime in Budget 2023. The old income-tax regime was not tinkered with and is still available.
Markets regulator Sebi on Thursday came out with detailed modalities for implementation of the accredited investors framework, a move expected to open up a new channel of raising funds from sophisticated investors. The regulator has issued guidelines on eligibility criteria for accredited investors (AIs), procedure as well as validation for accreditation, procedure to avail benefits linked to accreditation and flexibility to investors to withdraw "consent", according to a circular. Sebi had earlier this month introduced the concept of "accredited investors" in the Indian securities market.
Manchester United crushed Newcastle United's hopes of a claiming a first domestic trophy for nearly 70 years with a clinical 2-0 victory in the League Cup final at Wembley on Sunday.
Finance Minister Nirmala Sitharaman in her fifth Union Budget made five major announcements for the income tax assesse. She announced no changes in the old tax regime and confined her relief measures to the new tax regime. There have been no changes under the old tax regime.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
'Every time a new tech comes in, there are a set of people who will predict that this will be the end of Indian IT and every time the Indian IT industry and overall technology providers have proven to be resilient.'
AC Milan entered the Champions League quarterfinals for the first time in eleven years, with a draw in the round of 16 second leg against Tottenham Hotspurs.
Relaxing its earlier directions, Sebi on Monday removed the securities market ban imposed on eight entities with respect to alleged insider trading activities in the shares of Poonawalla Fincorp Ltd, which was earlier known as Magma Fincorp. Passing a 62-page confirmatory order, the regulator said the eight entities are now barred from buying, selling or dealing in securities of PFL till further orders. The interim order, passed in September 2021, stand modified to the extent of allowing credit and debit of securities in the accounts of above entities except the securities of PFL, according to the regulator.
The teams finished level at 3-3 on aggregate in the tie but the Lisbon club advanced to the quarter-finals after Adan kept out Martinelli's weak effort.
Lewandowski huffed and puffed, but he cut a lonely and frustrated figure
The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the income tax (I-T) Act. The department has explained different scenarios through six questions to remove difficulties.
Women leaders, succession planners and lawyers say doors in family businesses are opening but a stronger push is needed.
Kingsley Coman came back to haunt Paris St Germain again as he earned Bayern Munich a 1-0 win in their Champions League last-16 first leg in Paris on Tuesday.
The Supreme Court (SC) recently declared that a Hindu father or the manager of a Hindu Undivided Family (HUF) has the power to make a gift of ancestral property for a 'pious purpose', but such an alienation can't be permitted 'out of love and affection'. A petitioner had filed a suit against his father and another person called KC Laxmana for partition and separate possession of his one-third share in the property, and for a declaration that the gift or settlement deed executed by his father in favour of the second defendant, KC Laxmana, be declared null and void. Bharat Chugh, former judge and advocate, says, "The plaintiff argued that the property belonged to the joint family (of which Laxmana was not a part), and transfer of property without his consent was not valid." The SC ruled that gifting out of natural love and affection cannot be interpreted as 'pious purpose'.
The Indian men's team, led by Srikanth, had beaten powerhouse and 14-time champions Indonesia in the final to win the country's maiden Thomas Cup title on Sunday.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
The four-Test Border Gavaskar Trophy that promises a lot of twists and turns, engrossing sub-plots and probably career-defining performances.
Images from the T20 world Cup Super 12 match between India and the Netherlands, at Sydney Cricket Ground, on Thursday.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
The issue price for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from November 29, has been fixed at Rs 4,791 per gram of gold, the Reserve Bank of India said on Friday. The Sovereign Gold Bond Scheme 2021-22 - Series VIII will be open for subscription from November 29 - December 03, 2021. "The nominal value of the bond...works out to Rs 4,791 per gram of gold," the RBI said.
Images from the English Premier League matches played on Sunday.
Nikhat made short work of Brazil's Caroline De Almeida to notch up a dominant 5-0 win.
The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets. As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word 'other' from section relating to set off of losses from gains in virtual digital assets. This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.
Defending champions England huffed and puffed to a one-wicket victory over hosts New Zealand in a league stage match to keep their semi-final hopes alive at the ICC Women's World Cup, in Auckland, on Sunday.
The government will issue Sovereign Gold Bonds (SGBs) in six tranches beginning April 20, the Reserve Bank of India said on Monday. The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram and the tenure of the SGB will be eight years with exit option after fifth year to be exercised on the interest payment dates.
Sebi on Tuesday decided to introduce a framework for accredited investors, a class of investors who may be considered as well-informed about investment products, in the Indian securities market. The board of Sebi after deliberation approved the proposal to introduce a framework for accredited investors. Under the proposed framework, individuals, HUFs, family trusts, sole proprietorships, partnership firms, trusts and corporate based on financial parameters would be eligible for accreditation of investors, Sebi said in a statement after the board meeting.
Union Finance Minister Nirmala Sitharaman on Tuesday announced that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as 'crypto tax'.
The first tranche of Sovereign Gold Bonds 2021-22 will be open for subscription for five days from Monday, the finance ministry said in a statement. The bonds will be issued in six tranches from May 2021 to September 2021, it said on Wednesday. The subscription period for 2021-22 Series I will be May 17-21, and bonds will be issued on May 25.
In an act of gamesmanship, pacers, right-arm quick Harshit Rana (1/27 in 3 overs) and left-arm seamer Kuldip Yadav (2/27 in 3 overs) also wasted time, either faking cramps or tying shoelaces or not delivering the ball even after completing the action.
Andre Russell's all-round brilliance kept Kolkata Knight Riders in contention for a play-off berth as they recorded a comprehensive 54- run victory over Sunrisers Hyderabad in a must-win IPL game.
Images from the IPL 2022 game between Chennai Super Kings and Mumbai Indians at the Wankhede Stadium in Mumbai
If you have a health insurance policy, you can earn benefits on premiums paid on health check-ups, says Sajja Praveen Chowdary, head-Term Life Insurance, Policybazaar.com.
West Indies fast bowling legend Michael Holding believes legalising ball tampering in the post coronavirus world is a bit "self contradictory", while South African great Allan Donald is completely on the opposite end of the spectrum on a subject that has divided opinions. The International Cricket Council (ICC), during its recent CEC meeting, considered the use of artificial substances on the ball instead of saliva.
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.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
If you're a salaried person there are many ways to save taxes
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
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