Currently, income between Rs 1.6-5 lakh (Rs 160,000-500,000)attracts 10 per cent tax; Rs 5-8 lakh (Rs 500,000-800,000)20 per cent and beyond Rs 8 lakh 30 per cent.
Since employers can't furnish Form 16 in the middle of the year, they give Tax Computation Statement.
AI isn't a magic wand. It works best when combined with good systems, informed investors, and skilled advisors, says Amit Suri.
The Enforcement Directorate (ED) has arrested Jawad Ahmed Siddiqui, chairperson of the Al Falah group, on money laundering charges. The ED alleges that Siddiqui generated Rs 415 crore dishonestly from students of educational institutions run by his Trust.
BCCI's vice-president Rajiv Shukla said the Indian cricket team's new jersey sponsor will be finalised in the next two to three weeks.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
When investing in fixed-income products, balancing considerations like safety, liquidity, and income is essential.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
After a year of modest returns, equity investors may anticipate gains of 10-15 per cent in Samvat 2082, which began on October 21. Although valuations have moderated from their peaks a year earlier, they remain above long-term averages, potentially limiting sharp upsides.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
The Indian government has increased the salaries of Members of Parliament (MPs) by 24 percent, effective April 1, 2023. This increase was based on the Cost Inflation Index and brings their monthly salary to Rs 1.24 lakh. The notification also included increases in daily allowances for sitting members, pension, and additional pension for former MPs. While some MPs welcomed the increase, others expressed dissatisfaction and instead advocated for a rise in the MP Local Area Development Fund (MPLADS). The increase has been implemented based on the Salary, Allowances and Pension of Members of Parliament Act and the Cost Inflation Index specified in the Income Tax Act of 1961.
India, the world's fourth largest economy, is set to maintain the 'goldilocks' phase with tailwinds of good growth, low inflation and robust banking performance as well as reform initiatives poised to sustain the economic pace witnessed during 2025.
State Bank of India chairman Dinesh Kumar Khara has pitched for tax relief on interest income, saying it would help banks to garner savings that could be used for funding long-term infra projects. Currently, banks are required to deduct tax when interest income from deposits held in all the bank branches put together is more than Rs 40,000 in a year. With regard to savings accounts, interest earned up to Rs 10,000 is exempt from tax.
India's 18 largest states, accounting for over 90 per cent of the country's gross state domestic product (GSDP), are likely to record a marginal uptick in revenue growth to 7-9 per cent this year, from 6.6 per cent clocked in 2024-25 (FY25), rating agency Crisil said in a report on Tuesday. This growth, slower than the decadal average of about 10 per cent, would lift these states' cumulative revenue to around Rs 40 trillion in FY26 from Rs 37.26 trillion in FY25.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
Noting that recent uncertainties created by global tariffs have not impacted the Indian economy severely, Anuradha Thakur, secretary, Department of Economic Affairs, said the central government is hopeful that the recent goods and services tax (GST) rationalisation will ignite the much needed animal spirits in the financial sector.
The Income Tax notice was recovered from the house of Baljeet Kaur at Shahabad in Kurukshetra in Haryana where Papalpreet and Amritpal had taken shelter on March 19 and 20 before fleeing from there.
The best course for the government at this time would be to tighten the seat belt a little more, without compromising on its investments in creating better infrastructure and giving a push to privatisation, points out A K Bhattacharya.
Ravi Singhal explains how a taxpayer can go about reducing her/his tax liability if they suffer losses while investing or trading in the stock market.
Handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract 1 per cent Tax Collected at Source (TCS), as per a notification issued by the Income Tax department. TCS at 1 per cent rate is currently being levied on motor vehicles costing above Rs 10 lakh effective January 1, 2025.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The Reserve Bank of India (RBI) on Tuesday came out with a draft framework on declaration of dividend by banks, as it proposed capping dividend payout to shareholders at 75 per cent of their net profit-- also called profit after tax (PAT).
Startup and venture funds on Tuesday cheered the Budget decision on the abolition of angel tax for all investor classes, terming it a "game-changer" that would remove significant barriers in growth and foster a vibrant and dynamic ecosystem. Angel tax refers to the tax that the government imposes on funding raised by unlisted companies, or startups if their valuation exceeds the company's fair market value.
The Central Bureau of Investigation (CBI) has initiated an inquiry into alleged violations of the Foreign Contribution (Regulation) Act (FCRA) against an institution founded by Ladakh-based educationist and activist Sonam Wangchuk. The inquiry follows a complaint from the Ministry of Home Affairs regarding the Himalayan Institute of Alternatives Ladakh (HIAL).
UBS has turned bullish on emerging markets (EM), including India, as it finds benign macro trends, positive momentum in earnings revisions, and resilient EM currencies helping these economies sustain higher valuations and attracting flows. Among regions, it has upgraded Mainland China to 'attractive' and China Tech to 'most attractive', while downgrading Philippines to 'neutral'.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Maharashtra has topped the list of states with the most favourable ecosystem for the growth of Farmer Producer Organisations (FPOs), replacing Madhya Pradesh, which has slipped to second place, according to the latest Ease of Doing Business for FPOs (EoDBF) ranking.
The country's largest carmaker Maruti Suzuki India expects auto sales to bounce back to the glory days of 7 per cent growth by FY 27, helped by the proposed GST rate cut which is expected to bring down car prices by 3.5 to 8.5 per cent.
After a subdued first quarter of 2025-26 (Q1FY26), banks are now betting big on the festive season, rolling out attractive loan offers to boost credit growth in the second half of the current financial year (H2FY26) - a trend likely to be further accentuated by the second-order effects of the good services tax (GST) cuts.
With this latest notice, the Income Tax department has raised a total demand of Rs 3,567 crore from the Congress.
rediffGURU T S Khurana answers readers' personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
It is important to have the necessary documents on hand to verify the information in the form.
While EPF rewards patience and compounds your money, inflation decides how far your money really goes.
Ramesh alleged that through the "electoral bonds scam", the Bharatiya Janata Party has collected Rs 8,200 crore and used the route of "pre-paid, post-paid, post-raid bribes and shell companies".
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
