The BJP coined a new word for AAP, 'Aapda (crisis)', which Modi repeated constantly during the election campaign to show how Delhi residents's lives had become miserable under AAP's 11-year rule.
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Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
'Any earnings, regardless of location, will be subject to Indian income tax.'
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Several politicians said they were not even aware of the provision in the UP Act.
'Stay disciplined, and remain invested.' 'Volatile times are the best to invest in structural opportunities at the right price.'
During 2023-24, while the BJP received over Rs 723 crore worth of donations from Prudent Electoral Trust, it also got over Rs 127 crore from Triumph Electoral Trust and over Rs 17 lakh from Einzigartig Electoral Trust.
What does this mean for you? Ramalingam Kalirajan explains.
Filing your Income tax returns electronically through the internet is a simple, easy and convenient process.
Filing your Income tax returns electronically through the internet is a simple, easy and convenient process.
Budget 2025-26 delivers a carefully calibrated strategy-stimulating demand and investment while keeping fiscal discipline intact. In an environment marked by global trade disruptions, and a softening in urban consumption, Finance Minister Nirmala Sitharaman has taken a measured approach.
Although many European countries have high income taxes, they don't charge as much as India.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The deportation of Indians from the United States, deaths in the Maha Kumbh stampede and the joint Parliamentary committee report on the Waqf bill were among the issues that led to heated exchanges and some disruptions in an otherwise smooth first part of the Budget session that ended on Thursday.
I don't know who would want to celebrate the creation of the income tax, other than the tax officials themselves, says T N Ninan.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
The Budget assumes significance as it comes on the back of lower-than-expected growth numbers during the second quarter and geopolitical uncertainty.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
"The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household consumption, savings and investment," Sitharaman said presenting what was dubbed as 'reformist' budget for the next fiscal in Lok Sabha.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
According to a study, there are several misconceptions regarding income tax.
'Once filed, it cannot be revised or rectified.'
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
The Aam Aadmi Party (AAP), led by Arvind Kejriwal, suffered a major setback in the Delhi Assembly elections, losing to the Bharatiya Janata Party (BJP). The loss marks a significant blow to Kejriwal's national ambitions and raises questions about the future of the party. The AAP had been in power in Delhi for the past 10 years and had also formed a government in Punjab. Despite the defeat, the party still holds 13 MPs from Punjab and Delhi. The article examines the factors that contributed to the AAP's defeat, including allegations of corruption, poor civic facilities, and the BJP's relentless attacks. It also explores the impact of the loss on Kejriwal's national aspirations and the party's future.
The sanctioned strength of department is 57,793 while the working strength is 40,756; thus a shortfall of 29.47 per cent, the Minister of State for Finance S S Palanimanickam informed the Lok Sabha in a written reply.
Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
There are some countries where more than 50 per cent of the income goes to taxes.
A total of nine premises in the state's capital Ranchi and Jamshedpur are being raided in an operation that started early morning. A security team of the CRPF is assisting the I-T sleuths, the sources said.
Global financial consultancy firm Ernst and Young wants the personal income tax slabs to be raised to a reasonable level as the lowest bracket "kicks in too early".
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
Trump paid no income taxes at all in 10 of the previous 15 years largely because he reported losing much more money than he made, the report said. The US president immediately dismissed the report as 'totally fake news'.
Denying any delay in the introduction of Income Tax Code that will comprehensively review current income rates and slabs, Finance Minister P Chidambaram on Thursday said the government will introduce the code this year.
'2025 is the year to build a portfolio for the future. Focus this year should be on valuations and visible growth.'
While this will incur a revenue loss amounting to 0.2 per cent of GDP, it will provide a strong boost to consumer sentiment and spending, points out Rajani Sinha.
Many people invest in insurance with a view to saving taxes. So what are the tax rebates available to an individual in respect of premium paid on life insurance policies?
First things first: For those wondering if they need to reapply, the answer is no.
rediffGURU Mahesh Padmanabhan answers readers' personal income tax queries.
'Going forward, the encouragement would be to move to the new tax regime.'
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