The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department -- https://www.incometaxindiaefiling.gov.in.
P V Subramanyam takes a hard look at the pros and cons of both options.
Airports levy charges such as FTC, infrastructure charge, and into-plane charges on sale of jet fuel. The levy is passed through to airlines, pushing up costs.
Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
Many millennials believe that they have enough time to plan for long-term goals, hence they do not worry about goals such as retirement.
The new EET method of taxation needs to be debated extensively.
Teja Sajja is agile and a decent actor but not charismatic enough to watch in almost every frame, observes Deepa Gahlot.
Personal loans offer more flexibility in usage but may come with higher interest rates and shorter repayment terms. It is important for individuals to evaluate their needs, financial situation, and future goals before deciding between the two loan options.
Whether salaried or running your own business, it's about time to get your investment proofs in tax-saving instruments ready for filing your income tax returns later this year.
Saving is not the same as investing as many people wrongly assume. But what's the difference between the two? How does each benefit you. Larissa Fernand has the answers
In the five years in politics Priyanka Gandhi has undeniably emerged as a thorn in the BJP flesh, notes Nilanjan Mukhopadhyay. It is time that this thorn is twisted a wee bit more when the elections have become far more uncertain than what it was when the Election Commission announced the poll schedule.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
'The household sector, which is still the largest contributor of financial savings, has been experiencing a decline in the last six years, and it has fallen below 8% of GDP.'
She has shown shrewdness, sensitivity, and courage. All of these will be needed in ample quantities for the real challenge that will emerge after the elections, notes Shreekant Sambrani.
The high safety levels coupled with the attractive returns make small savings schemes a 'must-have' proposition for most investors.
World No 1 Iga Swiatek overcame a strong early challenge from former champion Sofia Kenin to reach the second round of the Australian Open
'The economy needed 3 or 4 major fixes. The major one was, of course, the direct tax structure, but we ended up complicating the existing convoluted tax structure,' says M R Venkatesh, chartered accountant and lawyer.
West Bengal Chief Minister Mamata Banerjee on Saturday accused NIA officials of attacking villagers in Purba Medinipur district, the BJP hit back at her saying that the attack on the NIA officials is Sandeshkhalli 2.0 orchestrated by the state.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
'It is requested that listed equity shares or units of equity-oriented fund schemes be exempted from capital gains tax (LTCG) if equity shares or mutual funds units are held for at least three years.'
Long-term tax on capital gains arising from selling a house can be invested in another property under Section 54.
The DMK also warned of legal action against those who attempt to link Sadiq with either the party or its leaders.
'We are expected to grow at above 28 per cent this year, higher than the industry.'
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
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.
Broadly, there are three ways toensure that you pay optimal tax; Claiming tax free income, incidental actions that bring tax benefits and finally investing/saving for tax benefits.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, will answer all your budget-related queries on investing in mutual funds between 1 pm and 2 pm, February 4.
'You need to have enough funds to maintain the primacy of public transport and it should not suffer because of lack of funds.'
The abolition of fringe benefit tax will help employees save 3 per cent on their employee stock option plan.
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
How long will the RBI allow the government to borrow cheaply? A change in policy direction will see rates climb and bond values fall. Investors in debt funds are therefore at risk, as are people invested in the heated stock market, warns T N Ninan.
Fiscal deficit would be brought down to below 4.5 per cent by 2025-26, Finance Minister Nirmala Sitharaman said on Wednesday. She also said that tax receipts for the next fiscal are budgeted at Rs 23.3 lakh crore and states would be allowed 3.5 per cent of GDP as fiscal deficit. To finance the fiscal deficit in 2023-24, net market borrowing from dated securities is estimated at Rs 11.8 lakh crore, Sitharaman said while presenting the Union Budget for 2023-24 in the Lok Sabha.
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
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