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.
'You need to have enough funds to maintain the primacy of public transport and it should not suffer because of lack of funds.'
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.
Many millennials believe that they have enough time to plan for long-term goals, hence they do not worry about goals such as retirement.
Business success often involves a combination of planning, implementation, and continuous learning, says rediffGURU Harsh Bharwani.
'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.'
The new EET method of taxation needs to be debated extensively.
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
Fund houses are exploring ways to differentiate themselves in the hybrid space. A relatively unknown hybrid fund variant, Balanced Hybrid, is about to see its first launch since the introduction of mutual fund (MF) scheme categorisation norms in 2017. WhiteOak Capital MF has filed papers with the regulator for this scheme, which comes amid increasing interest in the hybrid space. MFs anticipate that hybrids will become the preferred category for investors with a lower risk appetite following changes in debt fund taxation.
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.
'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.
'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.'
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.
The high safety levels coupled with the attractive returns make small savings schemes a 'must-have' proposition for most investors.
The challenge is to enhance opportunities for people to generate livelihoods through entrepreneurship, both big and small, argues R Jagannathan.
Long-term tax on capital gains arising from selling a house can be invested in another property under Section 54.
'People try to repay the BIGGEST LOAN first. Actually, you should repay the most expensive loan first.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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.
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
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.
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 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.
While investing in PPF, investors must remember to put in the money at the right time to maximise the return they earn from it.
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
The abolition of fringe benefit tax will help employees save 3 per cent on their employee stock option plan.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
Saving tax through Ulips will lead to mixing of insurance with investment.
Replying to the debate on the Finance Bill in Lok Sabha, the minister said he did not propose any change in the tax rate but only provided few rebates which will boost spending and help the economy.
It is strange that the wealthy evade taxes even though the marginal utility of the money saved amounts to little and tax rates in countries, including India, have dropped
Sandeep Shanbhag, a chartered accountant and director of Wonderland Consultants, a tax and financial advisory firm, discussed the impact of Budget proposals in a chat with Rediff.com's readers.
As you ring in the New Year, here's a list of the 10 most important financial resolutions to get your money train back on track.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
Managing your money in January will set the trend for rest of the year, says Adhil Shetty.
The purpose, behind slashing property tax on small commercial establishments by 70%, was to allow growth of small shops in residential areas, so that people do not have to travel long distances for their daily needs.
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