The provisions of deduction of tax at source apply to both but in some cases it is possible to save tax through proper tax planning.
The Lok Sabha on Tuesday passed the Finance Bill 2025, along with 35 government amendments, including one that abolishes a 6 per cent digital tax on online advertisements.
The systematic withdrawal plan stands out as a superior option, providing steady income despite market fluctuations and inflation, says Ramalingam Kalirajan.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
Investors with a long-term horizon and high-risk appetite seeking capital appreciation can consider investing in ELSS.
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.
Chinese import tariffs have unwittingly come to India's assistance to help boost imports of US liquefied petroleum gas (LPG) at rates cheaper than what it pays for supplies from West Asia, according to industry sources and shipping data.
In an hour-long chat with rediff.com, financial planning expert Sailesh Multani offered some valuable tips.
Bharatiya Janata Party on Thursday issued a three-line whip to all of its Lok Sabha MPs asking them to be present in the House for the passing of the Union Budget 2025-26.
Some major contracts coming up for renewal include TCS' deals with Star Alliance, a consortium of airlines based in Germany, and Nielsen; Infosys' deals with GE Appliances and Daimler; HCLTech's with UK-based life insurer Chesnara; Wipro's with German electric utility company E.ON and Petrobras of Brazil; and Tech Mahindra's with Circle Health.
Indian equity benchmarks rose nearly 2 per cent on Thursday, capping a truncated trading week with their strongest weekly performance in over four years. The rally was sparked by renewed risk-on sentiment following progress in trade negotiations and expanded tariff exemptions.
You can invest the proceeds in capital gains bond or reinvest in another residential property.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Prime Minister Narendra Modi on Friday said the world has seen the power of India's indigenous weapons during Operation Sindoor, which is 'not over yet'.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
The original draft of DTC was much different from what you have in current form. Having said that you need to make you investments DTC-compliant. Here's some more in depth analysis and the strategy you must follow once DTC 2012 kicks in:
The country's biggest carmaker, Maruti Suzuki India, has raised concerns about the continuing slide in small car sales.
When investing in fixed-income products, balancing considerations like safety, liquidity, and income is essential.
Want your investments to make money as well as save tax for you? Anil Rego has some advice
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividend from October 1, a move that will increase the tax burden on investors. Further, the cost paid by the shareholder to acquire these shares will be considered for computation of capital gains or loss to them.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
Aurangabad-based financial planner Anirudha Hatwalne laments that youngsters do not plan their finances. And, their only worry is about saving taxes at the end of the year.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for the middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview.
An individual can avail tax deduction on the amount spent during the year on a deferred annuity for self, spouse, or child.
The Supreme Court of India has made public the asset details of its judges, including Chief Justice Sanjiv Khanna who has Rs 55.75 lakh in a fixed deposit, a three-bedroom DDA flat in south Delhi, and a four-bedroom apartment measuring 2,446 square feet in the Commonwealth Games Village. The court has also uploaded the complete process of appointments to the high courts and the Supreme Court on its website for public awareness.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said. Agrawal also highlighted the government's focus on "non-intrusive" tax administration through enhanced use of Artificial Intelligence (AI) and simplified tax processes for common taxpayers. He emphasized the benefits of the new tax regime (NTR), which offers simple calculations and allows taxpayers to file their ITR without professional help. The CBDT chief stated that the Budget provisions related to income tax payment benefit all income earners, not just those earning Rs 12 lakh per annum, creating a positive sentiment in the economy and propelling growth. The department is also harnessing technology, including AI and data analytics, to widen and deepen the tax base, resulting in increased compliance and tax revenue. Agrawal further highlighted the positive impact of data availability and simplified tax processes on compliance rates, citing examples of taxpayers filing revised returns and paying taxes after being prompted by the department's data analysis.
Buying makes sense for those planning to stay in a city for at least 7 to 10 years. Financial preparedness is crucial.
Prashant A Bhonsle explains the tax benefits you can avail under Section 80E of the Income Tax Act.
The Congress wants to reinforce the tax more powerfully now after its four generations reaped benefit of the wealth passed on to them, he said.
'There's a misconception that all Rs 1 lakh crore will be spent immediately, leading to higher consumption of FMCG goods, travel, and vehicle purchases.' 'While some of this money will go toward consumption, not all of it will.' 'The impact depends on where people deploy their savings.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Wonder how this is possible? Read on how to plan properly to optimise your tax outgo every year.
Indian drugmakers supply 47 per cent of the generic medicine requirements in the US, and tariffs would have increased prices in the US domestic market for patients, who are already dealing with drug shortages.
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