The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
How should you plan your taxes and dervive optimum returns from them? Should you buy a house, go for a loan in the current economic situation?
But the party favoured most of the proposals on indirect taxes.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Evaluate recurring investment products and do the numbers before making any investments.
Direct tax expert Vikas M Gandhi offered some valuable tips on tax planning.
In a chat on Thursday, direct tax expert Vikas M Gandhi offered some valuable tax filing tips.
Tax expert Vikas Gandhi advises tax payers to keep their PAN data updated. In case of change in address, one can download a form from the website of NSDL http://tin-nsdl.com, fill it up and submit to NSDL with suppoprting documents. In addition it will be advisable if to intimate the Income Tax Officer about such change in writing. If an NRI is drawing income in India, he needs to get a PAN card and file income tax returns too as this income would be taxable in India.
Interest paid on loan on mortage of house will not bring the same tax deduction as from rental income, says direct tax expert Vikas Gandhi.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
In case of a physically handicapped person, he gets a threshold deduction of Rs 50,000 from the taxable income. Further if such disability is more than 80%, the limit of Rs 50,000 increase to Rs 75,000. Thus in your case you will be starting paying tax only when your income exceeds Rs 1,60,000.
The CBI arrested an NIA deputy superintendent of police posted in Patna and two middlemen on Thursday for allegedly accepting a Rs 20 lakh bribe to extend favours to a person in an ongoing probe, officials said.
The Public Provident Fund and National Savings Certificate are the most popular tax-saving investments. But which one scores better when it comes to saving more tax or getting better returns?
FDs are not advisable for long-term wealth creation as their post-inflation, post-tax returns are not very attractive.
If the sum assured is less than 10 times premium, the proceeds will be taxed.
Kharge's remarks came after Modi on Friday said the Congress stands "badly exposed" in front of people for promising to them what the party knows it will never be able to deliver.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
As per the latest data available with mutual fund industry body AMFI, the total AUM of ELSS, or tax-saving funds, stood at Rs 25,069 crore at the end of January 2013.
As per the IT rules, all proofs establishing your income or expense or deductions have to be maintained for seven years from the end of the financial year it relates, says direct tax expert Vikas Gandhi.
It is your obligation to file your income tax return. Although your employer is not providing you Form-16 it would be advisable for your file your return. While doing so just mention TAN of your employer to ensure that you get credit for the tax deducted frrom your salary income, says direct tax expert Vikas Gandhi.
Ramalingam Kalirajan dives into the specifics of NPS withdrawal rules to help you understand the conditions under which and when partial withdrawals are allowed.
To pay tax on capital gains, you first need to know whether the gain is short term or long term. If you have kept shares for more than one year the gain will be termed as long term otherwise short term, says direct tax expert Vikas Gandhi.
With a corpus of just Rs 198 crore (Rs 1.98 billion), Principal Tax Savings maintains a portfolio of 35-40 stocks. The assets are distributed in such a way that no single holding overwhelmingly dominates the portfolio.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Our politicians need to take a leaf out of Mr Trump's personalised merchandise sale: It keeps his image in the public eye, continuing to engage him differently and innovatively with his supporters, points out Sandeep Goyal.
One of the most effective methods of lowering the incidence of income tax is by means of legal transfer of your sources of income among as many family members as possible, so that each family member enjoys the basic personal income tax exemption limits.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Is it ok to make tax planning investments at the end of the year? This article will address this question.
The Opposition on Tuesday termed the Union Budget as a 'kursi bachao budget' driven by political compulsions and claimed that it ignored opposition-ruled states in a bid to 'appease' Bharatiya Janata Party's allies.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
'Decide on an asset allocation you are comfortable with and stick to it for the long term.'
Despite the rally in equities over the last few years, India, according to Christopher Wood, global head of equity strategy at Jefferies, is still in early stages of an equity cult. Any changes to the capital gains tax for equities - both long-term and short-term - in Budget 2024 scheduled to be announced on July 23, he believes, can trigger a bigger correction that what the markets witnessed post the Lok Sabha election outcome on June 4 that saw the Bharatiya Janata Party (BJP) lose majority, though it was able to form the government with the help of coalition partners.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Subject to any worldwide economic collapse.'
Esha Wali, who is the vice president of technology at a Mumbai bank, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
Have you wondered how many days of work -- depending on your net monthly income -- you would have to put in to buy the top-end iPhone 16 Pro?
Use deductions introduced in the Budget to save additional Rs 24,000 in tax
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