Measures may include tax slab and rate revisions for individuals, companies.
The Finance Minister, however, left the current income tax slabs unchanged.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
Will Finance Minister Arun Jaitley live up to the expectations of India Inc and individual taxpayers? Watch all the action here live from Parliament.
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
Stocks like L&T, DLF and ITC are likely to offer good returns in medium term.
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.
Will Finance Minister Arun Jaitley's Budget 2016 be able to put India on a growth trajectory?
With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
Under the GST law, states were guaranteed to be paid for any loss of revenue in the first five years of the GST implementation from July 1, 2017.
Don't wait till March next year. The new financial year begins April 1, 2014. Some tax-saving tips based on your age group and tax bracket
The stalemate over compensating states for the shortfall in GST collections continued on Monday with a meeting of the GST Council ending without reaching any consensus. The panel, which is the highest decision-making body on indirect taxes, for the second time in a week failed to reach a consensus on the Centre's proposal of states borrowing against future GST collections to make up for the shortfall.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
Sooner the investors shift, the better it is as a majority of equity funds have single-digit returns since January 31.
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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).
Under Section 80D, you can avail of deduction on payment made towards preventive health check-ups.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
In 2020-21, Indian firms offered to buy back shares worth Rs 39,295 crore, or 97% more than Rs 19,972 cr proposed in the previous financial year.
Excise duty hike for cigarettes could be lower.
The Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.
While the finance minister made the tax payers slightly happy by raising the individual tax exemption limit to Rs 300,000, he made many others unhappy.
Here are handful of the number of amendments expected and predicted by analysts in the Union Budget for 2013-2014.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Giving some relief to tax payers, Finance Minister Pranab Mukherjee on Friday proposed raising the income tax exemption limit for individuals to Rs 2 lakh per annum from Rs 1.80 lakh.
'We can go somewhere between 35 per cent and 40 per cent.'
A checklist that will help you save taxes in financial year 2013-14 which begins April 1, 2013 and ends March 31, 2014.
Finance Minister P Chidambaram announced a slew of taxation proposals in the Union Budget on Thursday.
The government has been trying to make the tax laws simpler every year; however, there are numerous amendments required in the tax laws.
A letter from an Indian homemaker to the Finance Manager ahead of the Budget!
Jaitley further said the country would eventually move to a two-tier GST, however, this depends on the revenue position of the government.
There are also talks of branded garments being put under the luxury tax slab, which could be higher than 18 per cent.
Tax Guru Anil Rego answers your personal income tax queries.
With 2014 polls in mind, FM may provide individual tax payers relief despite fiscal constraints.
Without periodic booster shots to display of strength, how is this government what it aims to be? There was also the landscape of prosperity pictured; the in-season affair with 'amrit' stretched to a longer residence in 'Amrit Kaal', notes Shyam G Menon.
At a macro level the Union Budget 2012-13 is a balanced one. The Finance Minister has taken step to create an environment for sustainable growth. The marginal increase in exemption limit on personal taxation to Rs 2 lakh and realignment of tax slabs would leave more money in the hands of the consumers.
Suggests far more generous provisions than proposed in Direct Taxes Code
Suggests far more generous provisions than proposed in Direct Taxes Code
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