In Union Budget 2024, there has been an increase in capital gains taxes for both short-term and long-term capital gains on different capital assets. Additionally, the holding periods for short-term and long-term capital gains have been adjusted in Union Budget 2024. With the new capital gains tax regime adopted in Union Budget 2024, how will … Read more
Union Budget: The Finance Bill 2024 introduces amendments to Section 148A of the Income-Tax (I-T) Act, which pertain to the time limits for issuing notices regarding the reopening of assessments. Presently, the Income-Tax Department is empowered to reopen assessments under Section 148A for a period of up to 10 years (equivalent to 11 financial years) … Read more
Long-term capital gains tax: The Centre announced on Tuesday a significant decision that offers relief to homeowners regarding Long-Term Capital Gains (LTCG) tax on real estate. Homeowners will now given the option to choose between two tax rates: a 20% rate with the indexation benefit, or a 12.5% rate without indexation. This policy shift follows … Read more
The Ministry of Finance is currently evaluating several options regarding the newly announced revised Long Term Capital Gains (LTCG) regime, which aims to eliminate indexation benefits for property, gold, and other unlisted assets. The tweaks to the Finance Bill may be undertaken in the run-up to the passage of the Finance Bill 2024-25 in Parliament. … Read more
Capital gain tax: The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, has introduced significant modifications to the capital gains tax structure, presenting a mix of challenges and advantages for investors. FM Sitharaman’s announcement included adjustments in the holding period and Long-Term Capital Gains (LTCG) tax rate, with the Short-Term Capital Gains (STCG) tax … Read more
The Central Board of Direct Taxes (CBDT) has issued a clarification regarding Section 230 of the Income Tax Act, 1961 over reports that claimed a mandatory tax clearance was needed before leaving the country. Responding to the reports, which created a significant stir, the CBDT said Section 230 does not mandate every individual domiciled in … Read more
Income tax returns: The recently announced Union Budget 2024 has introduced significant amendments to the capital gains tax structure, affecting both short-term and long-term investors. Capital gains tax pertains to the tax imposed on profits generated from the sale of capital assets such as stocks, mutual funds, real estate, and gold. The taxation rate varies … Read more
Budget impact: In the Union Budget 2024, the Centre has made noteworthy adjustment regarding the treatment of long-term capital gains (LTCG) in property transactions. Specifically, the indexation benefit has been eliminated, resulting in substantial modifications to the LTCG calculation. Despite this change, it has been affirmed by the government that properties purchased or inherited prior to … Read more
Budget NPS scheme: Finance Minister Nirmala Sitharaman unveiled the NPS Vatsalya scheme during the Budget 2024 address, an initiative focusing on cultivating long-term savings habits for minors. This scheme, a specialised version of the National Pension System (NPS), that offers parents and guardians the opportunity to kickstart retirement savings for their underage dependents. By opening accounts … Read more
Union Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday brought in some relief for the taxpayers under the New Tax Regime. After increasing the Standard Deduction limit from Rs 50,000 to Rs 75,000, FM Sitharaman revised the tax slabs for the New Tax regime. She said salaried employee will now stand up to save Rs … Read more