Union Budget 2025: Amid the calls for tax relief to common taxpayers by relaxing the tax slabs in the upcoming Budget, finance analyst and Wisdom Hatch founder Akshat Shrivastava stated that the government should consider offering significant tax relief to middle-class taxpayers to boost the economy. Highlighting the current world situation vis-a-vis India, Shrivastava noted … Read more
New Delhi: The Central Board of Direct Taxes (CBDT) has launched a comprehensive scrutiny and verification of high-value outward foreign remittances of above ₹6 lakh to identify discrepancies in remittance data and likely tax evasion. The move follows detection of cases where foreign remittances and expenditures did not align with the income declared by individuals, … Read more
It is important to understand that you are eligible for deduction on interest paid on your home loan under section 24(b) of the Income Tax Act . However, there are specific regulations when and how this deduction can be availed. For instance during the construction phase, the interest paid on a home loan is termed … Read more
Tamil Nadu and Karnataka have outpaced the all India average in GST collections in July, keeping up with their impressive performance in the first four months of this fiscal year. Telangana, on the other hand, has slipped into single digit year-on-year growth rate in July after clocking a double digit growth in April, May and … Read more
Back in 2010-11, India’s corporate tax mop-up was twice its personal income tax (PIT) collection. Now both are almost equal. In the past decade, the nation’s direct tax story has shown a trend: while the growth of companies’ tax payouts has been modest, citizens are contributing much more to the exchequer than what they used … Read more
Finance Ministry has notified the final Cost Inflation Index (CII) for FY24 (Assessment Year 2024-25) at 348, same as the provisional index notified in April. “This notification shall come into force with effect from the 1st day of April 2024 and shall, accordingly, apply in relation to the assessment year 2024-25 and subsequent assessment years” … Read more
While India is not the richest country in the world, the tax collection here is one of the highest and the income tax rate should be reduced to 25 per cent from around 40 per cent at present, eminent economist Surjit Bhalla said. While speaking to PTI, Bhalla said reduction in tax rate is required … Read more
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, 6 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2023-24. As per the Union Budget presented in Parliament by Finance Minister … Read more
(As part of a Budget special series by ETMarkets.com, we reached out to money managers seeking their perspective on Budget 2023 with a simple question: What if I were the Finance Minister of India) As the finance minister of India, I would take several steps that can be taken to improve the country’s economic situation. … Read more
India’s direct tax collections stood at Rs. 14.71 lakh crore for FY 2022-23 up to January 10, 2023, which is 24.58% higher than the gross collections for the corresponding period of last year, government data released on Wednesday showed. Direct tax collection, net of refunds, stands at Rs. 12.31 lakh crore, which is 19.55 % … Read more