Income tax returns: In the Budget 2025, middle-class taxpayers have received some relief. Under the new tax regime announced by Finance Minister Nirmala Sitharaman, individuals earning up to Rs 12 lakh annually will no longer be required to pay any income tax. The exemption limit has been raised, and tax slabs have been adjusted to provide … Read more
Union Budget 2025: In the Union Budget 2025, Finance Minister Nirmala Sitharaman revealed an increase in the basic tax exemption limit in the new tax regime. The limit has been raised from Rs 3 lakh to Rs 4 lakh, providing a significant benefit to a large portion of salaried taxpayers. With no income tax burden … Read more
The finance ministry could take forward further simplification and rationalisation of the tax deducted at source regime in the Union Budget 2025-26 while a more comprehensive revamp of the Income Tax Act, 1961, could take longer. According to sources, the Budget is likely to announce further streamlining of TDS rates with a more simplified slab … Read more
India’s Goods and Services Tax (GST) system has come under sharp criticism, with former Infosys CFO Mohandas Pai taking aim at its ambiguities. “This is silly and complex. It will lead to tax terrorism,” Pai wrote on X, adding that it is making citizens “hostages to rent-seeking officials” and creating endless disputes. His message to … Read more
Union Budget: The full Budget 2024, which was presented in July, brought about significant alterations to the taxation regulations governing mutual fund investments. Mutual funds are a popular choice of investment. During 2024, the cash reserves of mutual funds rose by Rs 70,081 crore, reaching Rs 1.80 lakh from Rs 1.10 lakh at the beginning … Read more
National Pension System: This year in the Budget, Finance Minister Nirmala Sitharaman brought in many tax changes in the existing structure that would affect all taxpayers. She brought in major change to the Capital Gains Tax regime affecting all asset classes. On the other hand, the Budget proposed liberalised tax slabs and rates, and hiked … Read more
GST rates: The Goods and Services Tax on health and life insurance premiums has been making headlines for quite some time. According to a report by CNBC-Awaaz on August 8, sources familiar with the matter have suggested that a reduction in the GST rate on the premium paid for health and life insurance might be … Read more
West Bengal Chief Minister Mamata Banerjee on Thursday demanded that the Centre should roll back the goods and services tax (GST) on life and medical insurance premiums. Calling the tax on insurance premiums “bad”, she said that it adversely affects the people’s ability to take care of their basic needs. “Our demand to Government of India … Read more
Income Tax Slabs: The first full Budget presented by the Modi 3.0 government, unveiled by Finance Minister Nirmala Sitharaman on Tuesday, brought in some important amendments to the tax system, especially the New Tax System. The finance minister made some changes in the New Tax Regime tax slabs, which will particularly favour the middle-class taxpayers. … 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