Zero tax till Rs 12 lakh: What’s difference between rebate under Section 87A, exemptions & deductions?

Zero tax till Rs 12 lakh: What’s difference between rebate under Section 87A, exemptions & deductions?

Budget 2025: The recent announcement of a Nil tax rate for individuals with taxable income of up to Rs 12 lakh in the fiscal year 2025-26 has been met with enthusiasm by those within this income bracket. Finance Minister Nirmala Sitharaman implemented changes to the slabs, rates, and rebates under the New Tax Regime to guarantee … Read more

Income tax bill won’t raise tax or compliance load: Finance secretary Tuhin Kanta Pandey

Income tax bill won’t raise tax or compliance load: Finance secretary Tuhin Kanta Pandey

New Delhi: Finance secretary Tuhin Kanta Pandey on Thursday said that the new income tax bill, expected to be tabled in Parliament next week, will not add any new tax or compliance burden to taxpayers. “Let me assure you (in the income tax bill) there will be no extra tax on the taxpayers,” he said … Read more

Severe tax penalties on these cash transactions; check I-T dept’s latest note

Severe tax penalties on these cash transactions; check I-T dept’s latest note

The Income Tax Department has recently published a brochure stressing the importance of avoiding cash transactions to reduce the risk of tax penalties. The primary goal of this campaign is to educate taxpayers about the potential financial consequences of engaging in cash transactions, which could result in harsh penalties according to the Income Tax Act. … Read more

New ITR deadline: You will have to pay this amount while filing belated ITR by January 15

New ITR deadline: You will have to pay this amount while filing belated ITR by January 15

ITR filing in January: The Central Board of Direct Taxes (CBDT) has announced an extension of the deadline for resident individuals to file belated and revised Income Tax Returns (ITRs) for the assessment year (AY) 2024-25. The new deadline is now January 15, 2025, instead of the previous deadline of December 31, 2024.  Individuals who … Read more

GST on used cars: No new tax imposed on old, used cars, single tax rate fixed at 18%, say experts

GST on used cars: No new tax imposed on old, used cars, single tax rate fixed at 18%, say experts

Experts in the field on Tuesday clarified that the GST Council has not recommended the imposition of any new tax for old and used vehicles in the recent meeting. The experts clarified that the GST Council has simplified the tax rate and recommended unifying and prescribing a single rate of GST on the sale of all old … Read more

ITR filing deadline: Bombay HC asks CBDT to extend timing to file ITRs for taxpayers claiming 87A rebate

ITR filing deadline: Bombay HC asks CBDT to extend timing to file ITRs for taxpayers claiming 87A rebate

The Bombay High Court has instructed the Central Board of Direct Taxes (CBDT) to issue a notification extending the deadline for revised and belated Income Tax Return (ITR) filings until January 15, 2025. This extension applies only to taxpayers eligible for claiming the section 87A tax rebate.  This is in response to a Public Interest … Read more

D Gukesh’s Rs 11.45 crore chess prize: Can it escape taxes under Section 10(17A) of Income Tax Act?

D Gukesh’s Rs 11.45 crore chess prize: Can it escape taxes under Section 10(17A) of Income Tax Act?

India’s young chess prodigy, D. Gukesh, made history by earning a remarkable Rs 11.45 crore in prize money after winning the 2024 FIDE World Championship. While his achievements have brought immense pride to the nation, the big question doing the rounds is: Will this substantial prize money be taxed under Indian law? The taxation of such … Read more

Sovereign Gold Bond: SGB 2017-18 Series VIII subscribers to get 152% profit on premature redemption. Should you withdraw or stick on?

Sovereign Gold Bond: SGB 2017-18 Series VIII subscribers to get 152% profit on premature redemption. Should you withdraw or stick on?

SGB premature redemption: The Sovereign Gold Bond (SGB) Series VIII (2017-18) is scheduled for premature redemption on November 19, 2024, in accordance with the guidelines set by the Reserve Bank of India (RBI). The redemption amount has been determined at Rs 7,460 per unit, determined by the average gold price of 999 purity recorded over … Read more

Foreign assets in ITR: File a belated return to avoid Rs 10 lakh penalty. Know why it is crucial

Foreign assets in ITR: File a belated return to avoid Rs 10 lakh penalty. Know why it is crucial

Declaration of foreign assets: If foreign assets were not declared in the original Income Tax Return (ITR) filed for AY 2024-25, a revised return must be filed by December 31, 2024. Failure to do so could result in a penalty of up to Rs 10 lakh, according to a recent advisory from the Income-Tax Department. … Read more