The Income Tax Department has issued a strong warning against cash transactions, cautioning taxpayers about the risks and penalties associated with non-compliance. Under the Income Tax Act, 1961, certain deductions and allowances are disallowed for cash payments, and violations above specified limits can attract penalties equal to the amount involved. “Say ‘No’ to cash transactions. … Read more
Budget expectations: Finance Minister Nirmala Sitharaman is set to unveil the Union Budget on February 1, 2025, a highly anticipated event for taxpayers nationwide. The segment on income tax is of particular interest, as individuals eagerly await any potential changes that could offer relief. Speculation for this year’s budget centers around possible modifications to tax … Read more
India’s economy is set to grow at an impressive 6-8% CAGR over the next decade, and stock markets are expected to reflect this with nominal returns of 12-13%. But according to financial influencer and founder of Wisdom Hatch, Akshat Shrivastava, this is where most investors falter — confusing nominal gains with real wealth growth. “Taxes, … Read more
While nations like China, the US, and Singapore forge ahead with ambitious strategies, India risks being left in the dust, Wisdom Hatch founder Akshat Shrivastava warned in a recent post. “In China, even an average city outpaces Indian metros in infrastructure. In the US, the debate is about getting more meritorious people who can build … Read more
Finance minister Nirmala Sitharaman tackled criticism over taxation with a firm defense rooted in facts and personal understanding. Speaking on the challenges faced by the middle class, she outlined her government’s efforts to simplify taxes and ensure fairness. “I wish to do more, but there are limitations,” she was quoted as saying in an interview … Read more
An ex-Infosys employee successfully won a pivotal case against the Income Tax Department after the Jodhpur Income Tax Appellate Tribunal (ITAT) classified Bitcoin as a capital asset. This ruling not only allowed the former techie to pay a lower tax rate but also claim a ₹4.95 crore exemption under Section 54F of the Income Tax … Read more
India’s agriculture isn’t a one-size-fits-all crisis. While some farmers survive on just ₹27 a day, others earn significantly more without paying taxes. Capitalmind founder Deepak Shenoy pointed out the glaring imbalance, emphasizing that wealthier farmers and companies exploiting agricultural tax exemptions should not remain untaxed. Shenoy was responding to a post that highlighted dismal farmer … Read more
Advance tax refers to the income tax that is required to be paid in advance throughout the year, in instalments according to the designated due dates by the income tax department. It is commonly referred to as the ‘pay as you earn’ tax, and is expected to be settled in the same year in which … Read more
Launched in August this year, the Jharkhand Mukhyamantri Maiya Samman Yojana or Maiya Samman Yojana is a cash benefit scheme, much similar to Maharashtra’s Ladki Bahin Yojana, Madhya Pradesh’s Ladli Behna Yojana, was designed to improve the financial security and well-being of women throughout the state. Numerous female recipients are eagerly anticipating the upcoming disbursement … Read more
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