An investor’s blunt post on India’s tax burden has reignited criticism of the country’s indirect tax structure, drawing attention to the compounding effects of GST and levies on high-end purchases. “If buy any SUV in India, you have to pay over 50% in taxes to the government of India,” wrote investor A K Mandhan on … Read more
Income tax calculations: The Union Budget 2025 raised the income tax exemption threshold to Rs 12 lakh, effectively making incomes up to this amount tax-free. For salaried individuals, this limit increases to Rs 12.75 lakh after factoring in the standard deduction of Rs 75,000 under the new tax regime for FY 2025-26. This has become possible … Read more
The Economic Survey for 2024-25 revealed that the annual growth rate of agricultural income has been 5.23% over the past ten years. Agriculture and its associated activities have always been a crucial pillar of India’s economy, playing a substantial role in both national income and employment generation. However, ahead of the Budget for 2025, there … 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
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
Income Tax: Salaried employees can benefit from many financial benefits offered to them in the form of allowances to reduce their tax burden. Allowances are offered on a monthly basis and must be claimed when filing an income tax return (ITR). The Centre offers many such allowances, which are part of the salary structure. These … Read more