Tata AIA Life Insurance has launched two new fund offers (NFOs) targeting India’s growing consumer market, recognising the economic boost driven by recent tax reforms and increasing disposable incomes. The Tata AIA Life Tax Bonanza Consumption Fund and the Tata AIA Life Tax Bonanza Consumption Pension Fund aim to capitalise on these changes by enabling … Read more
Tax-Budget 2025: During the presentation of the Union Budget 2025-26 in Parliament on February 1, Saturday, Union Finance Minister Nirmala Sitharaman introduced several measures. One of the key proposals in the new tax regime is the complete exemption for individuals earning up to Rs 12 lakh annually. This move aims to provide relief to the middle-class … Read more
As Finance Minister Nirmala Sitharaman prepares for the Budget 2025 announcements, many taxpayers, including Non-Resident Indians (NRIs), are anticipating long-awaited relief. NRIs are hoping for some changes to the 182-day residency criteria and simplification of Tax Deducted at Source (TDS) requirements for selling properties in India. These initiatives could help address ongoing challenges faced by … Read more
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
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
New Delhi | Mumbai: The government appointed Indian Administrative Services (IAS) officer Sanjay Malhotra as the next governor of the Reserve Bank of India (RBI) for a three-year term, succeeding Shaktikanta Das, whose tenure ends Tuesday. Malhotra takes over at a time of high inflation and slowing growth amid calls for rate cuts to bolster … Read more
As the Finance Ministry undertakes a comprehensive review of the Income Tax Act, a a new survey has revealed that 94% of industry leaders surveyed unanimously agree on the need for simplification of the current income tax law in India. “Interpretation of tax law and computing taxable income and tax payable are highlighted as the … Read more
In its pre-Budget memorandum submitted to the Finance Ministry, ASSOCHAM has proposed the rationalisation of TDS rates by suggesting a uniform rate of either 1% or 2% for all payments made to resident assessees. This proposal aims to reduce disputes caused by differing interpretations and enhance tax compliance. The memorandum also called for the decriminalisation … Read more
Expanding the coverage of the statement of financial transactions (SFT) — annual information returns, in its earlier avatar, obtained from various sources — that identify potential taxpayers by examining spending patterns is fine. The only limit on how much data is collected is the tax department’s ability to use what is collected, while safeguarding data … Read more
By Vivek SinghIncome tax, by its very nature, is based on a delicate social contract between the government and the taxpayer. Complexity of tax laws, high element of discretion in tax administration, and undue focus on search, seizure and probe have sometimes disrupted this social contract and made the process of tax collection somewhat adversarial … Read more