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
Tax calculations: The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation, while the Old Regime continues to provide tax benefits through various exemptions and deductions. The proposed income tax slabs in the Union Budget 2025 … Read more
The Finance Ministry has recently modified the Direct Tax Vivad Se Vishwas Scheme, 2024 to address issues faced by taxpayers and provide relief. A circular issued by the ministry stated that the changes were made to remove difficulties that had hindered taxpayers from applying for the scheme earlier. The government has released crucial clarifications in … 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
Budget expectations: With the Union Budget 2025 less than three weeks away, TV Mohandas Pai, Chairman of Aarin Capital and former CFO of Infosys, said that the government should think about offering income tax relief to the middle class and simplify the existing taxation system. In an interview with CNBC-TV18, Pai said the government should think … 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
Budget 2025: The Association of Mutual Funds in India (AMFI) has urged for the reinstatement of the long-term indexation benefit for debt schemes of mutual funds, which was removed in the Budget 2024. AMFI has put forth several proposals for the Union Budget 2025-26, including a request to revert to previous tax rates on capital gains, … Read more
The Supreme Court has agreed to hear urgent petitions from online gaming companies this Friday, as they seek a stay on Goods and Services Tax (GST) demands and related proceedings. There are concerns that the final hearing on the constitutional validity of the GST imposed on these companies could be lengthy, potentially leading to adverse … Read more
Tax calculations: The Union Budget 2024 has introduced a new set of tax slabs for the new tax regime to provide more tax relief compared to the previous tax system. Individuals may wonder how to determine which tax regime is more advantageous for them. The decision will depend on the specific deductions that each taxpayer can … Read more