How profits on mutual funds are taxed for a salaried person? In addition to my salary income, I have income from equity mutual funds. How will my tax liability be calculated? Reply by Balwant Jain, a tax expert. How much tax do I have to pay? Calculate now Your salary and profits realized on redemption … Read more
Tax query: I am 28 years old and still unemployed. My mom gives me Rs 30,000 as pocket money every month. Will I have to pay taxes? I am going to file my ITR nevertheless but not sure if I have to pay any taxes on the money that is credited into my account. My … Read more
Tax changes from October 1: In her first Budget presentation under the Modi 3.0 government, Finance Minister Nirmala Sitharaman introduced significant alterations to the taxation system, particularly affecting investors and shareholders. Among the key changes announced was the hike of the securities transaction tax (STT) on Futures & Options (F&O) of securities to 0.02% and … Read more
The GST Council on Monday (September 9, 2024) is expected to deliberate on a host of issues, including taxation of insurance premium, GoM’s suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources claimed the fitment committee, comprising Centre and State tax officials, will present a report on GST levied on … Read more
Rathin Roy, prominent economist and former member of the Prime Minister’s Economic Advisory Council (PMEAC), dismissed the increase in capital gains tax as irrelevant to the fiscal health of India. In an interview to Moneycontrol, Roy said adjusting the capital gains tax, whether doubling or halving it, would scarcely impact the country’s tax revenue. He … Read more
The budget continues to build on the recent economic progress, and despite substantial provisions for necessary investments, the fiscal deficit is decreasing. It notably prioritises nine areas, which include agriculture, employment, human development, energy security, manufacturing, innovation, infrastructure, and next-generation reforms. Significant allocations and initiatives are aimed at transforming India’s education and employment landscape. Efforts … Read more
The Income Tax filing deadline is just 46 days away from today, with the deadline being on July 31, 2024. Taxpayers should be ready to file their returns anytime now at the tax rates declared by the government. One should note that there are two types of tax regimes — Old Tax Regime and New Tax … Read more
In my HUF account I have shares of market value of Rs 25 lakh, Rs 2 lakh in bank account and Rs 10 lakh as advances to a firm. I have 2 married sons and one married daughter. After my demise how the shares get transferred to my childrens’ account, and what about the other … Read more
All types of income are taxed in India. Starting from salary, rental income, business income, stocks, mutual funds income, everything is taxed as per the taxpayer’s chosen tax regime and income tax slab. Homemakers and retirees often engage in buying and selling shares as a source of income. However, they may be uncertain about the … Read more
Since the Centre made the New Tax Regime the default tax system in 2023, there has been many reports on which tax system is better and what to choose. The government introduced a new tax regime, known as Section 115BAC, as an alternative to the old tax regime. This new regime was optional and started … Read more