taxation

Stay invested! India growth story intact, but rational yet conservative approach must

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Stay invested! India growth story intact, but rational yet conservative approach must

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

ITR Filing: Check income tax slab rates for FY 2024-25 (AY 2025-26) under old, new tax regimes

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ITR Filing: Check income tax slab rates for FY 2024-25 (AY 2025-26) under old, new tax regimes

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

I have an HUF account. How will my assets get distributed among my children after my demise?

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I have an HUF account. How will my assets get distributed among my children after my demise?

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

Income tax FY25: How are listed and unlisted shares taxed. Check details

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Income tax FY25: How are listed and unlisted shares taxed. Check details

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

Old Tax Regime vs New Tax Regime: Here’s guide on which tax system to choose if your salary is Rs 80,000

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Old Tax Regime vs New Tax Regime: Here’s guide on which tax system to choose if your salary is Rs 80,000

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

TCS on overseas credit card spends likely in the next Budget

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TCS on overseas credit card spends likely in the next Budget

The centre is in discussions to bring overseas credit card spends above Rs 7 Lakh under the Liberalized Remittance Scheme (LRS), on which a 20% tax could be implemented in the upcoming Union Budget, as per sources in the Ministry of Finance. The rollout of the announcement is expected to happen in Union Budget FY25 … Read more

What are the tax implications if I buy a new property after selling a house where my mom was a co-applicant, and I’ve never filed her ITR?

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What are the tax implications if I buy a new property after selling a house where my mom was a co-applicant, and I’ve never filed her ITR?

I bought a house in 2010 in my name, made my mom a co-applicant, and registered it on her name. Now I want to sell it. How would I be able to save tax? Will TDS be divided between me and my mother? Also, do I have to file a return for my mother to … Read more

Investment submission deadline: Here’s how you can save on tax and maximise take-home salary

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Investment submission deadline: Here’s how you can save on tax and maximise take-home salary

In India, taxpayers have the flexibility to choose between two tax regimes based on what suits them best. The old regime provides for exemptions and deductions under sections like 80C, 80D, HRA (House Rent Allowance), LTA (Leave Travel Allowance), etc, helping individuals reduce their taxable income. However, this regime entails higher slab rates. In contrast, … Read more

Investment submission deadline: Here are the deductions which are allowed under New Tax Regime

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Investment submission deadline: Here are the deductions which are allowed under New Tax Regime

New Tax Regime: The Centre introduced the New Tax Regime under Section 115BAC as a new optional alternative to the Old Tax Regime from April 1, 2020 (FY 2020-21) for individuals and the Hindu undivided family (HUF). But after three years, Union Finance Minister Nirmala Sitharaman during the Union Budget 2023 announced that the New … Read more

Arbitrage funds may be back in favour after facing big pullouts

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Arbitrage funds may be back in favour after facing big pullouts

Mumbai: Low returns of 3-3.5% from arbitrage funds over the past one year saw rich investors withdrawing ₹20,048 crore from this category over the past three months, with bank deposits or liquid funds gaining traction in the bargain. But with the sharp rally increasing spreads between cash and futures arbitrage, returns from arbitrage schemes are … Read more