The new form will enable employees to provide information about TCS and TDS from other sources. (AI image) TDS for salaried employees: The Central Board of Direct Taxes (CBDT) has introduced a new form, Form 12BAA, to facilitate the implementation of the Budget 2024 announcement regarding the adjustment of TDS and TCS from other sources…
Budget 2024 capital gains tax changes: The Narendra Modi government is considering suggestions for tweaks in the new long term capital gains tax regime that was announced by FM Nirmala Sitharaman in Union Budget 2024.The July 23 budget reduced the LTCG tax on property from 20% to 12.5%. The indexation benefit, which allowed taxpayers to…
Income Tax Notice on the way? The Income Tax Department is gearing up to send out a large number of notices in the coming month, as there are concerns that many taxpayers might escape the tax net due to the impending implementation of the new reassessment law on September 1, 2024.According to the amended regulation…
Budget 2024: Prime Minister Narendra Modi on Tuesday addressed a CII post-Budget 2024 conference, stating that in 10 years, his government has tripled India’s Budget. The last Budget presented by the Manmohan Singh government in 2014 was of Rs 16 lakh crore. Ten years later, the Union Budget 2024 presented by us a few days…
Representative photo India’s gold demand in the June quarter fell 5% from a year ago, but consumption in the second half of 2024 is set to improve due to a correction in local price following a steep reduction in import taxes, the World Gold Council (WGC) said on Tuesday. Higher purchases in the world’s second-biggest…
Latest NPS rules, news: In the Union Budget 2024 speech, Finance Minister Nirmala Sitharaman announced two new initiatives with regard to National Pension Scheme (NPS) – extension of NPS 14% employer contribution benefits to private setcor and the intended launch of NPS Vatsalya.Budget 2024 announced the hiking of the tax deduction limit on private sector…
Budget 2024 new NPS benefits: Finance Minister Nirmala Sitharaman has announced additional tax benefits for salaried taxpayers investing in the National Pension Scheme. The Union Budget has taken steps to promote retirement planning by enhancing the tax advantage on NPS contributions and introducing a new option for minor children in the pension system. The deduction…
Representative image Luxury products such as watches, handbags, and high-end televisions are set to get costlier with the government proposing to levy 1% tax collected at source (TCS) on notified goods of value priced at more than ₹10 lakh. The tax is, however, unlikely to dent demand as these products are largely bought by well-heeled…
The effect of 2024’s Lok Sabha election results was writ large on the first Budget of Modi 3.0, with employment creation given pride of place and keeping allies happy too very much in focus. The fact that the Budget comes at a time when the govt’s finances are relatively comfortable meant that finance minister Nirmala…
Jewellers are applauding FM Nirmala Sitharaman‘s proposed reduction in custom duty to 6 per cent on gold and silver along with a reduction in custom duty on platinum to 6.4 per cent. They are calling the Union Budget 2024 a game-changer for the diamond, gems, and jewellery industry and it has provided an opportunity for…
