GST reforms: The primary objective will be to restructure the tax slabs to ensure meaningful outcomes. More tax relief coming soon? The Narendra Modi government, having provided substantial relief in personal income tax and customs tariff rationalisation in the Union Budget 2025, is now expected to initiate efforts to streamline the goods and services tax…
Union finance minister Nirmala Sitharaman on Saturday tabled the Budget 2025 announcing a slew of measures, including no tax on income up to Rs 12 lakh. Here’s a look into the gains and pains that the Budget offers: Gains for taxpayers No tax on income up to 12L. With standard deduction, salaried remain tax free…
NEW DELHI: Finance minister Nirmala Sitharaman on Saturday gave a big bonanza to the salaried people as she announced income tax exemption for individuals earning up to Rs 12 lakh annually.“I am now happy to announce that there will be no income tax payable up to income of Rs 12 lakh (i.e. average income of…
Budget 2025 income tax expectations: The new income tax regime was introduced as an optional tax regime from FY 2020-21. Budget 2025 income tax expectations: Ever since Finance Minister Nirmala Sitharaman introduced the new income tax regime with reduced tax rates and almost no deductions and exemptions, salaried taxpayers have been wondering whether the old…
Raid by I-T dept underway at the residence of Sunil Srivastava NEW DELHI: Income Tax officials on Saturday conducted searches at the residences of Jharkhand chief minister Hemant Soren‘s personal secretary, Sunil Srivastava and others. According to reports, around 9 premises in Ranchi and Jamshedpur are being covered as part of these raids.More details are…
NEW DELHI: Income disparity has declined by over 74.2% between fiscal year 2013-14 and 2022-23 for those earning up to Rs 5 lakh annually, according to a report by the State Bank of India.The study noted that the lower-income group, defined as those earning less than Rs 5.5 lakh, has experienced positive growth rates over…
In a landmark judgment, Supreme Court ruled in favour of the income-tax (I-T) department, upholding the validity of nearly 90,000 reassessment notices issued after April 1, 2021, under the old provisions. Over 9,000 writ petitions had been filed in various high courts challenging these notices, with most courts siding with taxpayers.A bench of Chief Justice…
During a recent debate, political figures made numerous claims on topics ranging from U.S. energy production to healthcare and gun violence, sparking scrutiny over their accuracy. While some assertions, like the U.S. maintaining record oil output and Trump’s impact on the trade deficit, hold up under examination, others—such as claims about Iran’s access to assets…
NEW DELHI: The income tax department will deny tax deducted at source (TDS) credit and flag your income tax return (ITR) if it detects any discrepancies between the TDS information reported in the ITR and the data provided by the TDS deductor. When a TDS deductor deducts the tax, they are required to file a…
The big money that top Indian cricketers make from various sources is a subject that always generates massive interest among the fans, with cricket being the most followed sport in the country ever since the 1983 World Cup triumph.Besides their earnings from playing the game, which has multiplied manifold since the arrival of the Indian…
