MUMBAI: In a significant ruling, the Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench has held that a gift of Rs 20 lakh received by a taxpayer from his non-resident brother, based in the UAE, is not subject to tax. This judgement underscores that Indian tax laws exempt certain gifts from being taxed, particularly those received from…
Budget 2024 income tax takeaways: Finance Minister Nirmala Sitharaman on Tuesday presented the first Budget of the Modi 3.0 government. This is the first full budget of the Modi Government post elections. With no major changes being announced in the interim budget, the expectations were high this time around. In line with Government’s focus on…
Budget 2024 income tax changes explained: Salaried taxpayers have reason to cheer! Finance Minister Nirmala Sitharaman announced major changes in the new income tax regime during her Union Budget 2024 speech. These changes will give many salaried taxpayers a benefit of Rs 17,500 – provided that they are opting for the new income tax regime!“Coming…
Latest income tax slabs FY 2024-25: Finance Minister Nirmala Sitharaman has changed the income tax slabs effective FY 2024-25 under the new income tax regime as announced in Budget 2024. The standard deduction under the new income tax regime has also been hiked from the present Rs 50,000 to Rs 75,000. According to FM Nirmala…
Leave Travel Allowance: Employees opting for the old tax regime should be aware of the various exemptions and deductions that they can claim to reduce their tax. Leave Travel Allowance (LTA) is one such benefit. If it’s included in their salary or cost-to-company (CTC), employees can claim it.According to ET, there are certain restrictions and…
Employees’ Provident Fund Tax Benefits: It’s that time of the year when you have to choose between the old and the new income tax regime so that your employer will start cutting TDS from the April salary. When understanding the tax exemptions available under the old tax regime and deciding on tax saving investments, don’t…
New versus old income tax regime – understanding TDS on salary: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming…
Public Provident Fund: The Public Provident Fund (PPF) is popular because of its attractive interest rates and tax benefits, especially for small savers. You can deposit as little as Rs 500 or up to Rs 1.5 lakh annually in a PPF account.PPF provides tax exemption under section 80C of the Income Tax Act, and its…
HRA tax exemption rules: House Rent Allowance (HRA) is a common component of many employees’ salary packages. Unlike basic salary, HRA isn’t entirely taxable, subject to specific conditions outlined in Section 10(13A) of the Income-tax Act, 1961.The exemption on HRA reduces the taxable portion of an employee’s income, thus offering a means to save on…
NEW DELHI: Bengal chief minister Mamata Banerjee on Thursday launched a scathing attack on the Bharatiya Janata Party (BJP) while addressing a public rally in Cooch Behar ahead of the Lok Sabha elections.In a no-holds-barred attack on the BJP, the Trinamool Congress (TMC) supremo alleged that the central probe agencies, BSF, and CISF are working…
