While sharing his views about expectations from Budget 2024, Hemant Shah, fund manager, Seven Islands PMS, in an email interview with MintGenie, says that the government is likely to put a lot of emphasis on infrastructure development with respect to roads, dams and water. He also hopes that the government could to raise the limit … Read more
Budget 2024 Expectations Live: With the new government’s full Union Budget 2024 set to be announced on July 23, expectation are soaring. The focus remains on potential tax reforms that could impact individuals and businesses. Key anticipated changes include an increase in the basic exemption limit. There is also speculation about raising the standard deduction … Read more
With Central Board of Direct Taxes (CBDT) awarding Taxnet 2.0 project to Bharti-Airtel, tax department’s network system is likely to undergo a facelift. For the uninitiated, CBDT is the top governing body that heads the income tax department. The Sunil Mittal-led telecom company will be responsible for a slew of services to be provided to … Read more
Taxpayers are entitled to claim a rebate under section 87A of the Income Tax (I-T) Act, 1961, which enables them to pay ‘nil’ tax when their income is up to ₹5 lakh in the old tax regime and ₹7 lakh in the new tax regime. However, a number of taxpayers and chartered accountants have expressed … Read more
As only two weeks are left before the deadline to file income tax return (ITR) expires on July 31, taxpayers continue to face glitches on the I-T website. As a result of these glitches, a number of taxpayers are requesting the income tax department on social media for the extension of the deadline. One user, Doli … Read more
Filing an income tax return is easier for individuals who have only one source of income, particularly if it is from salary. Chances are, you’ll qualify to use the ITR-1 form, renowned for its straightforward filing process. Additionally, as a salaried individual, your employer should furnish you with Form 16, which includes most of the … Read more
Although a range of tax-related changes are introduced every year for taxpayers, a few key changes are ‘radical’ and occur only once every three or five years. The introduction of the ‘new tax regime’ is undoubtedly one such key change that is substantive, and will transform the way income tax is calculated and deductions allowed. … Read more
Net direct tax collection for FY 2024-25 spiked to ₹5.74 lakh crore till July 11, 2024, witnessing a jump of 19.54 percent over the preceding fiscal, data released by the income tax (I-T) department indicated. The gross collection of direct tax rose to ₹6.45 lakh crore, thus showing a jump of 23.24 percent. Meanwhile, income … Read more
When filing your income tax return (ITR), you should declare the income that accrues in India and the income that grows abroad. The income Tax department on the X platform posted that you are meant to fill the foreign asset schedule as a resident income taxpayer if you own an asset abroad or have a … Read more
This is the last month to file income tax return (ITR) for individual tax payers. If you don’t intend to pay a penalty, then it is imperative to file your ITR before the month ends i.e. before July 31, 2024. No wonder taxpayers and chartered accountants are busy filing income tax returns on the e-filing … Read more