[ad_1] In this yearâs Union Budget 2024, Finance Minister Nirmala Sitharaman introduced a new initiative – the NPS Vatsalya scheme. This scheme is designed to support long-term savings for minors. The scheme is a noteworthy government initiative aimed at fostering long-term savings for children. It enables parents and guardians to invest on behalf of minors,…
[ad_1] The Union government clarified on Sunday that tax clearance certificates would be mandatory only for those accused of financial irregularities or who have substantial tax arrears. The clarification comes after a Budget 2024 proposal that would have made them mandatory for all overseas travellers sparked outrage on social media. In the Finance Bill 2024,…
[ad_1] TCS credit would be collected at the time of payment or remittance and be available while filing the income tax return. If the TCS was higher than the net tax liability as per the income tax return, then the taxpayer would get a refund of the TCS. The problem is more acute for salaried…
[ad_1] Prime Minister Narendra Modi will chair the 9th governing council meeting of NITI Aayog today at the Rashtrapati Bhavan Cultural Centre in New Delhi. This year’s theme is âViksit Bharat@2047â, focusing on making India a developed nation. Apart from PM Modi, who is the chairperson of the NITI Aayog, other attendees of the meeting…
[ad_1] West Bengal Chief Minister Mamata Banerjee arrived in Delhi on Friday, July 26, to attend the NITI Aayog meeting and also met Delhi Chief Minister Arvind Kejriwal’s wife Sunita at her residence. Arvind Kejriwal is in jail in connection with a money laundering case linked to the Delhi excise policy. A video of the…
[ad_1] If you have recently sold an asset and are unsure whether the sale will be computed as per the short-term or long-term capital gain tax, then you need to first determine the holding period of the asset. This is the threshold that determines whether the capital gain is short term or crossed over to…
[ad_1] Budget 2024 removed the provision of indexation in the calculation of capital gain tax. A study tried to evaluate its impact on the quantum of taxes and discovered that the taxes, on average, would increase considerably. This study simulated tax calculations for 10 major cities and found out that LTCG taxes on average increase 2.9 times…
[ad_1] Finance Minister Nirmala Sitharaman has defended the recent tax increases, saying that the government does not want more money and rather wants to ensure a uniform treatment of all asset classes. âTaxes have not been increased because I want more money⌠The decision is based on the idea that every asset class has to…
[ad_1] In the recent past, did you make a remittance outside India under the LRS scheme for your childâs education or book an overseas tour package? Based on the transaction amount, you must have paid Tax Collected at Source (TCS) of 5% or 20%. To claim the TCS amount paid, you will have to wait…
[ad_1] The Union Budget 2024 brought substantial revisions to the new tax system, enhancing its appeal to taxpayers. The standard deduction has been raised from âš50,000 to âš75,000 in the new tax regime introduced in this yearâs budget announcement. Individuals earning up to âš7 lakh per year will be exempt from paying income tax. The…
