Finance Minister has announced changes in tax slabs in the budget 2024 presented on July 23. The rate of taxation remains unchanged, however the size of each of the slabs, excluding the initial zero rate for income upto âš3 lakh remains unchanged. The slab of âš3 lakh to âš6 lakh has been expanded to âš3…
Congress Member of Parliament (MP) Shashi Tharoor termed Finance Minister Nirmala Sitharaman’s Bugdet an âunderwhelmingâ one, which has simply ânot addressedâ key issues. The Budget, the former Union Minister said, has nothing to offer for people, except those from Bihar and Andhra Pradesh â the two states governed by Bharatiya Janata Party (BJP)’s key allies….
The entire country is eagerly waiting for Budget 2024 wherein Union Finance and Corporate Affairs minister Nirmala Sitharaman to announce changes in income tax rates to reduce the tax outgo of masses. Changes in tax slabs is something that takes place once in a blue moon. The last time these tax rates were changed was seven years ago…
Income tax Budget 2024: Finance Minister Nirmala Sitharaman will present her seventh Budget today, July 23rd. Expectations include a potential hike in standard deduction, relief in income tax rates, and an increase in Section 80C exemptions. Section 80C exemption Salaried persons can use Section 80C exemptions to reduce their taxable income by âš1.5 lakh in…
Budget 2024 is all set to be announced on 23rd July, 2024. India is looking for a crucial roadmap for âViksit Bharatâ by 2047 and provide short and long-term plans for the next 5 years under the governmentâs 3.0 administration. Having said that, let us see what the common man expects from the Budget 2024….
With Central Board of Direct Taxes (CBDT) awarding Taxnet 2.0 project to Bharti-Airtel, tax departmentâs 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…
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…
Thanks to the new tax regime which has done away with most exemptions and deductions, taxpayers are now redefining the way they tend to invest and save their income tax. One of the popular investment schemes among retail investors who want to save tax include Equity Linked Savings Scheme (ELSS) which enables investors to stay…
Taxpayers are entitled to claim a rebate under section 87A of the Income Tax (I-T) Act, 1961, which enables them to pay ânilâ tax when their income is up to âš5 lakh in the old tax regime and âš7 lakh in the new tax regime. However, a number of taxpayers and chartered accountants have expressed…
Facing rejection of your Income Tax Return (ITR) form can be inconvenient. However, the good news is that by familiarizing yourself with the common reasons for rejection, you can take proactive steps to ensure a seamless filing process. There are several reasons why the Income Tax Department in India might reject your ITR form. Here…
