If you are contemplating investing in either fixed deposit (FD) or a small savings scheme, then it is advisable to compare their returns along with other benefits they offer. Typically, a fixed deposit (FD) offers anywhere between 6.7 to 7 percent per annum to depositors whereas other tax saving schemes offer slightly higher. For instance,…
Though the announcement was widely welcomed, it failed to address a critical question – does income from capital gains affect a person’s eligibility for the rebate? In other words, if a person with a â‚ą12 lakh salary earns an additional â‚ą1 lakh from capital gains, will they lose the rebate or will they only have…
In Budget 2025, Finance Minister Nirmala Sitharaman announced that taxpayers with income upto â‚ą12 lakh do not need to pay any income tax. Aside from this, salaried taxpayers will be entitled to take an additional benefit of no tax by virtue of â‚ą75,000 standard deduction. Notably, these changes will come into effect from April 1 2025, which means…
The introduction of the Income Tax Bill 2025 in the Lok Sabha sparked concerns among taxpayers about their eligibility for refunds if they file their Income Tax Return (ITR) after the due date. Initial reports suggested that the new bill would prevent late filers from claiming refunds, marking a shift from the current Income Tax…
With the new tax regime becoming increasingly prevalent and more common, taxpayers stand to lose their eligibility to claim most of the exemption and deductions offered under various provisions such as sections 80C, 80D, 80DD and 80G under the old tax regime. Nearly 73 percent of taxpayers have already opted for the new tax regime while…
India’s income tax law has recently undergone a major reform with a new Bill having been introduced in the Lok Sabha on Thursday and proposed to be reviewed by the select committee. The new Income Tax Bill aims to make the tax legislation simpler, concise and easy to read, so that there is less litigation…
The income tax department has launched the utility to enable taxpayers to check the relevant provision of the new income tax Bill. The new income tax Bill was introduced in the Parliament on Thursday and it will now be referred to the Select Committee of Lok Sabha for further review. Meanwhile, the Lok Sabha proceedings…
The Income Tax Bill, 2025 has omitted the deduction for inter-corporate dividends for companies which opt for 22 per cent tax — permissible under the current legislation, reported Business Line. Under current law, a company can claim a deduction for dividends received from domestic or foreign companies, or from business trusts, when these dividends are…
Its key proposals highlight the government’s commitment to ensure a transparent and business-friendly tax environment. A more concise and structured law: One of the most notable aspects of the Bill is its reduced volume. The legislation cuts the section count from 819 effective ones to 536, significantly reducing the word count by half. This comes…
A new income tax bill was finally placed before Indian lawmakers in Parliament on Thursday. This proposed law significantly cuts down the current legislation’s text, reduces its number of sections and tries to simplify its language. Also Read: Andy Mukherjee: India has slashed income tax but still needs to snip red tape Terms like “assessment…
