[ad_1] Indians have long had a confrontational relationship with the nation’s tax office, whose adversarial approach has crushed countless small businesses and international investors. This was meant to be the year the government fixed all that and repaired relations with taxpayers. A few weeks ago, India’s federal budget cut taxes for many middle-class Indians. It…
[ad_1] In India, taxpayers can choose between the old and new income tax regimes, each offering distinct benefits. However, this choice isn’t permanent and can be revisited annually. Whether you are a salaried employee or running a business, understanding how often you can switch between tax regimes is crucial for maximising your tax savings. In…
[ad_1] I have worked outside India for 12 years but I will be relocating back to India in April for a better employment opportunity at an MNC. I have one residential property in India from 2010 which I will sell and instead purchase a bigger one after I return. Approximately how much tax will be…
[ad_1] 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…
[ad_1] 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…
[ad_1] In these years, the number of tax filers has gone up from 65 million to 80 million, which is still less than 6% of the population. Of all those filers, barely 25 million pay more than zero tax. Thanks to the recent hike in the exemption ceiling, it is possible that another 8 to…
[ad_1] The United Kingdom’s (UK) top 100 taxpayers list revealed that the number one taxpayer in the country is not amongst the top celebrities like Ed Sheeran or JK Rowling, it is someone know to former British Prime Minister Rishi Sunak, reported the news portal The Sunday Times (UK). According to the news report, Sir…
[ad_1] This is not just from the perspective of funding higher levels of public expenditure that becoming a developed country will entail, but also in terms of the impact it will have on the investment and economic growth needed to help us achieve this vision. Also Read: Budgeting for growth A developed India must have…
[ad_1] Inspired by developed nations, this progressive tax system is designed to promote fairness by imposing incrementally higher tax rates on higher income brackets. For instance, an individual earning â‚ą5,00,000 pays tax at 5%, while someone with an income of â‚ą7,00,000 is taxed 5% on the first â‚ą5,00,000 and 20% on the additional â‚ą2,00,000. This…
[ad_1] Taxpayers must note that the deadline for filing a belated income tax return or submitting a revised return for the assessment year 2024-25 is fast approaching. The final date for submission is in one week, i.e., on January 15, 2025. Originally, the deadline was set for Dec 31, 2024. However, the Central Board of…
