Page 24 - Latest Updates on Income tax
Govt expects 'fabulous' response to revamped I-T regime: CBDT chief
The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh
 "Govt expects 'fabulous' response to revamped I-T regime: CBDT chief")
Budget 2023: New tax regime (II) can help you save more in taxes
But high-income individuals who avail of a variety of deductions will still prefer the old regime
 "Budget 2023: New tax regime (II) can help you save more in taxes")
Capex push, tax rationalisation: Brokerages give a thumbs-up to Budget 2023
Our equity strategists view the budget as positive for infrastructure and capex-sensitive sectors, says Goldman Sachs
 "Capex push, tax rationalisation: Brokerages give a thumbs-up to Budget 2023")
Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST
Budget 2023: The Centre has also made a distinction between 'games of skill' and 'games of chance' in the Finance Bill, signalling that both might get a separate tax structure in future
 "Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST")
Old income tax regime vs new income tax regime: Which one is better?
New income tax regime: The taxpayers can avail of several deductions under the old income tax regime using section 80C etc. But under the new tax regime, no such deductions are allowed
 "Old income tax regime vs new income tax regime: Which one is better?")
Rebates to slabs: Budget's key changes in Income Tax regime explained
This move indicates that the old regime will slowly be wound up
 "Rebates to slabs: Budget's key changes in Income Tax regime explained")
Tax sops, Capex push, Adani rout: Why Sensex swayed 2,000pts on Budget day?
Budget 2023: Analysts said the Budget push in the capital expenditure (capex) outlays across sectors and the income tax relief have been the top boosters to support the domestic economy
 "Tax sops, Capex push, Adani rout: Why Sensex swayed 2,000pts on Budget day?")
Push for new income-tax regime: Pain points & what's on offer in Budget
India's taxation rates had been higher than others like the US or Brazil, though lower than other peers
 "Push for new income-tax regime: Pain points & what's on offer in Budget")
From capex outlay to tax slab rejig, seven big wins from the Budget
The government's focus on ease of doing business and the expanded corpus for the credit guarantee scheme will mean MSMEs have a lot to gain from this Budget
 "From capex outlay to tax slab rejig, seven big wins from the Budget")
Want to make exemption-free tax regime attractive for people: FM Sitharaman
Sitharaman said large macroeconomic considerations had been kept in mind, and fiscal consolidation had not been ignored
 "Want to make exemption-free tax regime attractive for people: FM Sitharaman")
A change of heart on taxes and tariffs
There is much to commend in the Budget, especially the substantial increase in capital expenditure
'Reward the rich' politics
With a 10% tax cut for the super-rich, has the Modi government lost it? If this is what we believe, we are still caught in oldthink in our political economy
Budget 2023-24: Relief to middle class set to spur private consumption
The government plans to collect just over Rs 9 trillion via personal income tax in FY24
Up but not out of the woods: Pain points & what's on offer in Budget
There was a 7 per cent year-on-year decline in the January numbers reported by the country's largest manufacturer Tata Motors
 "Up but not out of the woods: Pain points & what's on offer in Budget")
Govt projects 10.5% growth in revenue from taxes to Rs 18.23 trn in FY24
Collections from Customs duty are expected to rise by 11% to Rs 2.33 trillion, from Rs 2.10 trillion in the revised estimates
 "Govt projects 10.5% growth in revenue from taxes to Rs 18.23 trn in FY24")
Budget 2023 a roadmap for resurgent India; aims to get fiscal house in order
Budget 2023: This budget may galvanize an effective AI ecosystem necessary to nurture buoyancy in GST revenues and improve taxpayer morale and trust in the system
 "Budget 2023 a roadmap for resurgent India; aims to get fiscal house in order")
I-T benefits in union budget to propel deposit growth: Bandhan Bank MD
Speaking on the budget proposal for simplifying the KYC process, Ghosh hailed it as a noble effort
 "I-T benefits in union budget to propel deposit growth: Bandhan Bank MD")
Budget 2023: Income tax slabs changed under new tax regime. Details here
Income Tax Rates and Slabs: Under the new tax regime, the highest tax rate of 30% will be levied on income above Rs 15 lakh
 "Budget 2023: Income tax slabs changed under new tax regime. Details here")
Compute your income tax liability after Budget 2023 changes here
No tax will have to be paid for income up to Rs 3 lakh
Budget 2023-24: Where does the rupee come from, and where does it go?
Budget 2023: The largest share of the Centre's expenditure goes towards paying the interest on borrowings
 "Budget 2023-24: Where does the rupee come from, and where does it go?")