Tax Benefit

The government's announcement of GST 2.0 will not only ease tax burden on households, empower MSMEs, and accelerate formalisation, but also bring India closer to the dream of a single tax regime, a report said. The GST overhaul will nearly triple the share of items taxed at 5 per cent, rising from 54 consumption categories to 149 categories under GST 2.0, FICCI's Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) said in a report. For rural households, the share of exempt and merit goods in their consumption basket is expected to rise sharply from 56.3 per cent to 73.5 per cent, while for urban households, this share is likely to increase from 50.5 per cent to 66.2 per cent, it said. "As a result, effective GST incidence for rural families falls from 6.03 per cent to 4.27 per cent, while for urban households it reduces from 6.38 per cent to 4.38 per cent. This means more disposable income in the hands of consumers, which in turn will fuel ...

International Financial Services Centres Authority (IFSCA) has issued advisories and warnings to FMEs that the unified regulator suspects could be operating

The tax deduction under the NPS is Rs 50,000 at present

The taxpayer may not get the tax benefit if he is not the title holder in the new property

If a house is sold and the proceeds are used to buy another, whoever contributed to the purchase of the first house can claim exemption on capital gains tax