Page 14 - Income Tax

From capital gains tax to job creation, understanding Union Budget 2024

Budget 2024: While some of the announcements were on expected lines, many have led to a surprise among investors

Budget 2024 impact: Can Sensex dip to 76,000 post capital gains tax rejig?

In the worst-case scenario, the Sensex can slide to 75,800 levels, which is the 50 per cent retracement level from the June 4 Lok Sabha election outcome-day low, said Ajit Mishra of Religare Broking.

Budget 2024: New income tax slabs announced, middle class gets no relief

Budget 2024: More than two-thirds of taxpayers adopted the new income tax regime in FY24, according to FM Sitharaman

Well-focused Budget 2024 with special development thrust: Madan Sabnavis

Union Budget 2024-25 news: There has been some comfort provided to individuals who opt for the new income tax scheme as there is some rationalisation across the slabs

Budget 2024: Standard deduction limit in new tax regime raised to Rs 75,000

Union Budget 2024: Nirmala Sitharaman on Tuesday announced that the standard deduction limit under the new tax regime has been revised to Rs 75,000 from the existing Rs 50,000

Cut in LPG prices to revision of tax slabs: Expectations from Budget 2024

All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy

ITR filing: Who is responsible for paying taxes on minor's earnings?

A minor can have a PAN card and his parents or guardian can apply for the same

'Tax relief for the middle class will be a big positive for the markets'

Nifty is comfortably trading at 15-year average PE of 19.2x. As long as valuations are not frothy in large caps, there's not much to worry about, said Siddharth Vora of Prabhudas Lilladher

Income tax rate cut, sops for PSUs: Brokerage expectations from budget 2024

Expectations (as measured by pre-budget equity market performance), wrote analysts at Morgan Stanley in a note, are important in determining what the market does immediately after the budget

In tax records, the marked rise of companies reporting zero income

Fewer than 1,000 firms have reported income of more than Rs 500 crore

Tax returns filing: How differently abled people can claim benefits

Section 80U of the Income Tax Act provides significant benefits to differently abled people

Deduction, rebates, liability: Which tax regime is suited for your salary

The old regime provides deductions and exemptions and the new one has lower tax rates but fewer deductions

Filing ITR 2024 for pensioners: What you need to know before July 31

Under the Income Tax Act, pensions are classified as "Income from Salaries"

Senior citizen tax benefits: Pension, deductions, Income Tax slabs

Senior citizens have higher deduction limits and exemption benefits than younger taxpayers

Check out list of high-value transactions that may alert IT authorities

The tax department employs advanced data analysis techniques to detect disparities between disclosed income in ITRs and actual financial transactions

10 key points first time taxpayers should know before filing IT returns

If you find the process complicated, don't hesitate to seek assistance from a qualified tax professional

IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta

Ravi Agrawal, a 1988-batch IRS officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department. He takes over from Nitin Gupta, a 1986-batch Indian Revenue Service officer, whose extended tenure as the chairman ends on Sunday, June 30. Gupta was appointed as the CBDT chief in June, 2022. He was scheduled to retire in September last year but was given a nine-month extension till June. The new CBDT chief is currently working as member (administration) in the board. An order issued by the Appointments Committee of the Cabinet (ACC) said Agarwal will head the CBDT till June, 2025. Agrawal is scheduled to retire in September but his appointment order said he will continue on "reappointment on contract basis" till June 30 next year, in usual terms and conditions applicable to re-employed central government officers, in relaxation of the recruitment rules. A senior Union finance ministry officer told PTI

MP ministers to now pay Income Tax; state cabinet revokes 52-yr-old rule

Madhya Pradesh cabinet on Tuesday decided that state ministers will have to pay their Income Tax, instead of the state government bearing such burden. Chief Minister Mohan Yadav in a statement said the cabinet has taken a decision to strike off the 1972 rule, under which the state government was paying the Income Tax on the salaries and perks of ministers. The cabinet decided that all ministers will pay the Income Tax on their salaries and allowances, Yadav said. State Urban Administration Minister Kailash Vijayvargiya said during the cabinet meeting, the chief minister gave a suggestion that the ministers themselves pay their Income Tax. The suggestion was accepted and hence the decision was taken in this regard, he said.

Budget 2024: Rise in standard deduction limit likely in new tax system

Union Budget 2024: Standard deduction represents a portion of the income that is not subject to taxation; it serves as a comprehensive allowance for tax deductions available to salaried employees

Russian parliament approves proposal to raise income tax for the wealthy

Russia's parliament on Thursday gave preliminary approval to a bill that outlines higher income taxes for Russia's wealthy elite. The bill, which was passed in the first of three readings in the State Duma, Russia's lower parliament house, comes as Moscow continues to spend vast amounts of money on the military campaign in Ukraine. The proposal involves a progressive tax on personal incomes and represents a change of course from the current flat-rate tax that was credited with bringing order and improving tax collections after it was introduced in 2001. It envisages imposing a 13% tax for incomes of up to 2.4 million rubles ($27,500) a year. For incomes over that amount, a steadily higher tax rate would apply. The maximum tax rate would be 22% for annual incomes exceeding 50 million rubles ($573,000). The increased taxes would affect not more than 3.2% of Russia's taxpayers, Russian President Vladimir Putin said this week, citing calculations by the Finance Ministry. The proposed