Page 25 - Income Tax

'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

Govt projects 10.5% growth in revenue from taxes to Rs 18.23 trn in FY24

The government on Wednesday projected a 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 lakh crore in the next fiscal. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 lakh crore. In the current fiscal (2022-23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 per cent compared to 2021-22 fiscal when the collection was Rs 14.08 lakh crore. In the current fiscal, the revenue from corporate tax is expected to come in at Rs 8.35 lakh crore. This is projected to rise by 10.4 per cent to over Rs 9.22 lakh crore in the next fiscal. Personal income tax collections this fiscal are estimated at Rs 8.15 lakh crore and are projected to rise by 10.4 per cent to over Rs 9 lakh crore next year. Collections from Customs duty are expected to rise by 11 per cent to Rs 2.33 lakh crore, from Rs 2.10 lakh crore in t

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

I-T benefits in union budget to propel deposit growth: Bandhan Bank MD

The income tax concessions proposed in the Union budget will promote more savings and propel growth in deposits, which in turn, will help the banking industry, Bandhan Bank Managing Director and Chief Executive Officer Chandra Shekhar Ghosh said on Wednesday. In her budget speech, Union Finance Minister Nirmala Sitharaman announced no tax for those with an annual income of up to Rs 7 lakh under the new tax regime but made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA. "For the last year, we have witnessed that the deposit growth is less than normal. The new tax norms proposed in the budget will encourage people to save more, and in turn, it will normalise the growth in deposits. It indeed will help the banking industry. When the deposit growth increases, the credit flow also increases," he said. In what is being seen as a push for the salaried class taxpayer to switch to the new tax regime

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

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 proposals will put India firmly back on the FII's radar

The measures, overall, will push private capex higher at a time when the global economy is facing recessionary headwinds, says Andrew Holland

Budget delivers a big boost for consumption-related stocks: Analysts

The Budget has put more money in the hands of the people through relief from Income Tax, which is a very positive step, analysts said

FM should cut cess, taxes on fuels and surcharge on income tax: Chidambaram

Finance minister must find out answers as to why India Inc. is not investing, says Congress leader

Tax harvesting: Strategy for offsetting losses that needs careful planning

Equity investors should go for the strategy before March 31 and reduce their liability on capital gains

Finance Ministry contemplating sops for middle class in upcoming Budget

The finance ministry is considering proposals to benefit the middle class in its last full Budget of the Narendra Modi 2.0 government to be presented on February 1 in the Lok Sabha. The finance ministry is looking into proposals sent by various government departments on specific steps which may be announced in the Budget, benefitting a large section of the middle class, sources said. The government has not raised income tax exemption limit from Rs 2.5 lakh which was fixed in 2014 by the then Finance Minister Arun Jaitley in his first Budget. Also the standard deduction has remained at Rs 50,000 since 2019. Several experts are of the opinion that the exemption limit as well as standard deduction need to be increased to compensate salaried middle class for elevated level of inflation. The recent statement of Finance Minister Nirmala Sitharaman that she was aware of pressures of the middle class has raised hope that some incentives may come for them in the upcoming Budget. "I too bel

Centre expected to introduce new income tax slabs in Budget 2023: Report

Currently, there are six slabs in the new personal income-tax regime, starting with the Rs 2.5-5 lakh income bracket taxed at 5 per cent

Budget 2023: Salaried class wants higher tax-free slab as inflation bites

From a tax-free slab of Rs 5 lakh to a higher exemption limit under Section 80C, here is what experts are hoping for in Budget 2023

Wealthy Indians reporting lower income, paying less tax: DSE study

The study found that the average taxable income reported by the bottom 10 per cent of households was more than 170 per cent of family wealth

Centre planning rate changes in new income tax structure, says report

Individuals can currently decide which set of rates they want to be taxed under

Taxes, incentives, reforms: How to read this year's Budget document

What taxpayers, senior citizens and investors should look out for in the Finance Minister's speech

Rates are out of tune for higher-income levels, need revisions

India is somewhere in the middle when taxation for the upper-income bracket is considered, but leaving tax rates untouched can translate into a heavier tax burden on the population