Will Budget bring back indexation on debt MFs?
Budget 2024: Due to inflation and taxes the real returns of debt mutual funds have turned negative in some cases. Earlier the government used to give indexation benefit on LTCG generated from sale of debt mutual funds, however now this benefit is removed. Will the government reconsider its decision for indexation benefit on debt mutual funds?
Budget should hike PM Kisan benefit to Rs 8,000
PM Kisan scheme in Budget 224: Under the PM Kisan scheme, eligible farmers' families across the country earn Rs 6,000 yearly, which is paid in three payments every four months via Direct Benefit Transfer (DBT). Agricultural experts asked the FM to raise the PM-KISAN installment amount in the Union Budget 2024.
How Budget 2024 could simplify capital gains tax
Budget 2024 expectations: The present provisions of determining capital gains tax are complex and varied. The government has hinted at simplifying it, and the upcoming budget could be the perfect opportunity to make those changes. Here's how Budget 2024 can simplify capital gains tax for investors.
Budget should hike basic exemption limit to Rs 5 lakh in both tax regimes
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
10 ways FM can ease tax burden of senior citizens
Income tax Budget 2024 expectations: A notable percentage of taxpayers in India are senior citizens since they receive income, frequently through passive means. ET Wealth Online interviewed three specialists to discuss senior citizens' expectations for the forthcoming Union Budget 2024.
Why govt should hike 80D limit under old tax regime
Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.
Will Budget 2024 end 'pardesi' treatment of NRIs?
Under Indian tax laws, NRIs are taxable on their Indian-sourced income, such as capital gains, dividends, and interest. They are generally taxed similarly to residents but may face less beneficial rules in specific scenarios. The upcoming Budget 2024 may offer relief to NRIs in these areas.
These cities should be included in 50% HRA exemption list
Budget 2024 HRA Exemption: Many employers offer an HRA as part of their employees' compensation. If an employee receiving HRA is paying rent for their accommodation, they can claim a tax exemption on the HRA. Currently, a rented house in Delhi, Mumbai, Kolkata, and Chennai qualifies for a 50% exemption from HRA, while those located in other places come under the 40% bracket.
Why FM should increase the 80C limit in Budget 2024
Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
Budget may hike standard deduction under new tax regime
Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the automatic choice, unless taxpayers chose not to take it.
Income tax relief for those in lowest slab may need to be considered in Budget: CII
Sanjiv Puri, newly-elected CII President, advocates potential income tax relief for the lowest slab amidst high inflation in the upcoming 2024-25 Budget. He proposes institutional platforms for consensus-building on reforms, emphasizing public capex, fiscal discipline, and investment in social infrastructure. CII anticipates inflation around 4.5%, urging RBI rate cuts by year-end.
Budget 2024: Give the middle-class tax benefits & cut fuel excise, India Inc tells Finance Ministry
Budget Expectations: FICCI has proposed simplifying the capital gains tax system by categorizing assets into equity instruments, debt, and other assets with specific rates for long-term and short-term gains. They have also advocated for uniform tax rates for residents and non-residents.
July 2024 final Budget likely to be more populist, no tax changes expected: Aditya Khemka
However, post-election results and allocation of ministries to various candidates, it is perceived that there will be continuity in policy making and reforms may continue as earlier. This is fuelling the optimism.
Budget 2024: Fin Min considering income tax rate cuts to boost consumption
BUDGET expectations: The Indian government is exploring personal tax cuts for individuals earning over ₹1.5 million annually to boost consumption and savings. This move, considered for the July budget after the BJP’s electoral setback, aims to address inflation and unemployment concerns. These adjustments may modify the existing 2020 tax scheme, potentially lowering the 30% top tax rate.
New proposal to form 8th Pay Commission 'immediately' to revise basic, DA of central govt employees; what is the due date of 8th CPC?
8th Pay Commission Latest Update: The National Council (staff side, Joint Consultive Machinery for central government employees) urge formation of 8th Pay Commission citing rising inflation and increased revenue of the Centre. In a letter to the Cabinet Secretariat, Shiv Gopal Mishra, Secretary, National Council (staff side, JCM) claimed a gap exists between Dearness Allowance (DA) and actual price rise. He pointed to a doubling of government revenue since 2015 and decreased workforce as reasons to justify higher pay, allowances, and pensions of the central government employees.
Income tax slab rates for FY 2024-25 (AY 2025-26)
Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo.
CBDT brings new update in income tax AIS; now you can check the status of correction request; Here's how it works
Annual Information Statement (AIS): The Central Board of Direct Taxes (CBDT) has updated the functionality of AIS which can be found on the compliance portal. Now after you put in a correction request, you will be able to see whether the reporting source took any action at all. CBDT says this makes the system more transparent.
