PERSONAL FINANCE EXPERT DECODES NEW TAX REGIME
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
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.
Income tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial 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.
Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget?
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.
Union Finance Minster Nirmala Sitharaman chairs pre-budget meeting with state finance ministers
Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam for suggestions on the upcoming Union Budget, after previously consulting with economists and industry experts. She is set to chair the 53rd GST Council Meeting to discuss tax rates, policy modifications, and administrative challenges, crucial for shaping India's indirect tax system. The agenda for the meeting is yet to be disclosed.
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
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Lesson for entrepreneurs: What are the common mistakes startup founders make and how to avoid them?
India has the third largest startup ecosystem in the world, with 1.17 lakh entities (DPIIT), nearly 1,710 venture capital funds, 794 accelerators and incubators (Tracxn), and several government initiatives like Startup India. Despite this fervour and support, financial and otherwise, the startup journey is extremely difficult.ET Wealth lists the typical mistakes most founders make and tell you how to tackle these
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
ETMarkets Smart Talk: Why are arbitrage funds popular among HNIs, Anuj Kapoor decodes
Anuj Kapoor of JM Financial discusses the tax efficiency of arbitrage funds for HNIs and the growth of new millionaires in Tier 2 and Tier 3 cities. He highlights the interest in unlisted opportunities, strategic advisory for family businesses, and the impact of market volatility on investments. Kapoor says: "Funds focussed on the manufacturing, defence, PSUs, which have been underperformers over the last decade, have shown strong performance and have delivered stellar returns."
How to switch from new tax regime to old tax regime
Change income tax regime: At the start of the financial year, an individual is required to select one tax regime - old or new- for deducting of taxes on salary by employer. However, it may happen that an individual wants to switch the tax regime from what was opted in the start of the financial year. The income tax laws allow such change. Here is how to go about it.
Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one
With the start of the new financial year, companies are reaching out to their employees to select the tax regime for 2024-25. This is an important decision because you can do it only once in a financial year. Once you make a choice, your income will be taxed as per the tax structure of that regime
What are the new things you ought to know about new tax regime? Anil Rego answers
Anil Rego explains the implications of choosing between old and new tax regimes, emphasizing the importance of deductions like home loan interest. Opting in is necessary for the old regime, which offers specific benefits for tax planning. Rego says: "It makes sense for you to go for the new tax regime if you do not have too much tax saving investments. But you would ideally need to compute it."
Ministry of Finance debunks falsehoods: New tax regime clarified, no changes on horizon
Ministry of Finance posted, "Ministry of Finance posted on X, "It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that: There is no new change which is coming in from 01.04.2024....."
March 31 is around the corner; don’t invest just to save tax: Harshvardhan Roongta
Harshvardhan Roongta advises on tax-saving investments, emphasizing the importance of insurance coverage and evaluating product merit beyond tax benefits. He highlights key insurances and suggests considering ELSS for tax savings.
A product for all seasons? What is NPS' appeal for millennials and Gen Zers?
Kurian Jose discusses PFRDA's initiatives to attract youth to pension products through innovative features like QR code investing. The NPS rule changes offer flexibility in withdrawals and investment options, promoting early retirement planning and long-term financial security.According to Jose: "I look at the NPS as India's answer to social security."
How to save tax: 6 easy income tax saving tips
One of the easiest ways to save tax is to avail tax deductions under section 80C. Each fiscal year presents an opportunity to reduce your taxable income by up to Rs. 1.5 lakh through Section 80C deductions. These deductions are accessible to both individuals and HUFs.
NPS versus retirement mutual funds: The pros and cons
Adhil Shetty, CEO & Co-Founder, discusses the benefits of NPS and retirement mutual funds for tax-saving and long-term investment. He explains their features, tax implications, and compares them based on lock-in, liquidity, and equity exposure. Both are valuable options for retirement planning.
Want to have financial independence and retire early? Anil Rego on how to go about it
Anil Rego, CEO of Right Horizons, explains the concept of FIRE - Financial Independence and Retire Early. He suggests investing in market-linked avenues like mutual funds, stocks, and PMS can help achieve early retirement. Starting early, balancing lifestyle, and regular financial planning are key for success. In some form, this is something that has been there, but yes, today, it has come into prominence.
Concessional corporate tax rate of 15% for eligible ‘start-ups’ has not been extended beyond March 31, 2024
No extension of concessional tax rate: Interim Budget 2024 has disappointed the manufacturing start-up companies by not extending the sunset date for concessional corporate tax rate of 15% beyond March 31, 2024. Some industry experts are of the opinion that this non-extension might impact the government's Make In India initiative.
Can the Modi government spring a surprise and do a 2019 repeat on Feb 1? Ketan Dalal answers
Ketan Dalal calls for the cap on home loan deduction to be increased and highlights the need for addressing housing, education, and medical expenses. Dalal emphasizes the complexity of the tax laws and suggests reducing the rates of tax instead. He further discusses the need to address ESOP tax, partnership and LLP tax rates, and the minimum slab rate. Additionally, he mentions the importance of introducing a minimum guaranteed pension scheme in NPS and addressing the NPS-2 account.
India has to work on the levers around capital absorption and capital flow incentivisation: Gokul Chaudhri
Gokul Chaudhri, Tax Leader, Deloitte India, discusses the importance of tax reforms to attract capital flows, particularly in the areas of private equity, venture capital, and the start-up ecosystem. He emphasizes the need for predictability and certainty, including simplifying the capital gains regime. Chaudhri also highlights the significance of the energy transition and the role of green bonds and the Production Linked Incentive (PLI) scheme in enabling capital absorption and flow. He references global events such as COP 28 and Davos, where India's growth and regulatory framework were recognized.
Steps to make new tax regime more attractive; clear and concise capital gains tax regime expected: Tapati Ghose, Deloitte
The new tax regime may see further widening of slabs and reduction of tax rates. A clear and concise capital gains tax regime is expected to boost the capital markets. The budget may also focus on increasing relief for medical insurance under Section 80D. Simplification of tax treatment for interest on bank deposits, alignment of Section 80TTA with Section 80TTB thresholds, and easier compliance for individuals crossing borders are anticipated.
Deductions that must be added in new tax regime to make it attractive in interim Budget 2024: Experts
Deductions under new tax regime: The interim budget by the Modi government is around the corner. Many salaried individuals are hoping for some tax relief in the Budget 2024. The government is trying to make taxpayers choose new tax regime instead of old tax regime. However, according to tax experts, more deductions must be offered under new tax regime to make it attractive.
5 ELSS schemes recommended by Vijay Kuppa and why he likes them
ELSS is a great way to save tax while gaining exposure to the equity market. It is recommended for those with a tax saving mindset and a tilted asset allocation towards debt. ELSS schemes are mutual fund schemes that offer exposure to different types of underlying markets. They can be largecap, midcap, or flexicap. Some recommended ELSS funds include Quant ELSS Tax Saver Scheme, Bank of India ELSS Scheme, DSP ELSS Tax Saver Scheme, Bandhan ELSS Scheme, and Kotak ELSS Tax Saver Scheme. EL
Finance act 2023 amends section 87a, no tax liability for incomes up to Rs 7 lakh
The Ministry of Finance has announced a significant change in personal income tax benefits, implementing an amendment to Section 87A of the Income-tax Act, 1961. This amendment allows a rebate to be taxed, ensuring no tax liability for individuals with income up to Rs. 7 lakh. This move aligns with the government's commitment to easing the tax burden on the middle-income segment.
TDS on salary: How to avoid higher income tax under new, old tax regime
With the start of the new year, employers send an email to their employees asking to submit the proofs for investment declaration made during the financial year. This is done to avoid higher tax deducted from salary income. Read on to know the proof you must submit to avoid higher taxes under new and old tax regimes.
Allow NPS investment tax break of Rs 50,000 in new tax regime in interim budget 2024: Experts
An investment in National Pension System (NPS) allows three separate deductions under the Income-tax Act, 1961. These are under Section 80CCD (1), 80CCD (1b) and 80CCD (2). However, deduction under Section 80CCD(2) is available in old as well as new tax regime. Tax experts ask government to allow Rs 50,000 tax break in new tax regime as well for retirement purposes.
Opted for the old tax regime? Have you checked out these tax-saving instruments?
Preeti Khurana says: "Individuals should choose investment products based on their risk profile and investment horizon. Popular products under 80C include life insurance premium, ELSS, PPF, and ULIPs. Tax payers can switch from the old tax regime to the new tax regime at the beginning of the new financial year. Don't forget to claim tax benefits for health insurance and submitting reimbursement claims to reduce tax liability."
ULIPs and NPS: What are the tax benefits you can expect? Arnav Pandya explains
Arnav Pandya says: "If you are just looking at the tax benefit, you do consider one thing that it is very likely that the amount which you invest on which you think you will get a deduction, you are not going to be able to access for a very long time. So that is very important to consider because if you are going to lock in your money for 25 years, then the tax benefit per se might not seem very significant."
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