SENIOR TAX PROFESSIONALS
How NPS can help you save Rs 26,000 in tax outgo
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Professional services companies add record partners as business booms
The professional services sector in India is experiencing significant growth, with top firms collectively amassing over 3,300 partners. EY stands out as the first firm to surpass 1,000 partners, driven by strong growth in advisory services post-Covid-19 disruptions. The Big Four firms reported combined revenue exceeding ₹39,000 crore, with a focus on expanding leadership to meet rising demand. Deloitte, PwC, and KPMG have been actively promoting and hiring partners, while Grant Thornton and BDO have also shown impressive partner growth.
IPO rush amid market rally boosts demand for independent directors
Amid IPO frenzy, companies race to appoint independent directors with specific skill sets crucial for growth. Women lead key committees, while former bureaucrats remain sought after. The process overlooks competencies, favoring recommendations from bankers and auditors. Specialized firms aid in identifying professionals for board roles, ensuring compliance with listing regulations.
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.
Should you file ITR if your income is less than Rs 7 lakh with nil income tax?
Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.
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.
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Managing finances after 80: Answers to three major personal finance questions for super senior citizens
As one ages, it becomes clear that the couple won’t leave the world together. Typically, the husband worries about the wife’s ability to manage money, while the wife worries about the husband’s ability to manage food and health. However, neither cooking, nor investing is rocket science, and it is never too late to learn these crucial life skills.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
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
Tax-saving tips: HRA tax-free after rent to parent; how to reduce tax outgo by Rs 83,264
Gupta can reduce his tax by more than Rs.83,000 if he claims HRA exemption by paying rent to his father, if his company offers him the NPS benefit, and he invests more in the scheme on his own. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Mismatch in ITR filed: Received wrong tax demand notice? How to inform income tax department about it
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Bankers in India to get higher salary increases than Singapore, Hong Kong
India's finance professionals are set for significant salary hikes in 2024, outstripping Hong Kong and Singapore. Major firms like HSBC Holdings Plc are expanding operations in India, reflecting the nation's economic growth and wealth management potential.
Woman gets 6-month jail for not filing ITR; who has to mandatorily file income tax return, consequences of not filing
Who has to file ITR: The decision was made following a complaint from the Income Tax Office (ITO), alleging that Rs. 2 lakh was deducted as TDS (tax deducted at source) from a receipt of Rs. 2 crore received by the accused in the fiscal year 2013-14. Despite this, the accused failed to file an income tax return for the assessment year 2014-15.
Tax-saving tips: How to use NPS benefit from employer to save Rs 80,000 in tax
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Genpact expects FY24 revenue to remain sluggish, FY23 growth slows to 4%
Genpact forecasts total revenue for Q1FY24 in the range of $1.108-1.114 billion representing a modest growth of 1.75-2.25%. The growth on a constant currency basis is projected in the range of 1.95% to 2.45%. Gross margins are expected to remain flat at 35%. Full-year revenue growth is expected to remain lower in the range of 2-3% yoy in the range of $4.57 billion to $4.61 billion.
11 ways of tax savings for salaried individuals for FY 2023-24
11 tax deductions for salaried individuals: If you want to save tax for FY 2023-24 then there is still time. Given below is a list of 11 tax deductions which you can claim upon fulfilling certain investment or other criterias. These tax deductions can help you lower your total income and thus reduce your tax outgo.
Interim Budget 2024: Decoding for individual taxpayers
Though a significant rejig in the direct tax rates and exemptions was in any case not expected, however, the salaried class was still hopeful to receive some benefit from the Interim Budget to reduce the tax burden.
Senior Citizens’ Savings Scheme (SCSS): Can I deduct penal interest while filing ITR?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
13 ways the FM can simplify matters for income tax payers in interim Budget 2024: CII
The Interim Budget 2024, will be presented by the finance minister, Nirmala Sitharaman, on February 1, 2024. A few key steps as suggested by CII that would help to rationalise and simplify taxes are as follows.
Interim Budget 2024: Government may simplify withholding tax math
Budget 2024: There are several tax deducted at source (TDS) provisions with different thresholds and multiple rates. This has created a TDS maze that leads to frequent disputes as well as the blocking of working capital at businesses.
What is professional tax: These employees might have to pay it even if they are working from home
Even if an employee is working from his/her home they need to pay professional tax if their office is registered in a state where professional tax is levied. There could even be situations where an employee is working from home in a state which does not levy professional tax, yet the employee has to pay professional tax. There could be other such situations also. Read here to find out.
The Power of Change Management Workshops for Senior Executives
Change management workshops for senior executives are crucial in today's business landscape. These workshops provide leaders with the necessary tools to navigate organizational transitions effectively.
Why HNIs from India are exploring residence-through-investment programmes overseas
When it comes to migrating, Indians lead the pack with a 32 million-strong diaspora. Industry experts say that enhanced global mobility, smoother business and tax planning are the key drivers propelling the move overseas.
How a senior citizen, single woman can take charge of her finances; 7 money rules to follow
Keeep it simple. There is no need to manage multiple bank accounts, mutual funds, brokerage accounts, properties and assets. Consolidate the assets in a manner that makes it easy to monitor and manage efficiently. All other investments should not exceed 10-12 products.
Moonlighting employees under tax scanner
The Indian income-tax department has issued notices to professionals who have earned additional income outside their normal salary but failed to declare it in their tax returns. The majority of the notices were issued for financial years 2019-2020 and 2020-2021 and relate to income such as moonlighting that was higher than salaries declared.
Why you should file ITR even if your income is less than Rs 5 lakh
If you have an net taxable income below Rs 5 lakh, then you are eligible for income tax rebate u/s 87A which will essentially make your tax liability nil. Nonetheless you should file ITR because every person whose income is above the basic exemption limit is mandated to do so.
Lower your tax outgo by offsetting losses in equity investments
The STCG is taxed at 15% if the investor sells equity shares within 12 months of purchasing it. STCG applies when shares are sold at a price higher than the purchase price. Meanwhile, LTCG is taxed at 10% on the sale of equity shares over a threshold of Rs 1 lakh after holding it for at least one year. In both cases, the applicable cess will apply. LTCG also provides the benefit of indexation
Are there tax benefits to forming an HUF?
One of the primary reasons for creating an HUF is to save tax. Here are some points to keep in mind while doing so.
Income tax slabs for proprietorship businesses, professionals, partnership, domestic companies
Given below are the income tax slabs for sole proprietorship business, professionals, partnership firms and domestic companies registered under Companies Act, 2013. The income tax slabs and rates mentioned below are applicable for the current financial year. Read on to know more about it.
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