TAX FREE

CBIC orders release of imports without delay

Industry was facing delays in release of consignments and denial of free trade agreement benefits with authorities questioning value addition in third-party invoicing, ET reported on June 8.

Should you invest in tax-free bonds?

In order to take a decision to invest in tax-free bonds, Gaurav must weigh its features against other investments. As an investment providing tax-free income, these bonds may fare well when compared to bank fixed deposits and debt mutual funds.

How NPS, other perks can save Rs.1 lakh income tax

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC

Tax on concessional interest rate loan: The Supreme Court of India has stated that bank employees have to have income tax if they have availed loan from their employers at concessional interest rate or interest free rate. However as per our calculations, even if bank employees pay income tax on this loan, they will still have some savings.

Will you save more tax by opting for the old income tax regime?

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

Tax money pays for free ration scheme but BJP trying to take credit, says Mayawati

Mayawati criticizes BJP for taking credit for free rations on 'X'. She deems it inappropriate to seek votes in return. PM Modi and BJP leaders promote the scheme in rallies. Rations funded by tax money. Mayawati is the former UP CM. Congress, Mallikarjun Kharge, and SP chief Akhilesh Yadav criticize the BJP's approach.

Tax free settlement of family assets: How Godrej like family arrangement can help in redistribution of wealth among members without capital gain tax

The Supreme Court of India permits re-distribution of wealth using family arrangement among the members of the family. Further using this method eliminates the possibility of the family memebers paying any capital gains tax. The Godrej family recenlty used this process. Read here to know how you too can use family arrangement process.

Violent protests continue in Pakistan-occupied Kashmir against price hikes

5 things to know before investing in Sukanya Samriddhi Yojana (SSY): Eligibility, documents required and more

Families with a girl child under the age of 10 are increasingly opting for SSY accounts. SSY enjoys a relatively higher interest rate and sets aside a corpus that can be used for the daughter’s education or marriage.

Shanthi Gears Q4 Results: Company reports PAT at Rs 25.68 cr vs Rs 19.47 crore a year ago

Shanthi Gears Ltd has recorded a profit after tax of Rs 25.68 crore, for the quarter ending March 31, 2024, the Tamil Nadu-based company said on Thursday.

Paris, Milan become the new favourite shopping destinations for travellers after London's 'Tourist Tax'

After Brexit, the UK discontinued tax-free shopping incentives, leading thousands of tourists to redirect their shopping to Paris, Milan, and Madrid. Despite lobbying efforts, the UK remains steadfast in its decision. The shift has resulted in increased spending per person, particularly in France and Italy. While some argue the policy negatively impacts tourism, the UK government asserts it benefits public finances.

SC holds bank employees' interest-free loans taxable as fringe benefits

The Supreme Court has ruled that interest-free or concessional loans given by banks to their employees will be considered "fringe benefits" or "amenities" and therefore taxable. The court argued that these benefits are unique to bank employees and are in the nature of a "perquisite," thus liable to taxation. The court upheld the income tax rule, but deemed the fixation of SBI's interest rate as the benchmark to be neither arbitrary nor unequal exercise of power.

Use NPS, salary perks to reduce tax by Rs 1 lakh; here's how

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

How NPS benefit in salary can increase tax savings

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

Proof of HRA claims of previous years; can you really take it easy after CBDT's assurance of no review of old HRA cases

Rent HRA: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to identify fake HRA claims from previous years. However this communication from CBDT should not be taken lightly, because if you have claimed false HRA and evaded income tax then the income tax department is bound to catch you.

How to restructure salary, investments to cut income tax outgo by Rs 64,557

Under Section 80CCD(2), up to 10% of the basic salary put in the NPS on behalf of the employee is tax-free. TaxSpanner estimates that Patil can reduce his tax by almost Rs.65,000 if his company rejigs his pay structure to include some tax-free emoluments and he increases the contribution to the NPS to 10% of his basic salary.

Tax-saving ideas: Do this to reduce tax to zero

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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.

Which investment is 100% tax-free: 3 tax-saving investment options for tax-free income

Tax-saving ideas: Particularly for individuals in higher income tax brackets, the taxability of investment returns becomes pivotal. Taxable returns are added to your income and subject to higher tax rates.

Tax-free allowances can be availed under new income tax regime too: Avinash Godkhindi, CEO, Zaggle Prepaid

The flexi benefits in the salary can now be managed digitally, which actually eases the compliance burden for both the employee and the employer. For instance, the Zaggle Multi Wallet Card can be used to pay for a range of employee benefits and reimbursements, says Avinash Godkhindi, CEO, Zaggle Prepaid.

Tax-free bonds: All you need to know

Tax-free bonds earn a fixed interest rate which is tax-free in the hands of investors. Text: Centre for Investment Education and Learning (CIEL)

Income Tax Planning FY2023-24: 4 tax-saving options for tax-free returns

We all invest in various financial products to save some tax. However, the income or return generated from these investments often attract tax. There are still some investments that can offer you tax-free returns. If you are planning to invest now, here is a list for you.

How to use NPS, perks to cut tax outgo by Rs 1.2 lakh

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.