TAX REBATE
Outlay for export tax remission plans unlikely to change in Budget
The government is unlikely to increase the allocation for key tax remission schemes for exporters in the 2024-25 budget, despite demands for more support. In the interim budget, ₹16,575 crore was earmarked for the RoDTEP scheme and ₹9,246 crore for the RoSCTL scheme. Exporters argue for adequate allocation to maintain zero-rated exports, a government policy, as merchandise exports rose 5.1% year-on-year in the first two months of this fiscal.
Income tax relief: Budget 2024 may increase standard deduction under new income 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.
Budget 2024: Skilling industry demands incentives, tax rebates and labour codes in meeting with FM Sitharaman
Ahead of the Union Budget for 2024-25, the Union Minister of Finance and Corporate Affairs held the eighth Pre-Budget Consultation in New Delhi, focusing on employment and skill development. Key figures like Anshuman Magazine and Suchita Dutta emphasized the need for skilled workers and job readiness among graduates. Discussions also highlighted incentives for skill improvement and formal employment practices, including lowering GST rates for employment services. There were calls for greater inclusion of women in the workforce and the expansion of social security measures. Startups advocated for foreign language education to tap into global job markets.
Budget FY25: Central trade unions call for scrapping of four Labour Codes and the new pension scheme
In their pre-budget meeting with finance minister Nirmala Sitharaman on Monday, the joint platform of 10 central trade unions, barring the Bhartiya Mazdoor Sangh, suggested government to enhance resource mobilization through enhanced corporate tax and wealth tax, raise the ceiling limit for the income tax rebate for the salaried class, set up the social security fund and fill up all the existing vacancies in the central government departments and public sector undertakings with regular employment while doing away with contract jobs.
Have income above Rs 3 lakh? Pay zero tax if your income is up to this limit, thanks to rebate under section 87A
Income tax rebate: Under section 87A you can get a maximum tax rebate of Rs 12,500 under the old tax regime and up to Rs 25,000 under the new tax regime. However this rebate is only available if your income is upto a specified limit. Read to find out more about income tax rebate.
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.
- Go To Page 1
CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
CBIC introduces electronic disbursement of duty drawback amounts to exporters' bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.
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.
Income Tax department notifies cost inflation index for current fiscal
The Income Tax Department has notified the Cost Inflation Index (CII) for the fiscal year 2024-25, set at 363, to calculate long-term capital gains from the sale of assets. The CII reflects economic inflation, with an increase of 15 points from the previous year, aiding taxpayers in adjusting gains for inflation and reducing tax liabilities.
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.
How to save income tax in new tax regime? Two deductions that salaried can claim
Deductions under new tax regime: If you are planning to opt for the new tax regime in current financial year, then there are two deductions that are allowed under the new tax regime. These deductions are available to salaried individuals. Read on to know more about these two deductions and how it can be claimed.
What are the new income tax slabs, rates after interim Budget 2024 for FY 2024-25?
Income tax slabs for FY 2024-25: The finance minister Nirmala Sitharaman has not announced any change in the income tax slabs and income tax rates in her interim budget. An individual having no business income will require to select between old and new tax regime in upcoming financial year 2024-25 as well.
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
6 income tax rules that salaried should know as financial year 2024-25 starts from April 1
Income tax rules from April 1 for FY 2024-25 (AY 2025-26): The new financial years starts from April 1. It is important to know the correct income tax rules for every financial year so that an individual can do the tax planning for the same accordingly, make tax-saving investments for the current financial year. Read on to know the income tax ready reckoner for financial year 2024-25.
How selling equities before March 31 can help you save income tax
Save long term capital gains tax: Individuals can save income tax by booking profits up to a certain limit on equity shares and equity oriented mutual funds held for more than 12 months. This method is called 'tax harvesting' and it is fully legal in India. Here's how to use this method to reduce your tax outgo and pocket some gains.
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.
NPS investment can save you tax on income up to Rs 9.5 lakh under old, new tax regime: Here's how
Tax saving via NPS investment: There are many income tax laws changes that have come into effect from April 1, 2023 for current FY 2023-24. However, NPS investment is one that can help you save tax in both the old and new tax regimes. However, it is important to know the tax rules to save income tax via NPS investment.
What is Section 80C tax deduction limit after Budget 2024?
Section 80C limit in interim Budget 2024: Various investments and expenditures specified under Section 80C allow individuals to claim a maximum deduction of Rs 1.5 lakh from gross taxable income in a financial year. It is important to note that the new tax regime does not allow deduction under Section 80C of the Income-tax Act.
Has Budget 2024 hiked income tax rebate under section 87A in old tax regime, new tax regime?
Section 87A tax rebate in Budget 2024: Due to tax rebate under Section 87A individuals need not pay income tax if their taxable income does not exceed the specified level or limit. Currently, section 87A of the income tax law allows individuals to claim a tax rebate of Rs 12,500 under the old tax regime and Rs 25,000 under the new tax regime.
All outstanding personal tax demand notices up to Rs 25,000 withdrawn till FY 2014-15 in Budget 2024
Withdrawal of outstanding income tax demands: The new announcement has been made in the Budget 2024 will benefit one crore taxpayers.
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.
New tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024
Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These changes not only impacted your 2023 but will also impact your 2024 especially at the time of filing income tax return. Read on to know more about it.
Will interim budget 2024 bring any major income tax changes? Here's what the Modi govt did in previous ones
The finance Minister Nirmala Sitharaman is likely to present the interim budget/Vote on Account of the current government on February 1, 2024. Due to election year, the budget will not be for the full financial year. The budget for the full financial year 2024-25 will be announced after the elections.
Duty rebate on Scotch Whisky, EVs likely to be taken up with UK in Jan
India and the UK are set to discuss duty concessions on Scotch whisky and electric vehicles, as well as the mobility of skilled workers. India is also considering a longer transition period and tax restoration for exporters. Despite these issues, New Delhi is hopeful of closing three trade pacts with the UK, Oman, and the European Free Trade Association (EFTA) early next year.
Why is it important for the govt to have a budget?
A well-planned budget is essential for any government to achieve economic stability and growth. By strategically allocating resources, encouraging investment and savings, promoting business growth, reducing economic disparities, and supporting public sector enterprises, the government can effectively steer the country towards prosperity.
No HRA component in salary? You can still claim tax exemption for the rent you pay
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
How are NRIs taxed: 8 questions on residency status, taxable income, deductions and exemptions, ITR forms
Here’s everything you wanted to know about taxation that NRIs are subjected to in India.
Who is eligible for tax rebate under Section 87A of the Income-tax Act?
87a Rebate: To make the new tax regime more attractive, the rebate under Section 87A has been hiked to Rs 25,000 for taxable income up to Rs 7 lakh. Thus, an individual opting for the new tax regime in FY 2023-24 will pay zero taxes if their taxable income does not exceed Rs 7 lakh.
Section 87A income tax rebate is not available on these incomes
Section 87A of the Income Tax Act, 1961 allows an income tax rebate of Rs 12,500 (for both old and new tax regime) for FY 2022-23 (AY 2023-24). This tax rebate makes one's income tax liability zero. But certain transactions are taxed at a specific rate and are hence not allowed for section 87A tax rebate.
Load More
