[ NEW DELHI: Net direct tax collections rose 17.7% to nearly Rs 19.6 lakh crore during the last financial year, surpassing the revised estimate and providing comfort to the Centre to close the year with healthier than expected fiscal deficit.The Centre has already surpassed the indirect tax collection target for 2023-24 and some savings are … Read more
[ Employees’ Provident Fund Tax Benefits: It’s that time of the year when you have to choose between the old and the new income tax regime so that your employer will start cutting TDS from the April salary. When understanding the tax exemptions available under the old tax regime and deciding on tax saving investments, … Read more
[ Public Provident Fund: The Public Provident Fund (PPF) is popular because of its attractive interest rates and tax benefits, especially for small savers. You can deposit as little as Rs 500 or up to Rs 1.5 lakh annually in a PPF account.PPF provides tax exemption under section 80C of the Income Tax Act, and … Read more
[ HRA tax exemption rules: House Rent Allowance (HRA) is a common component of many employees’ salary packages. Unlike basic salary, HRA isn’t entirely taxable, subject to specific conditions outlined in Section 10(13A) of the Income-tax Act, 1961.The exemption on HRA reduces the taxable portion of an employee’s income, thus offering a means to save … Read more
[ NSC interest rate: The National Savings Certificate (NSC) is a popular savings tool backed by the government. It offers guaranteed returns and tax benefits, making it attractive to conservative investors seeking low-risk options for steady income. As the latest interest rates for various small savings schemes like PPF, Senior Citizen Savings Scheme, and Sukanya … Read more
[ MUMBAI: What’s in a number? Well, a fictitious mobile number ‘9999999999’ that was entered by Abu Dhabi Investment Authority to enable it to upload its income tax return on the portal, led to I-T authorities doubting the veracity of this entity. Consequently, the commissioner (appeals) upheld tax at 20% on interest income of about … Read more
[ MUMBAI: RBI governor Shaktikanta Das said the central bank has approved a platform that will facilitate online merchants to receive payments from any bank via internet banking, without signing up for every bank.Bharat Bill Payment System, an arm of the National Payments Corporation of India, will implement a new system of interoperable netbanking payments. … Read more
[ It is tax planning season, and investors are considering the Equity Linked Savings Scheme (ELSS) for its dual benefits of capital appreciation and tax exemption. ELSS mutual funds provide tax exemption on investments up to Rs 150,000 under Section 80C of the Income Tax Act.ET quoted Deepak Gagrani, Founder of MADHUBAN FINVEST, saying that … Read more
[ Sovereign Gold Bonds: Investing in Sovereign Gold Bonds (SGBs) can be beneficial for individual investors seeking to protect their savings with gold. If the need arises to cash out prematurely, investors can do so without facing income tax on their gains. The premature redemption window opens for 21 days. Here’s how it works.According to … Read more
[ By Deepika MathurBudget 2024 income tax expectations: Imagine working for a job that pays you less money every year. Will you continue in such a job? The simple answer for most of us will be a resounding “No”. Welcome to inflation 101 – if you earn the same amount year after year, your real … Read more
