Higher basic customs duty rates wherever introduced to protect the domestic industry from global competition, cannot continue perpetually, Central Board of Indirect Taxes and Customs (CBIC) chairperson Sanjay Agarwal said in an interview. The CBIC chairperson said that increased domestic production of mobile phones have resulted in reducing the import duty on finished mobile phones … Read more
The changes in the capital gains tax announced in the Union budget for FY25 are rational decisions that will benefit people in most scenarios, and it is for the government to decide on the suggestions that come up, Central Board of Direct Taxes chairperson Ravi Agarwal said in an interview. “We feel that this … Read more
The Union government clarified on Sunday that tax clearance certificates would be mandatory only for those accused of financial irregularities or who have substantial tax arrears. The clarification comes after a Budget 2024 proposal that would have made them mandatory for all overseas travellers sparked outrage on social media. In the Finance Bill 2024, the … Read more
On July 23, 2024, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Parliament, announcing modifications to direct taxes. One notable highlight of the Union Budget 2024-25 is the 50% rise in the standard deduction, now up to ₹75,000. This is a beneficial move for salaried taxpayers, particularly those choosing the new tax … Read more
The Indian equity market is experiencing a robust bull run, climbing steadily despite several challenges. Domestic equity benchmarks Sensex and Nifty 50 recovered from post-budget losses and added 0.9 per cent and 1.24 per cent, respectively, for the week, posting the eighth week of gains — registering their best weekly winning streak in the last … Read more
One of the government’s objectives is to provide social security benefits to citizens. In Budget 2024, the Finance Minister made two announcements towards this objective. These include proposals to raise the limit for employer contribution towards employee’s NPS to 14% from the earlier 10%, and the introduction of NPS Vatsalya for minors. Let us understand … Read more
Do you like investing in gold or invest in gold for diversification of your portfolio? Then you need to know about the recent changes concerning gold that came out in yesterday’s budget. In this article, we will look into the changes and how they might impact your personal finances. The first thing that caught everyone’s … Read more
Budget 2024 removed the provision of indexation in the calculation of capital gain tax. A study tried to evaluate its impact on the quantum of taxes and discovered that the taxes, on average, would increase considerably. This study simulated tax calculations for 10 major cities and found out that LTCG taxes on average increase 2.9 times without … Read more
Union Minister Nirmala Sitharaman tabled the Finance Bill in the parliament as part of the Union Budget 2024-25, which included an amendment to the Black Money Act. Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal stated on 25 July that the amendment in the Black Money Act would provide taxpayers relief from penalty when … Read more
With the revision of tax rates in the new tax regime (NTR) announced in Budget 2024, some taxpayers are in a dilemma about the rates at which they have to calculate their income tax liability while filing their income tax returns ahead of the July 31 deadline. In Budget 2024, Finance Minister Nirmala Sitharaman announced … Read more