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
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
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
In Budget 2024, the central government has sweetened the new tax regime with more slab relaxations and an increase in the standard deduction from ₹50,000 to ₹75,000. However, despite the changes introduced in Budget 2024 in the rates under the new tax regime, there are taxpayers who would want to opt for the old tax … Read more
The Government of India levies income tax at slab rates ranging between 0 and 30 per cent with a surcharge (up to 25 per cent) in addition to levying a 4 per cent health and education cess. Effectively, the maximum rate of income tax on the highest income bracket stands at 39 per cent now. … Read more
In Budget 2024, Union Finance and Corporate Affairs Minister Nirmala Sitharaman revised income tax slabs under the New Tax Regime, offering considerable savings in the hands of salaried taxpayers. After the revision of income tax slabs, there is no tax liability for income up to ₹3 lakh. However, as the changes announced in Budget 2024 … Read more
The entire country is eagerly waiting for Budget 2024 wherein Union Finance and Corporate Affairs minister Nirmala Sitharaman to announce changes in income tax rates to reduce the tax outgo of masses. Changes in tax slabs is something that takes place once in a blue moon. The last time these tax rates were changed was seven years ago … Read more
Budget 2024 is all set to be announced on 23rd July, 2024. India is looking for a crucial roadmap for “Viksit Bharat” by 2047 and provide short and long-term plans for the next 5 years under the government’s 3.0 administration. Having said that, let us see what the common man expects from the Budget 2024. … Read more
In Budget 2024-25, Finance Minister Nirmala Sitharaman is likely to raise the basic exemption limit under the old tax regime after a hiatus of 10 years, says Deepashree Shetty, Partner, Global Employer Services, Tax & Regulatory Services, BDO India, in an interview with MintGenie. Other changes in Budget 2024 that come in her ‘should happen’ category include rationalisation … Read more
With Central Board of Direct Taxes (CBDT) awarding Taxnet 2.0 project to Bharti-Airtel, tax department’s network system is likely to undergo a facelift. For the uninitiated, CBDT is the top governing body that heads the income tax department. The Sunil Mittal-led telecom company will be responsible for a slew of services to be provided to … Read more