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Tag: income tax

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Old Tax Regime Vs New Tax Regime: Should You Consider Moving To New One Now?

Old Tax Regime Vs New Tax Regime: Finance Minister Nirmala Sitharaman made significant adjustments to lower tax rates under the new tax regime in the Union Budget 2024 on Tuesday, signalling an expected transition from the old tax regime. Taxpayers are now encouraged to transition to the new tax regime, as it offers greater incentives. However, individuals benefitting from substantially higher deductions may still find the old tax regime appealing. Sitharaman has not only expanded the income tax brackets under the simplified regime but also increased the standard deduction from Rs 50,000 to Rs 75,000. New Income Tax Regime Slabs Up to Rs 3 lakh, the tax is NIL From Rs 3 lakh to Rs 7 lakh the tax rate is 5 per cent From Rs 7 lakh to Rs 10 lakh the tax rat...
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Video | Opposition MPs’ “Symbolic Walkout” Of Rajya Sabha Amid Row Over Budget

INDIA bloc leaders staged protests in and outside Parliament today against what they describe as "discrimination" against opposition-ruled states in the recently unveiled Union Budget. Both the Rajya Sabha and the Lok Sabha began on a stormy note after Opposition MPs protested against the Budget. Finance Minister Nirmala Sitharaman, speaking in Rajya Sabha, said "can't name every state in Budget". As Ms Sitharaman was speaking, several Opposition members briefly walked out of the Rajya Sabha before returning to their seats. Source link
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Budget 2024 Income Tax changes EXPLAINED: Salaried taxpayers to save Rs 17,500! How standard deduction hike, income tax slab changes in new tax regime will benefit you – Times of India

Budget 2024 income tax changes explained: Salaried taxpayers have reason to cheer! Finance Minister Nirmala Sitharaman announced major changes in the new income tax regime during her Union Budget 2024 speech. These changes will give many salaried taxpayers a benefit of Rs 17,500 - provided that they are opting for the new income tax regime!“Coming to Personal Income Tax Rates, I have two announcements to make for those opting for the new tax regime…as a result of these changes, a salaried employee in the new tax regime stands to save up to Rs 17,500/- in income tax,” Sitharaman said.The standard deduction under the new income tax regime has been hiked from Rs 50,000 to Rs 75,000. Also the income tax slabs have been adjusted for FY 2024-25 so that the 5% tax rate is now applicable for in...
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Video | “1 Month Wage To All Persons Newly Entering Workforce”: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman today announced that the government will give one-month's salary to all the new employees entering the workforce. The amount will be provided to the employees as Provident Fund contribution. "The scheme is meant for all persons entering the workforce in all sectors. It will benefit 210 lakh youths," Ms Sitharaman said while presenting the Budget in the parliament. Source link
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Video | Finance Minister Reaches Parliament For Her 7th Budget

Before presenting her 7th consecutive budget, the finance minister visited president Draupadi Murmu who fed her 'dahi cheeni'. This year's budget presentation replaces the iconic 'bahikhata' of the finance minister with a tablet, highlighting the Modi government's focus on digital growth.  Finance Minister Nirmala Sitharaman will present her seventh consecutive Budget today - Tuesday, July 23. The Budget for 2024-25 is being considered the action plan for the Modi 3.0 government to outline a roadmap towards India's development in the next five years. In her 7th record Union Budget, Nirmala Sitharaman is expected to announce an increase in the basic exemption limits under both old and new tax regimes in a huge relief for the middle class.  Prime Mi...
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Abolishing Income Tax To Restoring OPS, Some Middle-Class Dreams Which May Not Come True

Union Budget 2024: The Union Budget of India is a much-anticipated annual event that sets the economic agenda for the country. For the Indian middle class, it is a moment of high hopes and expectations. They look to the Budget for tax relief, increased subsidies, and measures that promise a better standard of living. However, many of these expectations are often unrealistic and unlikely to be fulfilled due to various economic constraints and policy priorities. Here are some of the key unrealistic expectations that the Indian middle class often harbours. 1) Abolition of income tax The proposal to abolish income tax in India is a bold and controversial idea that has attracted both support and skepticism. Income tax has long been a major source of governmen...
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Direct tax collection till July 11 surges 23% to Rs 6.5 lakh crore – Times of India

NEW DELHI: Direct tax collections have increased over 23% to Rs 6,45,239 crore during this financial year up to July 11, driven by a faster rise in personal income tax, the Central Board of Direct Taxes (CBDT) said on Saturday.Net collections were 19.5% higher at over Rs 5.7 lakh crore as refunds soared almost 65% to Rs 70,902 crore during the period.On a gross basis, corporate tax collections were 20.4% higher at Rs 2,65,336 crore, while personal income, including securities transaction tax, rose 25.3% to a little under Rs 3.8 lakh crore."Corporate profits continue to surge significantly, and these are clearly reflected in the first quarter advance tax collections. A booming stock market has also contributed to higher STT [securities transaction tax] collections. Strong collections bei...
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Budget 2024 income tax expectations: Top 10 things FM Sitharaman should do for salaried taxpayers – Times of India

Budget 2024 income tax expectations: Finance Minister Nirmala Sitharaman should increase the basic exemption limit under the new income tax regime and also raise the standard deduction threshold in the Union Budget 2024, says EY in its pre-Budget 2024 recommendations.Currently the basic exemption limit under the new income tax regime is Rs 3 lakh. Standard deduction of Rs 50,000 is available in both the old and the new income tax regime.The top Budget 2024 income tax expectations and recommendations by EY are as follows:Increase in the basic exemption limit from Rs 3 lakhs to Rs 5 lakhs in the new tax regime and reduction in tax rates, in order to provide more disposable income in the hands of taxpayers Overhaul of the capital gains tax structure – change in tax rates, method of computa...
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What If You Don’t File Income Tax Return? Understanding The Financial And Legal Repercussions

ITR Filing: A significant number of individuals either miss the deadline for filing their income tax returns (ITRs) or neglect to file them entirely, often due to a lack of awareness or sheer lethargy. One common misconception is that employees who have had tax deducted at source (TDS) by their employers, and received Form 16, believe they have no additional tax responsibilities. They mistakenly equate paying TDS with filing a tax return, which is not the case. Individuals with lower incomes frequently assume they are exempt from filing returns. However, there are additional criteria beyond income levels that necessitate filing an ITR. Missing the filing deadline can lead to undesirable consequences. Understanding these requirements can help avoid potential penalties. ...
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UK’s Labour says Sunak lied about its tax plans in election debate – Times of India

LONDON: Britain's opposition Labour Party accused Prime Minister Rishi Sunak on Wednesday of lying in a pre-election debate when he said Labour would increase taxes by 2,000 pounds ($2,554.40) for each family. Sunak - whose Conservative Party is struggling in opinion polls before the July 4 vote - used the figure repeatedly in Tuesday's television debate with Labour leader Keir Starmer. Sunak's Conservative Party last month published what it said were "formal Treasury and independent costings" of Labour policies which showed a 38.5-billion-pound black hole over the next four years if Labour wins the election. Labour denied the assertion at the time and on Wednesday, it highlighted a letter from the top official at Britain's finance ministry - reported by the BBC - who said civil servant...
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