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Taxes & You

Taxes & You

Budget analysis: What income tax changes means for you

Here is a look at the tax proposals announced in both the budgets and their tax impact on your pocket.

Budget extends tax on NRIs for receiving gifts from resident Indians

But now, all gifts to NRIs will be income accruing in India and would be taxed as per the normal slab rates applicable to res...

Budget 2019 shows govt's will to use Aadhaar to track financial transactions: View

Making Aadhaar and PAN interchangeable for return filing and quoting either for transactions indicates the Government's will ...

Budget 2019 highlights for common man: What it means for you

The hike in the tax surcharge will affect only super-rich taxpayers earning over Rs 2 crore. But a few other proposals are ai...

I-T will 'suo motu' allot PAN to those only furnishing Aadhaar: CBDT chairman

PAN is "certainly not dead" and the recent Budget announcement is just an "additional facility", CBDT said.

Budget 2019: Self-assessment tax can help save you from prosecution

The budget proposes that if the net tax is less than Rs 10,000 then there will be no prosecution. The earlier limit was Rs 3,...

Budget 2019: The section for whom salary hikes are now meaningless

In the new system, if one's income increases by Re 1 from Rs 2 cr or Rs 5 cr, his tax liability will go up.

Import duty on gold hiked to 12.5% in Budget 2019

Budget 2019 has proposed to hike the import duty by 2.5 per cent.

Budget 2019: How to defend your income from the taxman

From knowing how to maximise your annual income to the personal income tax googlies you need to look out for, here's all the ...

Budget 2019: What happens to your taxes

​Pick the case study nearest to your annual salary to determine the Budget impact on your savings and taxes.

How mutual fund SIP investors gain from a stock market fall

How mutual fund SIP investors gain from a stock market fall

More choppy the market, greater the benefit to SIP investors as long as markets continue to rise over time, which has always ...

Hot tips that will lead to cool savings on tax

Hot tips that will lead to cool savings on tax

An individual taxable at 30% can save Rs 45,000 if he claims Rs 1.5 lakh as deduction under section 80C.

LTCG: Gains and losses since Modi govt’s first budget of 2014

LTCG: Gains and losses since Modi govt’s first budget of 2014

From April 1, 2018, LTCGs in excess of 1 lakh arising on sale of listed equity shares, equity-oriented mutual funds held for ...

Budget 2019: Your tax burden, this year & next

Budget 2019: Your tax burden, this year & next

Here's what the tax slabs and the new higher surcharges on the rich and super-rich now look like, post yesterday's announceme...

Budget 2019: Are you paying more or less tax than 5 years ago?

Budget 2019: Are you paying more or less tax than 5 years ago?

Find out which income class household has benefited and suffered the most in terms of tax liability.

Budget 2019: Are you richer or poorer? Here’s the bottomline

Budget 2019: Are you richer or poorer? Here’s the bottomline

The rich and super-rich will have to pay out quite a bit more, owing to a steep increase in surcharge.

Sitharaman electrifies EV market with tax breaks on EVs

Sitharaman electrifies EV market with tax breaks on EVs

Finance minister Nirmala Sitharaman in her budget speech has proposed I-T deduction of up to Rs 1.5 lakh for interest paid on...

Budget 2019: New NRIs in focus as government goes after black money

Budget 2019: New NRIs in focus as government goes after black money

NRIs will be under glare for their undisclosed properties and bank accounts created during the years when they were ‘resident...

Budget 2019: More taxes, more rules, some sops

Budget 2019: More taxes, more rules, some sops

The budget increases the tax surcharge on the super rich and makes filing tax returns compulsory if you deposit more than Rs ...

Super-rich will have to pay up to 42.7% tax; Rs 2-5 crore, Rs 5 cr+ brackets affected

Super-rich will have to pay up to 42.7% tax; Rs 2-5 crore, Rs 5 cr+ brackets affected

Only 6,361 individuals in the country have declared their incomes to be over Rs 5 crore.

Budget 2019: Investment in CPSE ETFs to get tax deduction

Budget 2019: Investment in CPSE ETFs to get tax deduction

Tax benefit likely to act as a good push for retail investors to be part of the disinvestment process.

Budget 2019: What does it mean for the individual taxpayer?

Budget 2019: What does it mean for the individual taxpayer?

Here's is a look at the key personal tax proposals presented in the Union Budget 2019 in the Parliament.

Budget 2019 proposes 5% TDS for taxable life insurance proceeds on net income portion

Budget 2019 proposes 5% TDS for taxable life insurance proceeds on net income portion

The benefits are not extended to policies where the annual premium exceeds 10% (20% in case of policies sold prior to April 2...

Budget 2019 proposes to allow black money scheme 2016 declarants another chance to pay up

Budget 2019 proposes to allow black money scheme 2016 declarants another chance to pay up

What is more, the budget also proposes to allow refund of excess money paid under this scheme for a 'class of persons' to be ...

Budget 2019: Your PAN won't become 'invalid' if not linked with Aadhaar, only 'inoperative'

Budget 2019: Your PAN won't become 'invalid' if not linked with Aadhaar, only 'inoperative'

Currently, if PAN is not linked with Aadhaar, then PAN would be deemed to become invalid by September 30, 2019.

Budget 2019: Individuals must deduct TDS on these 3 types of payments now

Budget 2019: Individuals must deduct TDS on these 3 types of payments now

While the government's aim is to widen and deepen the tax base through these steps, it increases the financial accounting lia...

Budget 2019: Paying Rs 50 lakh plus to contractor, professional? You will have to deduct TDS now

Budget 2019: Paying Rs 50 lakh plus to contractor, professional? You will have to deduct TDS now

If the individual or HUF is carrying on business or profession which is not subjected to an audit, there is no obligation to ...

Budget 2019 imposes TDS on parking charges, maintenance fees if buying house

Budget 2019 imposes TDS on parking charges, maintenance fees if buying house

Currently, these charges were excluded while calculating the amount of tax to be deducted at the time of making payment for t...

Budget 2019 proposes to hike surcharge by up to 22% for super rich

Budget 2019 proposes to hike surcharge by up to 22% for super rich

Currently, a surcharge is levied on the taxable income between Rs 50 lakh and 1 crore and those having taxable income above R...

ITR filing made must if you spend Rs 2 lakh + on foreign travel, deposit Rs 1 crore in a/c

ITR filing made must if you spend Rs 2 lakh + on foreign travel, deposit Rs 1 crore in a/c

Currently, a person other than a company or a firm is required to furnish the return of income only if his total income excee...

Budget 2019: What's cheaper and what's dearer

Budget 2019: What's cheaper and what's dearer

Here's a list of what will be cheaper and what will be dearer as the budget proposals kick-in.

Budget 2019 proposes to make filing ITR easier by providing data from various sources

Budget 2019 proposes to make filing ITR easier by providing data from various sources

FM announced that pre-filled ITR forms will be made available to the taxpayers, making the process easier.

Budget 2019 makes lump sum withdrawal of 60% from NPS totally tax free

Budget 2019 makes lump sum withdrawal of 60% from NPS totally tax free

As per the changes approved by the Cabinet, a person on maturity at the age of 60 would be able to withdraw up to 60 percent ...

Budget 2019 plans to stop cash deposits in bank accounts without holder's consent

Budget 2019 plans to stop cash deposits in bank accounts without holder's consent

"Government will initiate steps to empower accountholders to remedy the current situation in which they do not have control o...

Budget 2019 hikes tax break on interest paid on loan for affordable housing by Rs 1.5 lakh

Budget 2019 hikes tax break on interest paid on loan for affordable housing by Rs 1.5 lakh

Deduction that can be claimed for interest paid on loans for affordable housing was increased by Rs 1.5 lakh.

Budget 2019 proposes to make PAN and Aadhaar interchangeable

Budget 2019 proposes to make PAN and Aadhaar interchangeable

In addition to that, those who do not have PAN can simply quote their Aadhaar number wherever PAN is mandatory to quote.

Budget 2019 proposes to levy 2% TDS on cash withdrawal of over Rs 1 crore

Budget 2019 proposes to levy 2% TDS on cash withdrawal of over Rs 1 crore

Rumours were already doing the rounds that the government will introduce such a tax.

Budget 2019 proposes quick Aadhaar card for NRIs with Indian passports

Budget 2019 proposes quick Aadhaar card for NRIs with Indian passports

As per the current Aadhaar laws, every resident shall be entitled to obtain an aadhaar number by submitting his demographic i...

Tax impact: How Nirmala Sitharaman's Budget impacts your pocket

Tax impact: How Nirmala Sitharaman's Budget impacts your pocket

If you are a taxpayer, here's what NDA 2.0's first budget means for you.

India to strengthen corporate bond market: Nirmala Sitharaman

India to strengthen corporate bond market: Nirmala Sitharaman

In her maiden budget speech, the finance minister said the government will take multiple measures to deepen the corporate bon...

Budget 2019 proposes CPSE ETFs on lines of ELSS; mutual fund advisors call for caution

Budget 2019 proposes CPSE ETFs on lines of ELSS; mutual fund advisors call for caution

The government is setting a target of Rs 1,05,000 crore of disinvestment receipts for the financial year 2019-20.

Budget 2019: What can mutual fund investors expect today?

Budget 2019: What can mutual fund investors expect today?

Some fund managers say the government can offer exclusive tax deductions for the product if it wants to increase investor par...

Budget 2019: 5 expectations and 5 things that previous budget gave you

Budget 2019: 5 expectations and 5 things that previous budget gave you

Revision of tax rates is one of the key demands that the salaried and middle class want from Sitharaman.

Economic Survey 2019: Health insurance plans need to be simplified to incentivise people to buy

Economic Survey 2019: Health insurance plans need to be simplified to incentivise people to buy

There is asymmetrical information which often leads people to make health-related decisions, not in their best interests, sai...

Economic Survey 2019: Use mental tricks, religion to make people save more, pay taxes

Economic Survey 2019: Use mental tricks, religion to make people save more, pay taxes

The Economic Survey 2019 suggests using religion and psychological biases in the realm of personal finance.

Economic Survey 2019 moots diplomatic type privileges, naming roads for top taxpayers

Economic Survey 2019 moots diplomatic type privileges, naming roads for top taxpayers

What the Economic Survey suggests in order to push tax compliance in India.

'Inheritance tax set for a comeback after 35 years'

'Inheritance tax set for a comeback after 35 years'

The government is looking at re-introducing an estate tax on inherited property and illiquid assets after 35 years.

Here's AMFI's budget wish list for the mutual fund industry

Here's AMFI's budget wish list for the mutual fund industry

AMFI has released the list of proposals for the mutual fund industry from the upcoming budget.

Budget 2019 may implement NPS withdrawal tax-exemption plan

Budget 2019 may implement NPS withdrawal tax-exemption plan

Extension of this benefit to investors other than employees would be a welcome change.

Budget may hike I-T exemption threshold, levy 40 per cent tax on income over Rs 10 cr: KPMG survey

Budget may hike I-T exemption threshold, levy 40 per cent tax on income over Rs 10 cr: KPMG survey

The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries. ...

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