Income Tax task force report suggests complete rejig of tax slabs, saving govt Rs 55,000 crore
The current Income Tax rates are 5 per cent plus 4 per cent cess for people earning between Rs 2.5 lakh and Rs 5 lakh, 20 per cent plus 4 per cent cess for incomes of more than Rs 5 lakh up to Rs 10 lakh, and 30 per cent plus 4 per cent cess for those earning over Rs 10 lakh.
Proposed Direct Tax Code: How it could cut your income tax
When the corporate tax rate was reduced to 25 per cent last month, it was termed a...
Soon, income tax department to issue PAN instantly online
According to Sources, the service of issuing PAN instantly online will be launched ...
Budget 2020: FinMin seeks suggestions for rationalising income tax, other duties
While the ministry holds pre-budget consultations with representatives of different sectors and stakeholders, the Department of Revenue in the finance ministry perhaps for the first time put out circular seeking suggestions for changes in income tax rates for both individuals and corporates as well as in indirect taxes such as excise and customs duty.
HDFC's dividend income spikes; key Q2 takeaways
The company received a dividend of Rs 1,074 crore in the quarter from its subsidiaries.
How should a senior citizen invest amount received on FD maturity to get monthly income?
You can equally divide the amount in corporate bond and floating rate funds. For monthly income, consider debt funds that are yielding 6-7% annually. You can opt for a monthly SWP option, which can be up to .50 percent of your corpus.
Where should I invest Rs 30 lakh to generate monthly income of Rs 20,000?
You should split the Rs 30 lakh between a mix of government-backed schemes, mutual funds and corporate fixed deposits. Park Rs 4.5 lakh in a Post Office Monthly Income Scheme. This will earn you a 7.6 percent interest per annum, payable monthly.
Income tax department cancels registration of six Tata Trusts
CAG noted that the I-T dept had given "tax exemptions" to them, resulting in Rs 1,066 cr escaping tax.
I-T dept conducts raids on Tollywood producer over alleged 'tax evasion'
Income Tax sleuths raid Tollywood producer Suresh Babu's Ramanaidu studios in Hyderabad. The raids were carried out to examine alleged ‘tax ...
How is the residential status of an individual determined for income tax
The income tax laws classify the residential status of an individual into three categories, depending on the individual's stay in India in the relevant financial year as well as his/her stay in the previous years. Here is a look at these categories.
Model tenancy law to help attract institutional investments in rental housing: Report
"India has nearly 11.09 million urban vacant housing units of which 10 states and Union Territories (UTs) contribute to 78 per cent (8.64 million) of total vacancy levels," Knight Frank said in a statement.
Do senior citizens with income less than Rs 5 lakh need to pay tax on FD interest income?
You are eligible for a basic exemption of Rs 3 lakh plus a tax rebate under Section 87A on taxable income up to Rs 5 lakh for the financial year 2019-20.
Government unlikely to go for income tax cut due to fiscal stress
According to sources, personal income tax rate cut is difficult at this juncture due to multiple factors like slowdown in economy, lower tax realisation and subdued non-tax mop up.
Government virtually rules out any cut in income tax rates
Govt's decision to cut corporate tax had set off speculation about a reduction in personal income tax.
Tax optimiser: NPS, LTA claim can help salaried Gupta cut tax by Rs 4 lakh
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly. Hence in this way, you can optimise your tax by rejigging your income and investments.
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