The Income Tax Department of India has introduced a new feature on its e-filing portal that allows taxpayers to file rectification requests online for incorrect processing of their Income Tax Returns (ITRs). Previously, if there was an error in processing an ITR, such as discrepancies in the Annual Information Statement (AIS) or TDS certificates, taxpayers …
As 2024 comes to an end, India’s financial sector has seen several important income tax changes. These changes, introduced in the Union Budget 2024-25 and refined in July 2024, will impact the deductions and exemptions taxpayers can claim when filing their income tax returns (ITR) in July 2025. 1. Revised Tax Slabs under the New …
Industry bodies are calling for a special focus on generating demand through income tax cuts, increased public spending, and job creation in the upcoming budget. These measures are expected to provide a boost to the economy and address challenges like inflation and sluggish demand. As per news reports, CII President Sanjiv Puri recommended reducing the …
India’s gaming industry has been on a meteoric rise over the last few years, boasting impressive numbers, expanding user bases, and becoming a global hotspot for online gaming and esports. However, the recent introduction of a steep 28% Goods and Services Tax (GST) on online gaming has raised concerns about its impact on the industry. …
Have you ever felt the urge to make a difference, to leave a positive mark on the world? The International Day of Charity, observed on September 5th, is a global call to action, inspiring individuals, organisations, and communities to engage in acts of kindness and compassion. It’s a day to honour Mother Teresa’s legacy, whose …
Amid economic uncertainties, retail investors continue to flock to gold as a popular asset class. Gold, a precious metal remains a preferred choice for wealth preservation and diversification. Recent trends indicate sustained interest among retail investors with gold ETFs and digital gold platforms, and it continues to gain prominence. The 2024 budget reforms have significant …
The Finance (No.2) Bill, 2024, has introduced significant changes to the taxation of capital gains, aimed at simplifying and rationalising the system. The new provisions, effective from July 23, 2024, streamlined holding periods, reduce tax rates, eliminate indexation, and maintain roll-over benefits. Frequently Asked Questions Q1. What are the major changes brought about in the …
Finance Minister Nirmala Sitharaman announced changes aimed at benefiting the middle class in the Union Budget for 2024-25. The standard deduction has been increased from Rs 50,000 to Rs 75,000 under the New Tax Regime (NTR), and the tax slabs have been slightly adjusted. These changes will provide individual taxpayers with up to Rs 17,500 …
As July 23rd approaches, there is a mix of excitement and anticipation regarding the possible allocations in the Union Budget announcement by Finance Minister Nirmala Sitharaman. Will people receive any tax relief in the upcoming budget? Which industries will be given the largest share of funding? Before delving into these queries, let’s quickly review the …
परिचय इनकम टैक्स विभाग ने हाल ही में करदाताओं के लिए एक नई विशेष सुविधा शुरू की है। आइए नज़र डालते हैं क्या है यह नई सुविधा और इससे आप जैसे करदाताओं को क्या लाभ मिलेगा। इनकम टैक्स विभाग की नई सुविधा इनकम टैक्स विभाग ने हाल ही में एक नई सुविधा शुरू की है …
