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 …
The Association of Mutual Funds in India (AMFI) has pressed the government to enable debt-linked saving schemes for tax deductions, with the Union Budget only a month away. Tax-saving mutual funds are now equity plans. Here’s how the ELSS category as a whole has fared. Is it better to save money on taxes or to …
Which mutual funds help you save tax? An equity-linked savings scheme allows a Hindu Undivided Family or individual a deduction from the total income of up to ₹1.5 lakhs under Section 80C of the Income Tax Act. Thus, if an investor were to put in ₹50,000 into an ELSS scheme, this amount would be deducted …
All investors, across the entire planet, seek to earn profits from their investments. Profit may be virtual or actual gains. Virtual profit refers to the unrealised gains accrued from investments that haven’t been sold or redeemed, whereas booked profit is realised through closing a position. Profit attracts taxation irrespective of whether one resides in India …
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 …
For income tax assessees, the beginning of the New Year also marks the onset of the tax planning season. That is when most individuals start worrying about how exactly to reduce their tax outflow. The big debate over life insurance versus ELSS crops up at this point of time. While tax planning is a necessary …
One of the significant changes in the Union Budget 2018 was the introduction of tax on long term capital gains (LTCG) at the rate of 10% above the profit level of Rs.1 lakh per year. For example, if your long term capital gains for the year 2018-19 are Rs.145,000/- then your LTCG up to Rs.100,000 …
