Nirmala Sitharaman stated that no decision has been made on scrapping the old regime, emphasising the government's intention to simplify the tax system. The revised New Tax Regime aims to provide annual tax savings for individual taxpayers, effective from April 1, 2024.
Union Finance Minister Nirmala Sitharaman, during a press conference on the Union Budget 2024, announced a simplified approach to taxation aimed at boosting investment, with the average taxation reduced to 12.5 per cent. She also emphasised the need to widen the tax net and highlighted the increase
Finance Minister Nirmala Sitharaman, presenting her seventh-consecutive Budget and her first in Modi 3.0, spotlighted nine priority areas for generating ample opportunities for all.
Budget 2024: These funds are among the top investment choices for both salaried individuals and the self-employed. They are the only mutual funds that qualify for a tax deduction under Section 80C of the Income Tax Act, 1961.
Budget 2024: Finance Minister Nirmala Sitharaman is set to present the first budget of Modi 3.0 in Lok Sabha, marking her seventh budget presentation. Prime Minister Modi emphasised the budget's significance in the "Amrit Kaal" journey towards a developed India by 2047.
Union budget 2024: Key areas to watch include GDP growth projections, tax collection performance, fiscal deficit management, inflation control measures, and export strategies. The budget's impact on public spending and economic trajectory will be significant.
Union Budget 2024: The first full budget of the BJP-led NDA government in its third successive term will be presented by Finance Minister Nirmala Sitharaman on July 23. Stay tuned to the India TV news channel for Nirmala Sitharaman's budget speech.
ITR filing 2024: Reduce your tax liability by claiming eligible deductions when filing your income tax return (ITR). However, if you forget to claim these deductions, you won’t be able to claim them in the next financial year.
The last day to file the Income Tax Return (ITR) is July 31. After the returns are filed, the department will verify the claims and subsequently initiate the refunds accordingly. Know about how the ITRs are processed and what steps to take.
As July approaches, prepare for significant financial changes impacting credit cards, Paytm wallets, and income tax filings. Key updates include Paytm closing inactive wallets on July 20, 2024, SBI Card ending reward points on government transactions, and ICICI Bank adjusting credit card fees.
Previously, the government used to cover the income tax payments for ministers in Madhya Pradesh. However, 52 years later, the Mohan government changed the rule and the ministers will now be responsible for paying their own income tax.
The Income Tax Department took to social media to inform taxpayers about the crucial deadline to link their PAN to Aadhaar. The department's post emphasised that not linking PAN with Aadhaar would lead to a higher rate of TDS.
The LIC's move comes after a proposal to introduce composite insurance companies, allowing life insurers to offer hospitalisation and indemnity coverage, pending an amendment to the Insurance Act.
On Manish Sisodia's bail rejection in the excise case, AAP said the party "respectfully disagrees" with the Delhi High Court's decision and will approach the Supreme Court to seek "justice" for the former Delhi deputy chief minister.
Delhi: The fire, believed to have originated on the third floor, is under investigation. In a separate incident, an explosion led to a fire in a residential building in south Delhi, with no casualties reported.
The development comes a day after Congress leader Rahul Gandhi once again raked up the issue alleging that the government set the IT, ED and other agencies behind his party. He said the government wants to stop his party's campaigns by creating income tax-related issues.
In a statement, the ministry addressed confusion over the new tax regime, emphasising its lower rates but fewer exemptions and deductions. Finance Minister Nirmala Sitharaman's interim budget assured the preservation of existing tax rates.
The income tax department has uncovered a scam involving the fraudulent use of PANs to claim house rent allowance (HRA) without actual tenancy, with around 8,000–10,000 high-value cases identified.
Financial Changes Effective April 1, FY 2024-25As the financial year 2023-24 draws to a close, significant financial amendments are poised to reshape personal finance from April 1, marking the beginning of the new fiscal year.
The rebate limit has also been increased under the new tax regime where for incomes up to ₹7 lakhs, the applicable rebate limit is now ₹25,000.
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