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Source: Live Mint This means that AIF income, previously treated as business income, will now be considered capital gains. While capital gains are taxed at 12.5%, the highest business income tax slab is 30%. The amendment is significant given that, according to data from the Securities and Exchange Board of India (Sebi), more than 1,400…
Source: Live Mint The big day is here! FM Sitharaman will deliver her 8th Budget speech at 11 a.m. Even though it’s a Saturday, stock markets (BSE and NSE) will remain open. This will be her second full Budget under Modi 3.0 and her eighth overall, including six annual and two interim Budgets during the…
Source: Live Mint The Union Budget 2025 is just around the corner, and taxpayers are keeping a close watch. Over the years, the middle class has shouldered a big part of the tax burden, with individual tax collections doubling from ₹4.8 lakh crore in FY21 to ₹10.4 lakh crore in FY24. This year, many are…
Source: Live Mint I receive a monthly pension from the Superannuation Fund (managed by LIC) as per the terms of my employment. I was working in a private sector company and retired recently. My employer contributed to the superannuation fund. I also received a monthly pension from EPFO under the Employees Pension Scheme 1995 and…
Source: Live Mint With less than a week to go for the Union Budget 2025, discussions around capital gains tax have centre stage among market participants. While the concept of capital gains tax is not new, its structure and recent amendments have significantly influenced market sentiments. Capital gains tax is levied on the profit earned…
Source: Live Mint The United Kingdom’s (UK) top 100 taxpayers list revealed that the number one taxpayer in the country is not amongst the top celebrities like Ed Sheeran or JK Rowling, it is someone know to former British Prime Minister Rishi Sunak, reported the news portal The Sunday Times (UK). According to the news…
Source: Live Mint The Income-Tax (I-T) Department is allowing taxpayers who qualify for the section 87A tax rebate for FY24 to now claim it in the updated Income-Tax Return (ITR) forms — ITR-2 and ITR-3, according to a report by Business Today. Eligible taxpayers will soon be able to submit a revised or belated income…
Source: Live Mint The tax treatment of popcorn has become a huge political ‘hot potato’ after the (GST) Council Meeting, led by Finance Minister Nirmala Sitharaman, notified taxation on salted and caramelised popcorn. Amid huge discussions, there are speculations around how much tax people must pay on the snack while purchasing it in movie theatres….
Source: Live Mint Vivad se Vishwas Scheme 2024: Taxpayers facing income tax disputes can choose to settle their tax disputes under the Vivad se Vishwas Scheme 2024. This scheme was announced in Budget 2024 and allows taxpayers to pay a lower tax amount. “Under this scheme, you must pay the disputed tax amount and a…
Source: Live Mint Advance tax payment: The deadline to make your advance tax payment is fast approaching — in only three days, on December 15. So, what happens if you fail to pay tax by deadline? You could be liable for penalties and interest for delay. Thus, we bring you all you need to know…
