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Source: Live Mint Taxpayers should wait until 15 June. This is because banks, employers, and other reporting entities have until 31 May to report specified financial transactions, tax deducted at source (TDS), and tax collected at source (TCS). Additionally, it typically takes another 7 to 10 days for this information to be processed and reflected…
Source: Live Mint There are a number of income tax (I-T)-related deadlines that are set to expire on April 30, 2025. One of the most pertinent ones is the deadline for the Vivad Se Vishwas Scheme 2024. Meant to reduce pending income tax litigation, among other things, this scheme will finally end on April 30….
Source: Live Mint As a tenant if you are paying a rent for more than ₹50,000 a month, you are supposed to deduct TDS (tax deducted at source) of 2 percent at the time of giving money to the landlord. Before Sept 20, 2024, the tax rate stood at 5 percent. So, if you too…
Source: Live Mint Lately, a number of tax payers have received tax notices from the income tax department for their HRA (house rent allowance) claim. Primarily, these tax notices were sent for not deducting 3 percent TDS (tax deducted at source) while transferring rent to the property owner. It is recommended to follow a three-step…
Source: Live Mint This applies to payments or credits exceeding ₹20,000 on or after 1 April 2025, attracting TDS at 10%. This ₹20,000 is a combined limit for both interest and remuneration (including bonus, commission and salary). No TDS is required from the share of profits credited or paid to a partner. Under general law,…
Source: Live Mint I have worked outside India for 12 years but I will be relocating back to India in April for a better employment opportunity at an MNC. I have one residential property in India from 2010 which I will sell and instead purchase a bigger one after I return. Approximately how much tax…
Source: Live Mint Union Minister Finance Minister Nirmala Sitharaman presented the new Income Tax Bill 2025 in the Lok Sabha on Thursday, February 2025. The proposed bill aims to eliminate intricate language in the existing Act, remove redundant and repetitive provisions, and logically reorganise sections, according to the Finance Ministry. FM Nirmala Sitharaman urged Lok…
Source: Live Mint The recently announced budget introduced significant personal finance changes impacting taxpayers and investors. One of the key updates involved Unit Linked Insurance Plans (ULIPs). It has been clarified by the Finance Ministry that if the annual premium exceeds ₹2.5 lakhs the redemption becomes subject to capital gains tax. ULIPs that are held for…
Source: Live Mint The Union Budget’s announcement of the new ₹12,00,000 tax slab has created quite a buzz, bringing cheer to many taxpayers. Alongside this, several tax rule changes are set to reshape personal finances. TCS rates on foreign trips, education loans, and other remittances have been simplified, offering some relief. From take-home salary adjustments…
Source: Live Mint Budget 2025 has moved in a path that at once caters to the immediate requirements of the economy, while continuing on the path to investing for future growth, even while ensuring a tight leash on the fiscal deficit. Tax slab rationalisation to boost consumption, ease of taxation via higher thresholds for tax…
