Govt Raises Provident Fund Threshold Limit to Rs 5 Lakh for Earning Tax-free Interest
3 years, 9 months ago

Govt Raises Provident Fund Threshold Limit to Rs 5 Lakh for Earning Tax-free Interest

News 18  

The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021. Replying to the debate on the Finance Bill 2021 in the Lok Sabha, Sitharaman made the announcement regarding raising the limit to Rs 5 lakh in cases where employers do not make contributions to the provident fund. The minister also stressed that tax on interest on provident fund contribution affects only 1 per cent of the contributors, and the remaining are not impacted as their contribution is less than Rs 2.5 lakh per annum.

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History of this topic

First NDA 3.0 Budget Gets On The 'Job' with Employment Push, Gives Key Allies Their 'Money's Worth'
5 months ago

First NDA 3.0 Budget Gets On The 'Job' with Employment Push, Gives Key Allies Their 'Money's Worth'

News 18  

The first budget of the Narendra Modi-led NDA government 3.0 presented on Tuesday raised spending to generate more jobs and spur economic growth while looking to soothe key coalition partners following a wake-up call from voters in the April-June Lok Sabha elections. Annual income up to Rs 3 lakh will now attract zero tax, while income in the Rs 3 …

Budget 2024: How the changes in new tax regime will benefit the salaried, explained
5 months ago

Budget 2024: How the changes in new tax regime will benefit the salaried, explained

Hindustan Times  

Salaried income taxpayers shifting to the new tax regime stand to save up to ₹17,500 in income tax, finance minister Nirmala Sitharaman announced in presenting the Union budget 2024. The finance minister announced increased standard deduction for those opting to file their tax returns under the new regime and also widened the tax slabs to give relief. Increase in the …

Watch: Budget 2024 | What’s in it for markets and investors?
5 months ago

Watch: Budget 2024 | What’s in it for markets and investors?

The Hindu  

On July 23, the Finance Minister Nirmala Sitharaman presented the first full budget of the 3rd term of the NDA government. For deepening tax base the Finance Minister has proposed to increase Securities Transaction Tax on Futures and Options contracts to 0.2% and 0.1%, respectively. As per the budget proposals now unlisted bonds and debentures, debt mutual funds and market-linked …

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged
5 months ago

Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged

The Hindu  

Finance Minister Nirmala Sitharaman in her seventh Budget speech on July 23 revised the tax slabs under the new regime. Whilst the rate of taxation remains unchanged, the size of each of the slabs, excluding the initial zero to ₹3 lakh, remains unchanged. Budget 2024-25: Taxes Earlier, the Finance Minister further placed increasing the standard deduction for salaried employees from …

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k
5 months ago

Budget 2024 Boost To New Tax Regime: Standard Deduction Raised To Rs 75k From Rs 50k

News 18  

Finance Minister Nirmala Sitharaman on Tuesday announced to increase standard deduction limit to Rs 75,000 under the new tax regime, compared with Rs 50,000 earlier. Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP for TDS defaults and simplify and rationalise compounding of such offences. More than two-thirds of individuals …

Budget 2024: Will common man and salaried class get income tax relief? | Here's what we know
5 months ago

Budget 2024: Will common man and salaried class get income tax relief? | Here's what we know

India TV News  

Union Budget 2024: The general population, particularly those in the salaried and middle-class brackets, are anticipating significant relief measures from the government through the budget being presented today. They recommend raising the 30 per cent tax slab to apply on income exceeding Rs 20 or 25 lakh, instead of the current Rs 15 lakh limit. Additionally, there is a call …

Budget 2024 announcements on new tax regime: Standard deduction increased, check new tax slabs
5 months ago

Budget 2024 announcements on new tax regime: Standard deduction increased, check new tax slabs

India TV News  

Finance Minister Nirmala Sitharaman on Tuesday presented her seventh straight Budget for the fiscal 2024-25. Informing that fiscal deficit estimated at 4.9% of GDP, Sitharaman said that the people have reposed their faith in the government led by PM Modi and re-elected it for the historic third term. Sitharaman said, "I announce a comprehensive review of the Income Tax Act …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months ago

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?

Hindustan Times  

The Union Budget 2024 could provide Income Tax relief for low earners looms large amid rising prices in the country. Experts believe that a reduction in Income Tax could address economic challenges in the country as Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 on July 23. This change would boost consumption, …

Budget 2024: What income tax benefits can taxpayers expect on July 23?
5 months ago

Budget 2024: What income tax benefits can taxpayers expect on July 23?

India Today  

Taxpayers are eagerly waiting for July 23 when Finance Minister Nirmala Sitharaman will present the full budget for the ongoing financial year. Income tax exemption limit There is speculation that the government may raise the income tax exemption limit from Rs 3 lakh to Rs 5 lakh. If implemented, individuals earning up to Rs 8.5 lakh annually could potentially pay …

Budget 2024: Finance minister Nirmala Sitharaman to increase income tax exemption limit?
6 months ago

Budget 2024: Finance minister Nirmala Sitharaman to increase income tax exemption limit?

Hindustan Times  

Finance Minister Nirmala Sitharaman may increase income tax exemption limit in the upcoming Budget 2024 which is the first for the third term of the PM Modi Government. News agency Reuters reported that the first full-fledged Budget 2024 of Modi 3.0 may relieve taxpayers as the government is considering reducing income tax rates for specific groups of individuals. The government …

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report
6 months ago

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report

India Today  

The government plans to raise the income exempt from tax under the new regime from the current Rs 3 lakh to Rs 5 lakh in the forthcoming full budget, reported moneycontrol.com. Officials also said that the government is unlikely to accept a proposal from industry representatives to lower the top individual income tax rate from 30% to 25% in the …

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
8 months, 3 weeks ago

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab

India TV News  

As the new financial year begins on April 1, there will be changes to India's income tax regulations. The Centre will implement the New Tax Regime as the default setting, which implies that unless individuals manually choose to abide by the old tax structure, taxes will be automatically assessed and applied according to this new system. The tax slabs will …

Maximise Your Savings: Top 7 Tax-Saving Tips As FY2023-24 Draws To A Close
8 months, 3 weeks ago

Maximise Your Savings: Top 7 Tax-Saving Tips As FY2023-24 Draws To A Close

ABP News  

With the financial year ending on March 31, taxpayers are gearing up to optimise their tax-saving strategies for the upcoming year. Here are some vital tips to navigate through the tax-saving landscape: Invest in Tax Saving Options To capitalise on tax deductions provided under Section 80C of the Income Tax Act, individuals can explore avenues such as the Employee Provident …

Budget 2024: 6 key changes taxpayers want from FM Sitharaman
10 months, 3 weeks ago

Budget 2024: 6 key changes taxpayers want from FM Sitharaman

India Today  

Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024-25 on February 1, covering the initial three months of the next fiscal year. While hopes for a new 25 per cent high-income tax slab are slim, expectations include increased basic exemption, standard deduction, and higher limits for 80C & 80D," Ravi said. NPS deduction under new tax regime …

India’s fiscal deficit may breach 5.9% of GDP target: India Ratings and Research
11 months, 4 weeks ago

India’s fiscal deficit may breach 5.9% of GDP target: India Ratings and Research

The Hindu  

India’s fiscal deficit may breach the 5.9% of GDP target for this year and could hit 6%, even though tax collections have been buoyant and may offset a wide shortfall in disinvestment outcomes, due to the likelihood of revenue spending exceeding the Budget Estimate by about ₹2 lakh crore, India Ratings and Research said on December 26. The Centre has …

LS Gives Nod for Additional Cash Outgo of Rs 58,378 Crore
1 year ago

LS Gives Nod for Additional Cash Outgo of Rs 58,378 Crore

Deccan Chronicle  

New Delhi: Keeping fiscal prudence of the government in mind, the Lok Sabha on Tuesday approved a net additional outgo of Rs 58,378 crore in the current fiscal ending March 2024, while the gross additional spending sought by the government was over Rs 1.29 lakh crore, of which Rs 70,968 crore would be matched by savings and receipts. For the …

I-T Exemption Limit For Retirement Leave Encashment Raised To Rs 25 Lakh For Salaried Employees
1 year, 6 months ago

I-T Exemption Limit For Retirement Leave Encashment Raised To Rs 25 Lakh For Salaried Employees

ABP News  

The Central Board of Direct Taxes on Thursday notified the hike in the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh in line with the Budget 2023 announcement. In the 2023-24 Budget, finance minister Nirmala Sitharaman increased the tax exemption on leave encashment on the retirement of non-government salaried employees to …

FM says new tax regime has been made \'very attractive\'
1 year, 10 months ago

FM says new tax regime has been made \'very attractive\'

Deccan Chronicle  

NEW DELHI: Finance minister Nirmala Sitharaman on Friday said that the government chose the capital expenditure route to revive the economy as it has a great multiplier effect. She also said the new tax regime has been made “very attractive”, emphasising on moderation in personal taxes for the middle classes in the country. “In the new tax regime, offering a …

'...still India is fastest-growing major economy'- FM Nirmala Sitharaman's reply to Budget 2023 debate in LS
1 year, 10 months ago

'...still India is fastest-growing major economy'- FM Nirmala Sitharaman's reply to Budget 2023 debate in LS

India TV News  

Parliament Budget Session: Finance Minister Nirmala Sitharaman on Friday hailed the government's economic policies during the reply to the Budget 2023 debate in Lok Sabha. "If I can put in a few words the essence of budget 2023-24- it balances the requirement for India's development imperatives within the limits of fiscal prudence," said Sitharaman. Sitharaman said the new tax regime …

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience
1 year, 10 months ago

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience

Live Mint  

The Hon’ble Finance Minister presented today the last full-fledged Budget 2023 under the Modi 2.0 Government. Further, with the proposals, it is apparent that the Government wants to simplify the tax experience to its taxpayers by proposing a common tax return form, bringing reforms to litigation and also giving prominence to the new tax regime which does not require the …

Deposit limit for Senior Citizen Savings Scheme increases to ₹30 lakh
1 year, 10 months ago

Deposit limit for Senior Citizen Savings Scheme increases to ₹30 lakh

Hindustan Times  

Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to ₹30 lakh and Monthly Income Account Scheme to ₹9 lakh. Budget 2023: Govt doubles deposit limit for Senior Citizen Savings Scheme to ₹ 30 lakh. Read here: Budget 2023 brings special scheme for vulnerable tribal groups | Details "The maximum deposit limit …

New income tax regime overhaul, Rs 2.4 L cr for railways among 5 big announcements by FM Niramala Sitharaman
1 year, 10 months ago

New income tax regime overhaul, Rs 2.4 L cr for railways among 5 big announcements by FM Niramala Sitharaman

India Today  

Union Finance Minister Nirmala Sitharaman presented Union Budget 2023 in Parliament on Wednesday and her proposals come at a time when India’s economy is facing challenges from a plethora of global factors, including inflation and a possible GDP growth slowdown in FY24 as predicted by the International Monetary Fund in its January update of the World Economic Outlook. The Top …

Budget 2023-2024: From revised tax slabs to savings scheme for women, Nirmala Sitharaman’s biggest announcements
1 year, 10 months ago

Budget 2023-2024: From revised tax slabs to savings scheme for women, Nirmala Sitharaman’s biggest announcements

Firstpost  

The last full Budget of the second term of the BJP-led NDA government saw the deposit limit for the Senior Citizens’ Savings Scheme raised from Rs 15 lakh to Rs 30 lakh, the highest-ever allocation for Indian Railways and the announcement of a next-generation common I-T form The 2023-2024 Budget has been announced – and with it some big announcements …

Budget 2023: Big hike in tax exemption on encashed leaves for non-govt staff
1 year, 10 months ago

Budget 2023: Big hike in tax exemption on encashed leaves for non-govt staff

Hindustan Times  

The centre on Wednesday proposed a massive hike in tax exemption on leave encashment of non-government salaried employees - to ₹25 lakh from ₹3 lakh. limit of ₹3 lakh for tax exemption on leave encashment on government salaried employees. Other tax highlights in Budget 2023 The finance minister also outlined changes to income tax slabs - for those filing under …

Union Budget 2023: Read Nirmala Sitharaman's full speech here
1 year, 10 months ago

Union Budget 2023: Read Nirmala Sitharaman's full speech here

Hindustan Times  

Union finance minister Nirmala Sitharaman presented the Union Budget 2023-24 in the Parliament on Wednesday. I propose to provide enhanced limits of ` 3 crore and ` 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. It is proposed to make amendments relating to exemption provided to charitable trusts and institution to …

Budget 2023-24: Finance Minister Proposes To Increase Threshold Limit For Co-Operatives To Withdraw Cash Without TDS
1 year, 10 months ago

Budget 2023-24: Finance Minister Proposes To Increase Threshold Limit For Co-Operatives To Withdraw Cash Without TDS

Live Law  

In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman has proposed to increase the threshold limit for co-operatives to withdraw cash without TDS. The government has proposed to amend section 194N of the Income Tax Act by inserting a new proviso to provide that where the recipient is a co-operative society, the provisions of the section shall have effect, as …

5 Major Announcements For Middle-Class: Budget 2023-24
1 year, 10 months ago

5 Major Announcements For Middle-Class: Budget 2023-24

Live Law  

On February 1, the Union Budget for 2023-24 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman. 7 Lakhs In The New Tax Regime From 5 Lakhs The individuals with income up to Rs.5 lakh do not pay any income tax in both old and new tax regimes. New Tax Slabs introduced The Finance Minister Nirmala Sitharaman has …

No income-tax upto Rs 7 lakh in new tax regime
1 year, 10 months ago

No income-tax upto Rs 7 lakh in new tax regime

Deccan Chronicle  

Mumbai: In a bid to encourage individuals to move towards the new personal income- tax regime, the Centre increased the rebate limit, revamped the personal income slabs and reduced the tax rates thereby bringing down the tax outgo for the middle class. The minister announced an increase in rebate limit from Rs 5 lakh to Rs 7 lakh per annum …

Budget 2023 Key Highlights: Are You Under New Tax Regime? Nirmala Sitharaman Has Good News for You
1 year, 10 months ago

Budget 2023 Key Highlights: Are You Under New Tax Regime? Nirmala Sitharaman Has Good News for You

News 18  

Budget 2023 Highlights: Delivering on the expectations of the aam aadmi, Finance Minister Nirmala Sitharaman today announced Income Tax relief for the salaried class with an eye on the mega 2024 elections as well as several state battles as she delivered the Union Budget 2023 speech. She also announced changes in the tax slabs under the new tax regime, which …

Budget 2023: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements
1 year, 10 months ago

Budget 2023: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements

India TV News  

Budget 2023: In a big relief for the common man, the Modi government on Wednesday increased the personal income tax rebate to Rs 7 lakh per annum. The income tax rebate is one of the 5 major announcements made by Finance Minister Nirmala Sitharaman in the first budget of 'Amrit Kaal'. Sitharaman tweaked the slabs to provide some relief to …

#Incometax trends on Twitter after Nirmala Sitharaman's Budget 2023 speech. Best memes
1 year, 10 months ago

#Incometax trends on Twitter after Nirmala Sitharaman's Budget 2023 speech. Best memes

India Today  

Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in Parliament today. This year’s budget comes at a time when India’s economy faces challenges from a host of global factors; a steep rise in inflation and a possible GDP growth slowdown in the financial year 2024. However, the finance minister announced some relief for taxpayers as she proposed a new …

From Tax Exemption To Rural Push, Here Are Key Expectations From Budget 2023
1 year, 11 months ago

From Tax Exemption To Rural Push, Here Are Key Expectations From Budget 2023

News 18  

The Budget 2023 is set to be tabled in Parliament by Finance Minister Nirmala Sitharaman on February 1. Here are five major expectations from the Union Budget 2023-24: Tax Exemption Limit There is an expectation that the government might give a relief to individual tax payers by raising tax exemption or rebate limit. If the salary goes above Rs 5 …

Union Budget 2023: Govt likely to raise income tax exemption limit from Rs 2.5 lakh to 5 lakh
1 year, 11 months ago

Union Budget 2023: Govt likely to raise income tax exemption limit from Rs 2.5 lakh to 5 lakh

India TV News  

Union Budget 2023: In the upcoming budget for 2023–24, the Union government is allegedly expected to increase the income tax exemption limit from the current Rs 2.5 lakh to Rs 5 lakh. The finance minister had also raised capital expenditure by 35.4% for the financial year 2022-23 to Rs 7.5 lakh crore to boost demand, while the capex last year …

The fineprint on the new tax on Employees’ Provident Fund income
2 years, 8 months ago

The fineprint on the new tax on Employees’ Provident Fund income

The Hindu  

The story so far: In the Union Budget of 2021-22, Finance Minister Nirmala Sitharaman introduced a new provision to tax income on provident fund contributions from employees beyond ₹2.5 lakh a year. While the tax provision also covers government employees, the contribution limit for tax-free income for them and any other PF accounts where employers do not contribute was set …

New income tax rules for GPF from 1st April 2022 that you should know
2 years, 8 months ago

New income tax rules for GPF from 1st April 2022 that you should know

Live Mint  

New income tax rules for GPF: After the beginning of new financial year 2022-23, various income tax norms announced in the union budget 2022 have become applicable now. Speaking on the new income tax rules for GPF or General Provident Fund; SEBI registered tax and investment expert Jitendra Solanki said, "In budget 2021, the union finance minister had announced to …

PF Update: Provident Fund Contributions to Be Taxed Soon? Know What the Govt Says
2 years, 8 months ago

PF Update: Provident Fund Contributions to Be Taxed Soon? Know What the Govt Says

News 18  

The central government has laid out a plan to impose taxes on Employees Provident Fund contributions above Rs 2.50 lakh in a year. On the contrary, if a government employee contributes Rs 6 lakh to provident fund, Rs 1 lakh is going to be taxed under the rule. With this new amendment, the government wants to curb high income earners …

Govt seeks Parliament nod for additional spending of ₹1.5 tn in FY22
2 years, 9 months ago

Govt seeks Parliament nod for additional spending of ₹1.5 tn in FY22

Live Mint  

The government on Monday sought Parliament's approval for an additional spending of ₹1.58 trillion to meet its expenditure commitments towards settling loans taken from National Small Savings Funds for Pradhan Mantri Awas Yojana and higher fertiliser subsidy outgo as the war in Europe has led to soaring prices of soil nutrients and their feedstocks. Finance Minister Nirmala Sitharaman presented the …

Budget 2022: NPS exemption raised for state govt staff. An explainer
2 years, 10 months ago

Budget 2022: NPS exemption raised for state govt staff. An explainer

Live Mint  

Contributions made by subscribers to the government’s pension scheme NPS are exempt from income tax. In the Budget 2022, the finance minister Nirmala Sitharaman raised the tax exemption limit on employer’s contribution from 10 percent to 14 percent for state government employees. Exemption on contribution The subscribers of National Pension System can claim tax exemption under section 80CCD within the …

Budget 2022: No change in income tax slabs announced
2 years, 10 months ago

Budget 2022: No change in income tax slabs announced

India Today  

Finance Minister Nirmala Sitharaman, while presenting the Union Budget, did not announce any new changes in tax slabs for the personal income tax category. It was highly expected that some incremental changes would be introduced to the current income tax regime, but, no significant change was announced. Read: Budget 2022: What Nirmala Sitharaman said on income tax and return filing …

Income tax rebate to PPF, top 5 budget 2022 announcements expected
2 years, 10 months ago

Income tax rebate to PPF, top 5 budget 2022 announcements expected

Live Mint  

Budget 2022 expectations: After Economic Survey painting India in an optimistic light with good macro-stability indicators, earning individuals and taxpayers are expecting some relief form Nirmala Sitharaman when she presents her fourth general budget today. From raise in annual limit of Section 80C of the Income Tax Act to PPF deposit limit, taxpayers are expecting some relief in income tax …

Union Budget 2022-23: Why salaried class may not get big income tax relief
2 years, 10 months ago

Union Budget 2022-23: Why salaried class may not get big income tax relief

India Today  

Stagnant income and risk of inflation due to the Covid-19 pandemic severely crippled the salaried class in the country over the past two years. Many people have sought income tax relief from the government in the upcoming Union Budget 2022-23. TAXPAYERS' WISHLIST A survey conducted by world's leading accounting firm KPMG indicated that most respondents expect an enhancement in the …

New Provident Fund Tax rules come into effect: Here's what will change now
3 years, 3 months ago

New Provident Fund Tax rules come into effect: Here's what will change now

India TV News  

The Central Board of Direct Taxes under the Ministry of Finance has notified the Income Tax rules that will allow the government to collect tax from Provident Fund income generated from employee contributions. “For the purpose of calculation of taxable interest…, separate accounts within the provident fund account shall be maintained during the previous year 2021-2022 and all subsequent previous …

New PF tax rule from this month: How it will impact you
3 years, 8 months ago

New PF tax rule from this month: How it will impact you

Live Mint  

Starting from 1 April, the interest on employee contributions to provident fund of over ₹2.5 lakh per annum will be taxed, finance minister Nirmala Sitharaman announced in the Union Budget 2021. The finance ministry increased the deposit threshold limit to ₹5 lakh per annum in provident fund for which interest would continue to be tax-exempt, if there is no employer …

Tax-free Investment Limit In PF Raised Up To Rs 5 lakh If Employers Don't Contribute Know What It Means For Taxpayers
3 years, 9 months ago

Tax-free Investment Limit In PF Raised Up To Rs 5 lakh If Employers Don't Contribute Know What It Means For Taxpayers

ABP News  

In much relief to taxpayers, Finance minister Nirmala Sitharaman increased the deposit threshold limit to ₹5 lakh per annum in the provident fund for which interest would continue to be tax-exempt provided there is no employer contribution. "In order to rationalise tax exemption for the income earned by high-income employees, it is proposed to restrict tax exemption for the interest …

Nirmala Sitharaman tweaks tax provisions for EPF contributions, says ready to discuss GST on fuel if States want it
3 years, 9 months ago

Nirmala Sitharaman tweaks tax provisions for EPF contributions, says ready to discuss GST on fuel if States want it

The Hindu  

The Centre is ready to consider bringing fuel under the Goods and Services Tax regime if the States bring up the issue at the GST Council, Finance Minister Nirmala Sitharaman said on Tuesday, arguing that all decisions related to the indirect tax are driven by the Council and not the Ministry of Finance. These included an income tax break for …

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest
3 years, 9 months ago

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest

India TV News  

The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from …

Centre Planning to Provide 5-Year Tax Holiday to Pvt Development Finance Institutions
3 years, 9 months ago

Centre Planning to Provide 5-Year Tax Holiday to Pvt Development Finance Institutions

News 18  

The Centre is planning to make an amendment in the income tax act to provide for a tax holiday of five years to private DFIs when the Finance Bill is taken up for passage in Parliament. The Union Cabinet on Tuesday approved a bill to set up a DFI to raise long-term capital to fund infrastructure development, as the government …

5 new income tax rules that will come into effect from 1 April
3 years, 9 months ago

5 new income tax rules that will come into effect from 1 April

Live Mint  

Union Finance Minister Nirmala Sitharaman presenting Union Budget 2021 had announced a slew of changes in the income tax rules. Let's take a look at 5 income tax changes that will come into effect from 1 April: 1) PF tax rules: Interest on annual employee contributions to provident fund over ₹2.5 lakh would be taxed from 1 April 2021. 2) …

‘Interest on PF contributions of over ₹2.5 lakh must in I-T filing’
3 years, 10 months ago

‘Interest on PF contributions of over ₹2.5 lakh must in I-T filing’

The Hindu  

Employees making contributions of more than ₹2.5 lakh a year into their Provident Fund accounts, will have to include the interest attributable to the investments exceeding ₹2.5 lakh in their annual income starting 2021-22 and file tax returns accordingly, Central Board of Direct Taxes chief PC Mody told The Hindu. The Union Budget has proposed tax on interest income on …

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