News Muncher - category exemption

Budget 2025 expectations: Rs 5 lakh exemption and simpler taxes, says EY

With the Union Budget 2025-26 around the corner, EY India has proposed a slew of reforms aimed at easing the financial burden on taxpayers and simplifying India's tax system. The global consulting firm suggests that increasing the basic income tax exemption limit to Rs 5 lakh, lowering tax rates, and rationalising tax structures could provide much-needed relief to the ordinary …

India Budget Tds Ey India Rs 5 Lakh Simpler Taxes

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations

India Today

The Union Budget 2025-26, scheduled for presentation on February 1, is already generating buzz with expectations of key reforms in the income tax structure. HIGHER TAX EXEMPTION LIMIT Subhash Chand Aggarwal, CMD of SMC Global Securities, predicts further relief for individuals earning up to Rs 15 lakh annually. “Continuing the trend from the 2024 Budget, reduced tax rates for these …

Budget Relief Income Lakh Tax Rates Ey India Rates Check

3 days, 4 hours ago

Planning to sell your gold, diamond, silver, and other jewellery? Know income tax rules here

Live Mint

Is long-term capital gain from the sale of jewellery taxable for an individual whose income is lower than the basic exemption limit? Jewellery profits taxed as long-term or short-term capital gains based on holding period The holding period to make a capital asset, long-term or short-term, differs for different classes of capital assets. The long-term capital gains, however, are taxed …

Tax Jewellery Income Capital Gains Basic Exemption

4 days, 6 hours ago

CREDAI seeks exemption of NOC from Airports Authority of India for structures in Vizianagaram

The Hindu

Confederation of Real Estate Developers Association of India’s State vice-president K. Subhash Chandra Bose on Monday urged the State government to exempt builders from getting No-Objection Certificate from the Airports Authority of India for constructing buildings on the outskirts of Vizianagaram. AAI has laid down new rules and regulations for the real estate sector regarding construction of buildings in close …

Noc Bhogapuram Vizianagaram Credai

4 days, 7 hours ago

Tax Annual Digest 2024

Live Law

SARFAESI Act | Charge Of Secured Creditor Will Precede Over The Charge Based On Dues Of Sales Tax: Gujarat High Court The Gujarat High Court has reiterated that the charge of the Secured Creditor will precede over the charge of an Unsecured Creditor. The bench of Justice B. M. Shyam Prasad has observed that the GSTIN of the recipient organization …

India Singapore Justice Delhi Mumbai Hyderabad Supreme Court

6 days, 15 hours ago

Nevada's new 2025 laws: What you need to know

India Today

The new year has arrived, and so have the new laws in Nevada. Here’s an overview of the key changes: Fair Wages for Workers with Disabilities Nevada employers can no longer pay workers with disabilities less than the state minimum wage. This exemption will remain in effect until 2050 Paid Caregiving for Families of Dementia Patients Family members who care …

Law Nevada This Law

1 week, 1 day ago

Budget 2025: 5 top expectations of senior citizens

India Today

As the Union Budget 2025 approaches, taxpayers are eager to see what Finance Minister Nirmala Sitharaman has in store. EASIER TAX FILING PROCESSES Senior citizens aged 75 and above currently enjoy exemptions from filing income-tax returns if their income comes solely from pensions and interest from specific banks. ENHANCED SAVINGS SCHEME BENEFITS Interest earned from senior citizens’ savings schemes and …

Financial Tax Budget Senior Citizens Citizens Senior Exemption

Filing ITR: Last 90 days to claim tax exemption via investments for fiscal year 2025. Check details here

Live Mint

The calendar year 2025 has begun and the financial year 2025 is set to end in three months. To claim the exemption in 2024-25 for which you will file the income tax return before July 31, investment must be made in the financial year which will end on March 31, 2025. Tax saving under 80C: Taxpayers can invest in a …

Tax Saving Claim Exemption Tax Exemption

1 week, 5 days ago

Trump’s ascendancy may spell bad news for consumer protections in the US

Live Mint

As the weeks tick down on the Biden presidency, the administration has been trying to drive through a slew of consumer-finance protections. So he may dismiss current director Rohit Chopra and install someone unlikely to sustain initiatives like capping credit-card late fees, closing a loophole that allows high overdraft fees and fighting improper medical billing. Trump has promised to reduce …

Consumer Tax Trump Estate

2 weeks, 1 day ago

Belated Filing Of Form 9A Is Not Attributable To Trust: Bombay HC Allows Exemption U/S 11 After Condoning Delay Under IT Act

Live Law

The Bombay High Court held that bonafide delay in filing Form 9A on part of trust, has to be construed as procedural lapse and shall be condoned by exercising powers u/s 119 of Income tax Act. The Division Bench of Justice G S Kulkarni and Justice Advait M Sethna observed that that the jurisdictional AO completely lost sight of the …

Application Income Delay Form Bench Filing Assessee

2 weeks, 4 days ago

Musk and Trump Could Delete Consumer Protections

Live Mint

As the weeks tick down on the Biden presidency, the administration has been trying to drive through a slew of much-needed consumer-finance protections. So look for Trump to dismiss current director Rohit Chopra and install someone unlikely to continue the agency’s existing initiatives, such as capping credit card late fees; closing a loophole that allows high overdraft fees; and fighting …

Consumer Tax Trump Administration Musk Republicans Retirement Plans

2 weeks, 5 days ago

Relief for Sai Baba Trust as HC upholds tax exemption on anonymous donations

Hindustan Times

MUMBAI: The Bombay high court on Friday upheld tax exemption on anonymous donations received by the Shri Saibaba Sansthan Trust, which manages and administers the Sai Baba temple at Shirdi, visisted by millions of devotees from all around the world. However, during the year 2014-2015, a show cause notice under section 142 of the IT Act was issued to the …

Trust Assessment Income Act Received Donations Anonymous

3 weeks, 2 days ago

Income tax investment declaration: When you change job, this is what you should do

Live Mint

This is the time of the year to submit proof of investment with your employer in order to claim tax exemption. Finally, when he will file his income tax return in July next year, the tax calculation will turn out to be more than the TDS deducted by his employer. Investment declaration: If you have not shared information of investment …

Investment Income Tax Employer Tds Tax Lakh Income Claim Exemption

3 weeks, 3 days ago

Income Tax: 5 key points to consider before submitting proof of investments to your employer

Live Mint

If you are a salaried employee and have already made investments in some tax-saving instruments, it is imperative that you declare the same to your employer so that your salary in the last two months of fiscal 2025 is not reduced substantially. For instance, if you have invested ₹1 lakh towards an insurance premium and another ₹50,000 in the equity …

Income Tax Income Regime Claim Your Employer Nps Tds Tax

3 weeks, 3 days ago

Asking Ex-Serviceman Who Lost His Fingers To Pass Typing Test For Appointment As Clerk Is 'Arbitrary & Illegal': Punjab & Haryana High Court

Live Law

The Punjab & Haryana High Court has said that it is "arbitrary and illegal" to ask a candidate whose fingers were amputed to pass typing test for the post of clerk.The candidate had competed in the reserved category of Ex- Servicemen. The plea contended that the candidates who were similarly situated but were competing in the physically handicapped category, have …

Disability Court Test Punjab Singh Pass Candidate

3 weeks, 5 days ago

How is a trust taxed on a property sale?

Live Mint

I have recently shifted my residence to Dubai. We have been advised that since the house was owned by the trust and the trust is purchasing the new property, it cannot enjoy tax exemption upon reinvestment which is otherwise available to an individual. This distinction matters because the Income Tax Act, 1961 applies different tax treatments to private revocable and …

Trust Tax Trustee Beneficiaries Ita Section 54 Sale Income

3 weeks, 5 days ago

GCC starts discussions to exempt Councillors’ Ward Ddevelopment Fund from GST

The Hindu

The Greater Chennai Corporation has started discussions pertaining to the exemption for the Councillors’ Ward Development Fund from the Goods and Services Tax during the implementation of civic infrastructure projects in the city. Councillors have complained that they are not able to implement all the projects demanded by residents as 18% of the funds allocated under the fund went towards …

Projects Fund Ward Gst Dmk Councillors Implement

1 month ago

Thailand announces e-visa for Indians from January 1, 60-day exemption to remain

India Today

Thailand will roll out an Electronic Travel Authorisation system in India starting January 1, 2025. However, the 60-day visa exemption for Indian passport holders for tourism and short business purposes will remain effective until further notice. In a notice, the Thai embassy stated that applicants, who are non-Thai nationals, must apply for all visa types via the website https://www.thaievisa.go.th. For …

India Visa Eta Thailand Announces

1 month ago

Fact Check: No, Govt Of India Has Not Announced Any Income Tax Exemption For Senior Citizens Above 75

ABP News

A post is being widely shared on social media claiming that the central government has announced that senior citizens above 75 years, who rely on pensions and other welfare programs, are exempt from paying income taxes and filing IT returns. However, senior citizens earning more than ₹3 lakhs must pay taxes based on their applicable income tax slab and regime. …

India Fact Check Taxes Income Tax Bank Income Senior Citizens

1 month, 1 week ago

Only Income From Investment Made By Charitable Institution In Violation Of S.13(1)(d) Income Tax Act Is Liable To Tax: Telangana HC

Live Law

The Telangana High Court has held that the benefit of exemption under Section 11 of the Income Tax Act, 1961, can be denied only on income from such investments made by charitable or religious institutions, which are in violation of Section 13 of the Act. In the case at hand, the Andhra Pradesh State Civil Supplies Corporation Limited, a charitable …

Tax Court Investment Violation Companies Income Act

1 month, 1 week ago

Tax Monthly Digest: November 2024

Live Law

SUPREME COURT DRI Officers Can Issue Show-Cause Notices Under Customs Act : Supreme Court Allows Review Against 'Canon India' Judgment Case Details : COMMISSIONER OF CUSTOMS vs. M/S CANON INDIA PRIVATE LIMITED Case no. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma ruled, “Assessee's contention that E4e Healthcare is functionally dissimilar to the assessee and therefore, could …

Delhi Supreme Court Writ Petition Writ Jurisdiction Tax Court Uttar Pradesh

1 month, 1 week ago

When Personal Appearance Of Accused Is Not Indispensable, Granting Exemption May Facilitate Effective Disposal Of Trial: Punjab & Haryana HC

Live Law

The Punjab and Haryana High Court has granted exemption from personal appearance to a British citizen involved in a criminal case, observing that applications for exemption should be decided liberally. If the Courts become liberal in granting exemption from personal appearance, it would reduce the avoidable footfall in the Courts and would facilitate the effective dispose of the trial. These …

Personal Trial Court British Courts Case Accused

1 month, 1 week ago

Trader Not Liable To Pay Social Welfare Surcharge On Customs Duty Which Is Exempted Under MEIS Scheme: Orissa High Court

Live Law

The Orissa High Court has held that Social Welfare Surcharge leviable on customs duty will be nil where a trader is exempted from paying customs duty under the Merchandise Exports from India Scheme. It relied on Union of India v. Modi Rubber Ltd. where the issue before the Supreme Court was- where there had been partial exemption of duty payable, …

India Court Social Welfare Customs Duty Pay Act

1 month, 1 week ago

POCSO Case | Gurugram Court Rejects Anticipatory Bail Plea Of Journalist Chitra Tripathi Following Issuance Of Arrest Warrant

Live Law

A court in Gurugram has DISMISSED the anticipatory bail application filed by TV News Anchor and Journalist Chitra Tripathi after an arrest warrant was issued against her earlier this month concerning a POCSO Case. #JustIN | #GurugramCourt has DISMISSED the anticipatory bail application filed by TV News Anchor Chitra Tripathi after an arrest warrant was issued against her earlier this …

Court Bail Maharashtra Application Gurugram Plea Her Counsel

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Articles for Exemption

Budget 2025 expectations: Rs 5 lakh exemption and simpler taxes, says EY

Budget 2025: Higher exemption limit and lower tax rates? Check top expectations

Planning to sell your gold, diamond, silver, and other jewellery? Know income tax rules here

CREDAI seeks exemption of NOC from Airports Authority of India for structures in Vizianagaram

Tax Annual Digest 2024

Nevada's new 2025 laws: What you need to know

Budget 2025: 5 top expectations of senior citizens

Filing ITR: Last 90 days to claim tax exemption via investments for fiscal year 2025. Check details here

Trump’s ascendancy may spell bad news for consumer protections in the US

Belated Filing Of Form 9A Is Not Attributable To Trust: Bombay HC Allows Exemption U/S 11 After Condoning Delay Under IT Act

Musk and Trump Could Delete Consumer Protections

Relief for Sai Baba Trust as HC upholds tax exemption on anonymous donations

Income tax investment declaration: When you change job, this is what you should do

Income Tax: 5 key points to consider before submitting proof of investments to your employer

Asking Ex-Serviceman Who Lost His Fingers To Pass Typing Test For Appointment As Clerk Is 'Arbitrary & Illegal': Punjab & Haryana High Court

How is a trust taxed on a property sale?

GCC starts discussions to exempt Councillors’ Ward Ddevelopment Fund from GST

Thailand announces e-visa for Indians from January 1, 60-day exemption to remain

Fact Check: No, Govt Of India Has Not Announced Any Income Tax Exemption For Senior Citizens Above 75

Only Income From Investment Made By Charitable Institution In Violation Of S.13(1)(d) Income Tax Act Is Liable To Tax: Telangana HC

Tax Monthly Digest: November 2024

When Personal Appearance Of Accused Is Not Indispensable, Granting Exemption May Facilitate Effective Disposal Of Trial: Punjab & Haryana HC

Trader Not Liable To Pay Social Welfare Surcharge On Customs Duty Which Is Exempted Under MEIS Scheme: Orissa High Court

POCSO Case | Gurugram Court Rejects Anticipatory Bail Plea Of Journalist Chitra Tripathi Following Issuance Of Arrest Warrant