Articles for Individual Income

Why the budget must bring income tax relief this time around
1 week ago

Why the budget must bring income tax relief this time around

New Indian Express  

It's often argued that tax cuts can stimulate the economy. If so, given India's weakening urban consumption, the question is whether the government should consider cutting personal income taxes in the forthcoming Union budget or reduce rates that affect everyone like the GST. Just about 10%-15% of the population pay individual income taxes and so a reduction in income tax …

Income Tax Gst Individual Income Tax Individual Income
Elon Musk believes US could go 'bankrupt' soon because of this reason: ‘Stop it’
10 months ago

Elon Musk believes US could go 'bankrupt' soon because of this reason: ‘Stop it’

Hindustan Times  

Elon Musk expressed worry that the United States could go bankrupt soon. In a post on his social media platform X, Elon Musk wrote, “Overspending must stop or America will go bankrupt” in response to a post by X user @WallStreetSilv who claimed that in sometime 100 percent of US taxpayer's money will be used to pay interest on national …

Interest Rates Interest Elon Musk Reason Stop Individual Income Taxes
‘Super rich’ incomes’ share ebbing amid middle-class mobility: CBDT
1 year, 2 months ago

‘Super rich’ incomes’ share ebbing amid middle-class mobility: CBDT

The Hindu  

India’s tax base has widened sharply since 2013-14, with individuals moving up the income ladder and the proportion of super-rich taxpayers’ incomes declining, the Central Board of Direct Taxes said on Thursday, days after the Congress cited income tax data to show widening income inequality in the country. The overall number of income tax returns filed by individuals has risen …

Tax Income Total Individual Gross Returns Cbdt
What are the latest rules for NRI taxation in India?
1 year, 10 months ago

What are the latest rules for NRI taxation in India?

Live Mint  

These conditions include: physical presence in India during the relevant FY is 182 days or more; or physical presence in India during the relevant FY is 60 days or more and 365 days or more in the preceding four FYs. an individual, being a citizen of India, having total income, other than income from foreign sources, exceeding ₹15 lakh during …

India Indian Income Total Income 182 Days Foreign Sources
Tax reforms key to common prosperity
3 years, 4 months ago

Tax reforms key to common prosperity

China Daily  

Local levies, direct taxes to improve public services, redistribute wealth Expected acceleration of reform of China's tax system this year could help drive policymakers' initiatives for ushering in common prosperity, a national goal, officials and experts said on Thursday. Tax reforms will focus on improving local government levies and raising the proportion of direct taxes like income tax and property …

China Tax Property Public Services Income Direct Taxes Yang
Tax reforms key to common prosperity
3 years, 4 months ago

Tax reforms key to common prosperity

China Daily  

Local levies, direct taxes to improve public services, redistribute wealth Expected acceleration of reform of China's tax system this year could help drive policymakers' initiatives for ushering in common prosperity, a national goal, officials and experts said on Thursday. Tax reforms will focus on improving local government levies and raising the proportion of direct taxes like income tax and property …

China Tax Property Reform Public Services Income Direct Taxes
'When Lockdown Lifted, There Would Be More Chances Of Crimes": Madras HC Denies Bail To Man Accused Of Robbery [Read Order]
4 years, 8 months ago

'When Lockdown Lifted, There Would Be More Chances Of Crimes": Madras HC Denies Bail To Man Accused Of Robbery [Read Order]

Live Law  

'When the lock down is lifted, there would be more chances of crimes like robbery, as individual income has suffered on account of the lock down', observed the Madras High Court on Friday, denying bail to a robbery accused who has been in custody for almost 2 months. The petitioners, who were arrested and remanded to judicial custody on March …

Bail Lock Petitioner More Chances Individual Income Robbery Read
Personal income tax rate cut can revive economy
5 years, 1 month ago

Personal income tax rate cut can revive economy

Live Mint  

With the next budget of the Centre less than two months away, one thing the government can do to revive the economy is cut personal income tax rates or increase the tax slabs and thus put more money in the hands of people. Of the total 58.7 million income tax returns filed in the 2018-19 assessment year, 94%, or 55.3 …

Tax Indian Income Tax Pay Income Million Rate
Decoding the great Indian taxpayer
5 years, 2 months ago

Decoding the great Indian taxpayer

Live Mint  

The salaried income tax payer in India often feels cheated. A small portion of India’s salaried population pays the bulk of its individual income tax, which gets redistributed to others and doesn’t benefit the taxpayers that much. Further, a huge jump in the income declared by the salaried class has essentially been responsible for the overall increase in individual income …

India Taxes Indian Income Tax Great Paying Tax Returns
Interim Budget 2019: What’s in it for individual taxpayers?
5 years, 10 months ago

Interim Budget 2019: What’s in it for individual taxpayers?

Live Mint  

The current government is set to complete its five-year term in May, and so it presented an interim budget on 1 February rather than a full budget. Increase in tax rebate Rebate of income tax up to `2,500 is currently available to individual taxpayers with total taxable income up to `3,50,000. Resultantly, there will be nil tax liability for a …

India Tax Budget Income Securities Stamp Duty Individual