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Articles for Taxable Income

Budget 2024: Is the new income tax regime beneficial for all salaried taxpayers?
4 months, 4 weeks ago

Budget 2024: Is the new income tax regime beneficial for all salaried taxpayers?

Hindustan Times  

The government is nudging salaried income taxpayers to move to a new regime, which it says is simpler and offers lower rates of taxes. In her 2020 budget speech introducing the new tax regime, finance minister Nirmala Sitharaman noted that the income tax law allowed more than 100 exemptions and deductions. Those who had made certain investment decisions to benefit …

Income Rates Lakh Regime Deduction Deductions Budget 2024
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 …

Tax Income Tax Lakh Regime Standard Deduction Allowed
Mutual Funds: 5 ELSS funds have given up to 25% return in last 3 years
6 months ago

Mutual Funds: 5 ELSS funds have given up to 25% return in last 3 years

Live Mint  

ELSS funds are commonly known as tax-saving funds because they offer tax exemptions under Section 80C of the Income Tax Act. Name of the fund SIP investment 3-year returns Investment tenure Total value of returns 10-year returns Investment tenure Total value of returns Bank of India ELSS Tax Saver 10,000 25.78 3 5,46,535 20.01 10 38,26,117 JM ELSS Tax Saver …

Market Tax Investment Potential Investors Fund Funds
Income Tax: 10 ways to save taxes other than Section 80C
8 months, 3 weeks ago

Income Tax: 10 ways to save taxes other than Section 80C

Live Mint  

There is ample opportunity to lower your taxable income. Tax benefits on the interest component of a home loan under Section 24 Section 24 of the Income Tax Act permits homeowners to avail of a deduction for the interest paid on their home loan. Section 24 of the Income Tax Act permits homeowners to avail of a deduction for the …

India Tax Income Tax Health Insurance Loan Medical Expenses Income
How to make the most of tax benefits by investing in insurance products?
10 months, 3 weeks ago

How to make the most of tax benefits by investing in insurance products?

Live Mint  

January marks an ideal period to assume control of your financial affairs. Furthermore, all premiums paid for term life insurance qualify for tax deductions under Section 80C of the Income Tax Act, with a yearly limit of ₹1.5 lakh. Similar to life insurance, health insurance provides substantial tax advantages, albeit under a distinct section of the Income Tax Act—Section 80D. …

Health Benefits Financial Life Tax Health Insurance Income
IRS tax bracket changes in 2024 may result in bigger paychecks, what are they?
11 months, 3 weeks ago

IRS tax bracket changes in 2024 may result in bigger paychecks, what are they?

Hindustan Times  

Internal Revenue Service announced several key changes last month as part of its 2024 inflation adjustments. Although the income tax rates will remain the same for the next two tax years, higher federal tax brackets and standard deductions are set to take effect beginning January next year. This increase is intended to avoid bracket creep, which is a situation where …

Tax Changes Income 2024 Irs Plus Excess
Want to apply for NRI PAN card? Follow these steps
1 year, 9 months ago

Want to apply for NRI PAN card? Follow these steps

Hindustan Times  

A Permanent Account Number is a ten-digit alphanumeric number issued by the Income Tax Department of India. A PAN card is also required for a Non-Resident Indian who earns taxable income in India -- in order to file income tax returns. Check the application process, documents required, and other information about the NRI PAN card. Offline PAN application process for …

India Tax Indian Application Income Process Card
How new tax regime may impact ELSS fund investors?
1 year, 10 months ago

How new tax regime may impact ELSS fund investors?

Live Mint  

Union Finance Minister Nirmala Sitharaman has announced various reforms to the new tax regime in her address while introducing the Budget 2023-23. 750,000 and who opt for the new tax regime, may not be keen to make investment in ELSS funds,” Suresh Surana added. However, in Budget 2021, the new tax regime has done away with many of the exemptions …

Tax Investment Income Investors Fund Ntr Old
Budget 2023: This is how much tax you can save under New Tax Regime
1 year, 10 months ago

Budget 2023: This is how much tax you can save under New Tax Regime

Live Mint  

Maintaining consistency in the foundation laid in previous Budgets, the FinMin has announced various measures to make the New Tax Regime seem more tax beneficial to individual taxpayers as compared to the existing/Old Tax Regime. The amendments in the proposed NTR could result in tax savings as below: -The basic exemption limit under the proposed NTR has been enhanced by …

Tax Budget Income Ntr Proposed Taxable Income Taxable
Student loan forgiveness applications now open online. Here are the details
2 years, 2 months ago

Student loan forgiveness applications now open online. Here are the details

LA Times  

The U.S. Department of Education on Friday started accepting applications from federal student loan borrowers for up to $20,000 in debt forgiveness. The U.S. Department of Education officially opened the window Monday to applications for student loan debt relief, following a weekend test of the online application form. The weekend beta test was aimed at avoiding the problems the department …

Student Forgiveness Loans Relief Debt Loan California
Republican plans to block student loan relief would keep millions of Americans in debt
2 years, 3 months ago

Republican plans to block student loan relief would keep millions of Americans in debt

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Republican attorneys general and right-wing legal groups are considering legal …

Legal Higher Education Student Relief Debt Loan Texas
How is remittance in NRO accounts taxed?
2 years, 4 months ago

How is remittance in NRO accounts taxed?

Live Mint  

I am working in the UAE. — Name withheld on request Whether or not your income will be taxable in India, will depend upon your residential status in India, the source of such income and also its place of receipt. In the above condition the period of 60 days is substituted by 182 days for a citizen of India or …

India Your Residential Status
Some millionaires pay no tax. Are there lessons to be learnt for the rest of us?
2 years, 4 months ago

Some millionaires pay no tax. Are there lessons to be learnt for the rest of us?

ABC  

I don't earn a million dollars in income per year. On average, the millionaires earned $3.5 million each and "managing your tax affairs" is an allowable tax deduction — it reduces the amount of income you are taxed on. "Some people earning a million dollars or more paid, on average, $80,000 each to manage their tax affairs, which reduced their …

Singapore Pay Income Average Charlie Australian Photo
SFIS Credit Does Not Constitute Taxable Income: ITAT Delhi
2 years, 5 months ago

SFIS Credit Does Not Constitute Taxable Income: ITAT Delhi

Live Law  

The Delhi Bench of ITAT has ruled that the credit received by the assessee under the "Served From India Scheme" is not in the nature of income and that it does not constitute taxable income under Section 2 of the Income Tax Act, 1961. The ITAT observed that the eligible purchases made by the assessee under the SFIS were not …

Delhi Credit Duty Income Capital Capital Goods Revenue
Tax implications of minting NFTs
2 years, 8 months ago

Tax implications of minting NFTs

Live Mint  

What is the difference between the painting of Mona Lisa displayed at the Louvre and its replica sold at various gift shops? As per the amendment, a digital artist who transfers his digital art through an NFT route is unreasonably taxed at a much higher rate as compared to other artists. Computation of taxable income Generally, income received by artist …

Tax Transfer Income Artist Nft Nfts Taxable Income
How cryptocurrencies are taxed around the globe
2 years, 10 months ago

How cryptocurrencies are taxed around the globe

India Today  

Finance Minister Nirmala Sitharaman on Tuesday announced that any income from cryptocurrencies will be taxed at 30 per cent. If your crypto is taxed as a capital gain, you'll only pay Capital Gains Tax on half of any profits of a crypto transaction. Instead, your crypto will either be subject to Capital Gains Tax or Income Tax. Germany Cryptocurrency is …

Singapore Portugal Netherlands Canada Tax Cryptocurrency Germany
EWS Committee Tries To Justify Rs 8 Lakh Limit Post-Facto : Supreme Court In NEET-PG Counselling Case
2 years, 11 months ago

EWS Committee Tries To Justify Rs 8 Lakh Limit Post-Facto : Supreme Court In NEET-PG Counselling Case

Live Law  

While hearing the cases related to NEET-PG Counselling, the Supreme Court on Thursday orally remarked that the Expert Committee constituted by the Central Governemnt has attempted to provide a post-facto justification to the Rupees 8 lakh gross annual income limit for Economically Weaker Sections quota. "There you say that the income limit for determining EWS also largely followed the economic …

Supreme Court Court Social Security Income Tax Pay Provident Fund Committee
A new House bill would blow up the massive IRAs of the superwealthy
3 years, 3 months ago

A new House bill would blow up the massive IRAs of the superwealthy

Raw Story  

Legislation currently making its way through Congress would take a sledgehammer to the massive individual retirement accounts built up tax-free by a select group of the ultrawealthy. Those accounts — Thiel's alone was worth $5 billion in 2019 — have allowed some super-wealthy Americans to turn their Roth IRAs, tools meant to incentivize middle-class retirement saving, into supersized tax shelters. …

Retirement Tax Taxes Trump Proposal Income Musk
COVID19- SCBA Announces General Assistance Scheme For Lawyers' Families In Case Of Untimely Death/ Critical Illness
3 years, 7 months ago

COVID19- SCBA Announces General Assistance Scheme For Lawyers' Families In Case Of Untimely Death/ Critical Illness

Live Law  

The Supreme Court Bar Association has announced a 'General Assistance Scheme 2021' to support the bereaved and financially unstable families of such lawyers who pass away at an early age. The Association has also announced a 'Covid-19 Financial Assistance Scheme 2021' to support its members who are suffering financially due to the pandemic. General Assistance Under the General Assistance Scheme, …

Case Members Scheme Member Its Members Scba Taxable Income
How the new stimulus plan affects your 2020 tax bill. And what to do if you’ve already filed
3 years, 9 months ago

How the new stimulus plan affects your 2020 tax bill. And what to do if you’ve already filed

CNN  

As welcome as the American Rescue Plan is for many people, the fact that it was signed into law inthe middle of tax filing season raises a number of questions. Tax free unemployment benefits The main provision in the latest Covid relief package that affects 2020 taxable income applies to those who received unemployment compensation last year. Here’s why: If …

Income Payment Irs Taxable Income Your 2019 Income 2020 Return Tax File
Union Budget 2021 | Income tax calculator
3 years, 10 months ago

Union Budget 2021 | Income tax calculator

The Hindu  

Without making any changes to the personal income tax slab, the Union Budget 2021- 22 has provided relief to senior citizens in the filing of I-T returns; reduced the time limit for I-T proceedings; announced the setting-up of a Dispute Resolution Committee and faceless Income Tax Appellate Tribunal proceedings; provided relaxations for Non-Resident Indians ; offered an increase in the …

Tax Income Surcharge Interest Fixed Deposits Provident Fund Public Provident Fund
Union Budget 2021: Reintroduce single tax slab structure, raise minimum taxable income to Rs 7.5 lakh
3 years, 10 months ago

Union Budget 2021: Reintroduce single tax slab structure, raise minimum taxable income to Rs 7.5 lakh

Firstpost  

The pandemic and the subsequent Work From Home policy has led to some employers offering allowances and reimbursement to employees. Harsh Bhuta, Partner, Bhuta Shah and Co LLP The finance minister should consider the reintroduction of single tax slab structure and increase the minimum taxable income threshold from Rs 5 lakhs to 7.5 lakhs. Australia has come out with following …

India Expenses Tax Foreign Investors Work Covid Items
Wanted: Empathy for citizens who must live off past savings
4 years ago

Wanted: Empathy for citizens who must live off past savings

Live Mint  

In response to my column last Monday on the plight of India’s middle class, I received quite a few mails. Among those who contacted me was a 74-year-old Indian Institute of Technology alumnus who retired as executive director of one of India’s finest central public sector units. Till this year’s budget, there were higher minimum tax exemption limits for senior …

India Tax Indian Income Senior Citizens Roy Senior
Column: 23,000 households reported income over $10 million last year. The IRS audited seven
4 years, 1 month ago

Column: 23,000 households reported income over $10 million last year. The IRS audited seven

LA Times  

Since we’ll be spending the next day or so pondering America as it is and as we wish it to be, let’s take a moment to contemplate how tax avoidance and evasion have become facts of life for some of the richest Americans. At the most fundamental level, as the U.S. population grew to 329 million last year from 251 …

General Tax Congress Billion Million Irs That Time