The concept of residential status is pivotal under Indian income tax laws, as it determines the scope of taxable income in India. Residential status for income tax purposes may vary from year to year and differs significantly from the definitions under other Indian laws such as the Citizenship Act, Foreign Exchange Management Act (FEMA), Aadhaar…
Updated on July 18, 2022 The tax slabs and tax rates for the financial year 2020-21, 2021-22, and 2022-2023 remain the same. The rules for the old tax regime and the new tax regime are also the same as in previous years. The amount of rebate u/s 87A has been kept unchanged under both the…
In accordance with Article 265 of the Constitution of India, “No tax shall be levied or collected except by the authority of law.” This provision establishes that taxation can only be imposed under duly enacted legislation by the appropriate legislative authority—be it the central or state governments, or local governing bodies such as municipal corporations.…
India’s taxation system operates within a three-tier federal structure comprising the Central Government, State Governments, and local municipal bodies. The framework is broadly classified into direct and indirect taxes, each governed by distinct authorities and applied in specific contexts. This article provides a comprehensive overview of the Indian tax structure, highlighting its classification, features, and…
The Union Budget 2023 has left individuals confused with the choice of the tax regime. Both old and new tax regimes require a proper assessment before choosing one. The calculation of tax payable by various income groups under the new tax regime and old tax regime is shown at the bottom of this post so…
Finance Minister Nirmala Sitharaman has not proposed any changes in the income tax slab rates in the interim Budget 2024. However, the notable modification in the income tax slabs includes a reduction of tax slabs from 6 to 5 alongside an increase in the basic exemption limit from Rs.2.5 lakh to Rs.3 lakh from April…
Portfolio Management Services (PMS) offer a structured and professional approach to managing investments, particularly for individuals seeking personalized strategies, expert guidance, and diversified asset allocation. While PMS provides numerous advantages, it is essential to consider potential drawbacks before opting for such services. Advantages of Portfolio Management Services 1. Expert Management of InvestmentsOne of the most…
The landscape of Portfolio Management Services (PMS) in India has witnessed significant transformation, driven by evolving investor expectations, regulatory advancements, and technological progress. From conventional investment vehicles to more dynamic and customized strategies, PMS offerings have broadened to serve a diverse clientele more effectively. Below are some of the latest developments shaping the PMS and…
A portfolio manager is a person who provides portfolio management services to clients. A portfolio manager can be an individual or a corporate that has obtained a valid certificate of registration from the Securities and Exchange Board of India (SEBI). Some banks in India provide Portfolio Management Services (PMS) to high-net-worth individuals (HNWIs)—not the general…
The portfolio management process is a structured approach to achieving an investor’s financial objectives through strategic investment planning and execution. This process generally consists of six critical steps: ConclusionThe portfolio management process is integral to effective wealth management, providing a disciplined framework for aligning investments with an individual’s financial goals and risk tolerance. Each step…
