Income tax slabs and rates for FY 2023-24(AY 2024-25) under old and new regimes
Before listing out the new slabs in the budget 2023, the finance minister announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime. The taxpayers can choose the regime while filing income tax returns.…
Read article
Budget 2023: The big picture of several changes made in income tax rules
There are many changes in income-tax rules. This post analyses tax consequences on 15 key points on which tax policies are changed. Let us see how these changes impact you. A standard deduction of Rs 50,000 to salaried individuals, and a deduction from family pension up to Rs.15000, is currently allowed only under the old…
Read article
Highlights of Union Budget 2023-2024
Individuals tax slabs: Before listing out the new slabs, the minister announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime. No changes have been made to the old tax regime. The Union Finance…
Read article
What is new in revised locker rent agreements?
Reserve Bank of India, taking into consideration the various developments in the area of banking and technology, the nature of consumer grievances, and other stakeholders, has reviewed the guidelines/instructions issued on locker rent agreements and issued a circular on August 18, 2021, in this regard. ‘The review also took into account, the principles enumerated by…
Read article
Gift cards, reward points excluded from VDA tax from July 1
Gift cards or vouchers that may be used to obtain goods or services on a discount on goods,, mileage points, reward points, and loyalty cards will be excluded from the definition of virtual digital assets (VDAs), Central Board of Direct Taxes (CBDT) said in a notification issued late Thursday. Hence, these products do not face…
What are the fiscal deficit and deficit financing?
Edited on 23.06.2022 In the recent Monthly Economic review, the finance ministry struck a note of caution on the twin deficit problem. Many of our readers like to know about the twin deficit problem. Whenever a country faces an increased fiscal deficit and current account deficit at the same time, it is known as the…
Read article