by AIP Online Bureau | Feb 9, 2025 | Eco/Invest/Demography, Indian News, Policy, Regulation, Wealth Management/ Philanthropy
Before the Income Tax Bill was cleared by the Cabinet, people in the know said that the legislation would likely provide directions to widen the tax net, given the contraction in the tax base following the exemption limit being raised to Rs 12 lakh in the Union Budget...
by AIP Online Bureau | Jan 22, 2025 | Data, Eco/Invest/Demography, Wealth Management/ Philanthropy
Grant Thornton Bharat, Partner, Akhil Chandna said an increase in NPS tax deduction limits and more flexible NPS withdrawal rules would certainly promote retirement savings in the hands of taxpayers New Delhi: As many as 57 per cent of individual taxpayers want taxes...
by AIP Online Bureau | Jan 16, 2025 | Indian News
During investigation, it was revealed that such individuals are employees of organisations operating in diverse fields including PSUs, big corporations, MNCs, LLPs, Private Ltd Companies, etc, sources said. Also, most of them who claimed wrongful deductions were...
by AIP Online Bureau | Aug 17, 2024 | Health, Indian News, Policy, Wealth Management/ Philanthropy
Senior IT officials told that transactions over Rs 2 lakh in cash were required to be reported through a statement of financial transaction (SFT) by financial institutions but that was not happening. The department identified some of the businesses, such as hotels,...
by AIP Online Bureau | Apr 1, 2024 | Data, Eco/Invest/Demography, Pension & Social Security, Policy
Under the new tax regime, the tax rates are significantly lower, though the benefit of various exemptions and deductions (other than standard deduction of Rs 50,000 from salary and Rs 15,000 from family pension) is not available, as in the old regime, the Finance...
