Anticipating changes in Interim Budget 2024: Expectations include increased basic exemption, enhanced investment-linked deductions, and revised limits for medical premiums.
Wishlist for Union Budget 2023 Corporate Taxation – Focus on boosting growth, employment and new investment. Concessional tax regime for service sector high on agenda.
Grow your investments & save tax this year Union Budget 2023 brings big changes for individual taxpayers. Discover the wishlist here!
The phenomenal growth of the Indian economy has resulted in a large number of salaried income tax filers. In India, it is estimated that there are about 8.50 crore tax-filers and of which the salaried and managerial personnel constitute the largest segment.
The Gems and Jewellery industry contributes to 7.5% to India’s Gross Domestic Product (GDP) and 14% to India’s total merchandise exports. The gem and jewellery sector is likely to employ 8.23 million persons by 2022, from 5 million in 2020. Based on its potential for growth, employment generation and value addition, the Government declared gems […]
The Union Budget is expected to focus on employment generation, increase in limits for basic tax exemption, standard deduction, medical expenses, rationalization of tax rates and certain social security investments. Some of the changes expected on the personal taxation front are as under: 1. Providing for enhanced limit of Standard Deduction for salaried individuals Currently, […]
Residential Status for Indian Tax Purposes – Individual The residential status of an individual for tax purposes is crucial for determination of the taxable income. In India, an individual is treated as either “Resident” or “Non-resident” (‘NRs’) for tax purposes. Residents are further classified into “Resident and Ordinary Resident” (‘ROR’)” or “Resident but Not Ordinarily […]
A host of measures have been proposed in the Finance Bill 2021, which is targeted to provide relief to both the affordable house buyers as well as the developers of affordable housing projects. These specific and targeted measures would help to boost the activity in the real estate sector. a. Increase in tolerance limit upto […]
Taxation of cross border e-commerce transactions has been a challenge for the whole world, including India due to location of the supplier, absence of physical presence, characterizing the nature of transaction (goods or service), administrative challenges in tracking and collecting taxes and taxing jurisdiction.
An Optional New Simplified Personal Income Tax Regime for Individual Tax Payers wherein the below slabs has been introduced subject to no deductions or exemptions:
