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New Delhi: Mild cuts in personal Income Tax rates to boost consumption and concessional Corporate Tax scheme for manufacturing hubs and FDIs to push the ‘Make in India’ strategy are likely in Budget 2025-26 with the government aiming to push economic growth, according to a private sector report. “Watch for higher customs duty on gold…
India Budget 2025 Expectations Live Updates: Industry stakeholders eagerly await Finance Minister Nirmala Sitharaman’s upcoming Union Budget, with one key question on everyone’s mind: Will the Budget stimulate consumption, boost GDP growth, and provide tax relief to the common man and salaried individuals? Each year, the middle class looks to the Finance Minister for tax…
Budget 2025: The first full budget of the third term of Modi government is going to be presented on February 1. To understand what expectations people have from this budget, we talked to the research scholars of Lucknowi University. Students doing research on issues related to Economics subject said many important things about the budget….
New Delhi: Global financial services company Nomura on Thursday said the Centre will focus on both fiscal consolidation and growth-supportive measures in the upcoming Union Budget for 2025-2026, predicting that the government may introduce changes to the personal income tax slabs to encourage consumer spending. Nomura expects India to surpass its fiscal deficit target for…
Income Tax Relief: The government has extended the deadline for resolving pending income tax appeals under the Vivad Se Vishwas Scheme by one month. The Central Board of Direct Taxes (CBDT) announced that the due date for determining the amount payable has been moved from December 31, 2024, to January 31, 2025, through an official…
New Delhi: The Confederation of Indian Industry (CII) on Sunday urged the Central government to reduce the income tax for individuals and cut excise duty on fuels to increase disposable incomes in the hands of consumers, which would increase spending thereby spurring economic growth. As part of its wishlist in the run-up to Union Budget…
Tax-Saving Investments Under Section 80C: Investments are pivotal in one’s wealth creation journey. Saving on taxes while investing helps to maximize finances and acts as an incremental delta. Section 80C of the Income Tax Act, of 1961, is one of the most popular and widely used sections for tax-saving purposes in India. It allows individuals…
New Delhi: The number of tax refunds has recorded a 46.31 per cent jump to Rs 3.08 lakh crore between April 1 and November 27 this year compared to the same period of 2023, marking a significant increase in the efficiency of the Income Tax Department, according to figures released by the Union Finance Ministry…
Income Tax Return Filing Deadline: The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns to December 15, 2024, for the financial year 2023-24 (assessment year 2024-25). This extension applies to taxpayers engaged in international transactions or specified domestic transactions requiring reports under Section 92E of the Income-tax Act,…
New Delhi: Finance Minister Nirmala Sitharaman chaired a meeting on the comprehensive review of the Income Tax Act 1961 with Revenue Secretary Sanjay Malhotra, CBDT Chairman Ravi Agarwal, and senior CBDT officials. A comprehensive review of the Income Tax Act 1961 was announced in the Union Budget 2024-25 tabled on July 23. The Revenue Secretary…