Q.I had purchased a residential flat jointly with my wife for a sum of Rs 24 lakh. The payment was to be made in instalments ...

This deduction is available under Section 80CCD (2) of the Income Tax Act. The current income tax rules allow an individual to claim a deduction of up to 14% of the salary as a deduction. Salary here ...

Highlights: FM Nirmala Sitharaman's announcement on February 1 brings a gift for the Indian middle class with no tax payable ...

Mandatory Reporting: Investors and entities dealing in VDAs must submit transaction details to the tax authorities. 2. Inclusion in ... 285BAA under the Income Tax Act of 1961, which makes it ...

The Budget 2025 introduces significant reforms in personal income tax, aimed at providing relief to middle-class taxpayers while simplifying the tax structure. The proposed changes focus on increasing ...

Among sectoral indices, the Consumer Durables index rose 3%, the Realty index gained 3.3%, the Auto index jumped 1.9%, the Media index climbed 2% ... of the current Income Tax Act of 1961.

India appears to be softening on its strict crypto regulations. But without tax relief, trading crypto in the country is ...

The proposed new income tax law follows from the earlier Budget announcement for 2024-25. In July 2024, Sitharaman had announced a comprehensive review of the Income-tax Act, 1961 to be completed in ...

The new bill, she stated, will be simpler and clearer than the existing Income Tax Act of 1967. The government of India has budgeted for ₹50 lakh crore ($580 billion), crossing the milestone for the ...

In the Union Budget 2025, the Finance Minister announced significant changes to the new income tax regime Under the new tax system, people will not have to pay income tax on annual earnings up to Rs ...

Mumbai: The govt is expecting a significant dividend from RBI for FY26, with receipts budget projections indicating Rs 2.56 lakh crore dividend earning from RBI, banks, and financial institutions ...

Notably, the NDA government had initiated a major review of the Income Tax Act, 1961 in Budget 2024. Targeted to simplify and modernise the tax system, the reforms focussed on getting rid of ...