Tax Deductions

Buy base policy, super top-up from same insurer to simplify claims

The deductible is the amount paid through the base policy or out of pocket before the super top-up kicks in. A higher deductible reduces the premium

Union Budget 2024: How Key changes in TDS rates simplify life for taxpayers

Budget has proposed to provide a standard operating procedure for TDS defaults and simplify the compounding guidelines for defaults

Budget 2024: Capital markets eyeing hike in STT on high-frequency traders

Union Budget 2024: The Securities Transaction Tax (STT) applies to every sale and purchase of equities listed on exchanges. The STT rate for selling options is 0.017%, while for futures, it is 0.01%

Budget 2024: FinMin seeks views on tax rates, laws for reducing litigation

The Finance Ministry has invited suggestions on direct and indirect taxes and changes in laws to reduce compliances for the 2024-25 Budget from trade and industry associations. The suggestions are to be sent to the ministry by June 17 and the full budget for 2024-25 is expected to be presented in Parliament in the second half of July. The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry. For changes in customs and excise duties, the trade and industry would have to supplement and justify their demand with relevant statistical information about production, prices, and revenue implication of the changes suggested. The request for correction of inverted duty structure would have to be supported by value addition at each stage of manufacturing of the commodity. With regard to direct taxes, the ministry said the suggestions could be also on

Tax tribunals in Delhi and Mumbai allow deductions for CSR donation

Tax authorities had earlier argued that since CSR expenditures were mandated by law, they were not voluntary and therefore, did not qualify as donations for tax deductions

Multi-point trip: Tax break is on direct travel cost to farthest place

Journeys with foreign leg not eligible for benefit, even if they start and end in India

Homeowner can claim house rent allowance while living in rented house

If you pay rent to spouse or parents, maintain proof for HRA claim

Leverage HUF to max tax benefits by distributing income, availing deduction

By distributing income and availing of deductions, it can facilitate tax savings

85% taxpayers opt for old regime, 55% fully utilise 80C benefit: survey

Among the available tax deductions, 50% of users claimed 80D for tax deductions on medical insurance, while 20% utilised 80CCD(1B) for tax deductions on NPS self-contributions.

Over 750,000 HUFs claimed Rs 3,803 cr tax deductions in 2022-23: FinMin

Over 8.75 lakh Hindu Undivided Families (HUFs) have filed income tax returns (ITRs) and claimed deductions worth Rs 3,803 crore during 2022-23, the Finance Ministry said on Tuesday. Minister of State for Finance Pankaj Chaudhary in a reply to the Rajya Sabha provided details of the number of Hindu Undivided Families (HUF) availing tax benefits (in the form of deduction under Chapter VIA of the Income-tax Act) during the last five years. To a question on whether the government has assessed the impact of the Uniform Civil Code on tax benefits to HUFs in the country, the minister said: "No such assessment has been made as there is no such Code at present". Currently, a debate is going on about the status of the HUFs, following the implementation of the Uniform Civil Code on which the Law Commission has invited comments from the public. Under Hindu Law, a HUF is a family comprising all lineally descendants of a common ancestor, including wives and unmarried daughters. This provision al

TMS Ep466: New TCS regime, HDFC twin merger, markets, wreck-diving

How will the new TCS regime affect you? What are the implications of the HDFC merger? Report card H1-CY23: How did the markets fare? What is wreck-diving? All answers here

Maintain proper documents proving source of funds remitted abroad

Have transparent reasons for each transfer and use reputable service providers in order to avoid scrunity

How health check-up, insurance premium can help you in saving tax

Preventive check-up is one available to save tax based on medical-related issues

New and old: How two tax regimes work for home loan interest benefit

You can benefit under the new tax regime but there are a few caveats

Taxing times: Businesses face tax heat over deductions claimed for cess

CBDT tells I-T officials to nudge entities; move could help garner over Rs 5,000 cr

Avoid higher TDS with timely, accurate submission of investment proof

For investments made after proof has been submitted to the employer, claim refund in ITR

TDS guidelines for gaming companies may require greater disclosure

The move is aimed at improving reporting and transparency in these sectors

File tax return by Dec 31 if you haven't yet, to avoid notice and penalty

Meeting that deadline will allow you to claim refund on excess tax deducted

Make the most of higher tax deductions to senior citizens, say experts

Those over 60 need not file ITR if any tax has been deducted under Section 194P

Income tax rules: Here are the changes in rules from July 1, 2022

While the late fees for linking PAN-Aadhaar will shoot up, doctors and influencers will have to pay 10% TDS on the benefits they receive from sales promotions