Tax Rebate News

Among several key announcements made by Union Finance Minister Nirmala Sitharaman in the Union Budget 2021-22, the senior citizens above 75 years with only pension income have been exempted from filing Income Tax returns.

Budget 2020 proposes a new tax regime that includes reductions of income tax slabs to reduce income tax rates and the total tax payable by individuals. Income between Rs 12.5 lakh and Rs 15 lakh will be taxed 25% less than the current 30%. Income above Rs 15 lakh will be subject to 30% tax.

Finance Minister Nirmala Sitharaman on Saturday (February 1) tabled General Budget 2020-21. 

In wake of dealers are refraining from purhasing goods from manufacture about tax credits and rates under GST, excise collections may take a hit.

Finance Minister Arun Jaitley will on Tuesday meet his counterparts in states to discuss proposed amendments to the GST Bill that has been passed by the Lok Sabha but is stuck in the Rajya Sabha, an official source here said.

 It's highly recommended that the additional money you receive is invested wisely.

As many as 571 budding entrepreneurs have filed applications as on June 24 with the Department of Industrial Policy and Promotion (DIPP) for recognition as innovative startups to avail tax breaks and other benefits.

"Why is it that subsidies going to the well-off are portrayed in a positive manner? Let me give you an example.

The government also proposed to make it mandatory to settle high value transactions of more than Rs 1 lakh through electronic mode.