The National Pension System (NPS) is a defined contribution, voluntary retirement savings plan. Subscribers to the National Pension Plan (NPS) are entitled for tax breaks.
The National Pension System (NPS) is a defined contribution, voluntary retirement savings plan. Subscribers to the National Pension Plan (NPS) are entitled for tax breaks.
Tax-saving FDs and POTDs provide tax benefits under Section 80C of the Income-tax Act of 1961, allowing for a deduction of up to Rs. 1.5 lakh.
Budget 2023 increased tax collection at source (TCS) for foreign remittances under LRS from 5% to 20%. This will apply to foreign trips, sending money abroad, and other remittances except for education and medical purposes. This new rule will come into effect from July 1, 2023. Do parents have to shell out more money for kids studying abroad? ET Wealth explains the new TCS rule and how it work from July 1, 2023.
The Budget 2023 has proposed many changes in the new tax regime and presumptive taxation scheme. The proposed changes have asked the individuals whether it will be beneficial for them to be a salaried individual or consultant if their annual income exceeds Rs 50 lakh in a financial year. Read on to know more about it.
If you do not link your PAN and Aadhaar before March 31, 2023, your PAN will become inactive. If you link your PAN to your Aadhaar now, you will be charged a late fee of Rs 1,000.
Section 80TTA provides deduction for an individual or an HUF of maximum Rs.10,000 against interest income from savings a/c with a bank, co-operative society or post office.
The changes announced in the Union Budget 2023 has tried to make the new tax regime attractive for taxpayers. Further, the Budget proposed to make the presumptive scheme for professionals and self-employed individuals more attractive. However, with the changes announced should a professional opt for old tax regime or new tax regime?
Section 115BAC of the Income-tax Act deals with the new tax regime introduced in the Union Budget 2020. The income tax slabs in the new tax regime has been proposed to be revised in Budget 2023. Here is all you need to know about the Section 115BAC of the Income-tax Act.
ET Wealth explained the income tax slabs that will be applicable for the financial year 2022-23. For the financial year 2022-23 (ending on March 31, 2023), the income tax slabs that will be applicable for your incomes earned between April 1, 2022, and March 31, 2023, will be the ones announced in the previous budget.