In Budget 2023, a new personal income tax regime system for individual taxpayers was unveiled. Taxpayers will be able to select between the current/old tax regime and the new tax regime starting in FY 2020–21. By choosing the previous tax system, the taxpayer can continue to take use of current tax benefits such house rent…
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Income Tax Slab Modification: Indians are always interested to see what the government will do for them in the Union Budget. The final full budget of the federal government will be Budget 2023 (Budget 2022). Therefore, it is anticipated that Nirmala Sitharaman, the finance minister, will present the populace with numerous gifts this time. If…
The Minister of State for Petroleum and Natural Gas, Shri Rameswar Teli in a written reply to a question in the Rajya Sabha today informed that the details of total amount of funds disbursed State-wise from the Start-up Fund by the Central Public Sector Enterprises (CPSEs) under the Ministry of Petroleum & Natural Gas during…
The constitution divides taxation powers between center and states. Both levels of government have some exclusive areas where they can levy tax. Income tax, which includes tax on company profits, is the exclusive domain of central government. These taxes are referred to as direct taxes. Indirect taxes are taxes levied on manufacture of goods, provision of…
