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…
Speech of Nirmala Sitharaman (Finance Minister of India) Hon’ble Speaker, I present the Budget for 2023-24. This is the first Budget in Amrit Kaal. Introduction of Budget 2023-24 Resilience amidst multiple crises 4. Our focus on wide-ranging reforms and sound policies, implemented through Sabka Prayas resulting in Jan Bhagidari and targeted support to those…
The deadline to complete your tax-saving exercise for the financial year 2022–2023 is March 31, 2023, so move quickly if you haven’t already. Keep in mind that if you don’t make the tax-saving investments and purchases, your tax liability will be higher than normal for the current financial year (2022–2023). Please be aware that beginning…
Every quarter, the Public Provident Fund (PPF) announces its predetermined rate of return, which is now 7.1%. PPF investments worth up to Rs 1.5 lakh per year are exempt from taxation under Section 80C of the Income Tax Act. Both the yearly interest and the maturity sum are tax-free. The account has a 15-year validity…
The Employees’ Provident Fund Organization (EPFO) today revealed its provisional payroll statistics, which shows that in the month of November 2022, EPFO attracted 16.26 lakh net members. The information shows that in October 2022, there were 25.67% more net additions than in the previous month. When comparing payroll statistics from one year to the next,…
According to the regulations of the EPF plan, you are permitted to withdraw funds from your Employee’s Provident Fund (EPF) account for a number of reasons. You are permitted to take withdrawals from your EPF account beginning at age 55 in order to fund your retirement. know about withdraw from EPF corpus for repayment of…
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…
According to government figures released on Wednesday, India’s gross direct tax collections increased by 24.58% to? 14.71 lakh crore as of January 10 this financial year, helped by an increase in personal income tax receipts. Net direct tax revenues after accounting for refunds were 12.31 lakh crore, up 19.55 percent from the same time in…
India has compiled a list of 35 items that are being considered for a potential hike in customs duties in the 2023 budget, which is expected to be released on February 1. Among the products on the government-prepared list are private aircraft, helicopters, high-end electronics, plastic goods, jewellery, high-gloss paper, and vitamins. Based on suggestions from…
Nirmala Sitharaman, the minister of finance, stated on Sunday that improving the ease of doing business was not just the responsibility of the federal government and that it was also necessary to improve it at the state, district, municipality, and even Panchayat levels. The finance minister offered some words of wisdom to budding entrepreneurs while…
In order to achieve the one nation, one standard, promote start-ups in every district, establish a start-up innovation zone at the level of urban local bodies, and encourage Indian speciality products by developing premium international brands, a new industrial policy that will replace the one from 1991 is being proposed. In order to boost MSME…
As a result of the removal of all promoter directors from the board of directors by the national company law tribunal (NCLT), which was done to protect the firm from bad management, Atlas Cycle will now be run by a new group of individuals. Six independent directors have been appointed in the public interest to…
As 2023 approaches, all eyes will be on the impending Budget 2023, which will be announced on February 1 by Union Finance Minister Nirmala Sitharaman. Professionals and salaried taxpayers alike anticipate a number of tax relief measures from the budget. However, a lot of experts think that the Budget may not contain any significant announcements. …
Income tax slabs applicable to income earned from running a proprietorship business or via professional services are the same as the slabs applicable to other types of income example salary income but the slabs/rates are different for partnerships and companies. Income tax on salaried individual is charged as per the slab rate on the basis…
Usually, employees covered under the Employees Pension Scheme (EPS) know that they are eligible for a pension from the age of retirement. However, not many know that if they have been covered under the Employee’s Provident Fund (EPF) for more than 20 years, they are also entitled to a bonus. This bonus is given in…
In order to commemorate the enactment of the Customs Act of 1962, the Central Board of Indirect Taxes and Customs (CBIC), Government of India, held a celebration today. Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, served as the event’s Chief Guest, and Shri Pankaj Chaudhary, Union Minister of State for Finance, served…
Central bank digital currencies were a curiosity five years ago. They’re now a fad. In addition to the 11 that are already using them, more than 40 economies are running pilots or are in the preliminary development phase. As interest in these new-age payment tools grows, previously unasked questions about them begin to surface. Some…
Shaktikanta Das, governor of the Reserve Bank of India, announced an additional function for Unified Payments Interface (UPI) platforms that would allow for multiple debits. In his address at the conclusion of the three-day Monetary Policy Committee (MPC) meeting, Mr. Das was effusive in his praise for the digital payment system. “UPI has emerged as…
There has been a lot of talent in the start-up circle for an overall funding winter, a period when funding indian startups has proven difficult. Looking back at recent years, 2020 and 2021 were excellent years for funding. Despite the start of COVID-19, there was no significant drop in funding in 2020, so keep an…
EPFO’s provisional payroll data, released on November 20th, 2022, shows that the organisation added 16.82 lakh net members in September 2022. A year-on-year comparison of payroll data shows a 9.14% increase in net membership addition in September 2022 compared to the same month last year in 2021. The net enrolment for the month is 21.85%…
If you pay income tax online, make sure the bank where you have an account has changed or migrated its Tax payment facility route. This is because the new income tax e-filing portal has begun accepting tax payments through the service of e-Pay Tax window on its own portal. Customers of specific banks who have…
The pilot programme for India’s future digital currency was launched by the Reserve Bank of India on Tuesday. The pilot project was announced months after Union Finance Minister Nirmala Sitharaman had said it would significantly help the economy in her budget statement. The central banks of ten different nations have reportedly begun utilising digital currencies, according…
The provisional payroll data of EPFO released on 20th October, 2022 highlights that EPFO has added 16.94 lakh net members in the month of August, 2022. Year-on-year comparison of payroll data reflects an increase of 14.40% in net membership addition in August, 2022 as compared to the corresponding month during last year in 2021. Of the…
The provisional payroll data of EPFO released on 20th September, 2022 highlights that EPFO has added 18.23 lakh net members in the month of July, 2022. Year-on-year comparison of payroll data reflects an increase of 24.48% in net membership addition in July, 2022 as compared to the corresponding month during last year in 2021. Of…