Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Taxes & You

These individuals can't switch between old and new income tax regimes every year

As per budget proposals, an individual has an option to switch between new and old tax regime every year. In order to be elig...

How new income tax rates impact those with Rs 10 lakh salary

An individual with a salary of Rs 10 lakh is wondering which tax structure will benefit them more. Should they opt for new ta...

Govt needs to clarify how TDS from salary will work in new income tax regime: Experts

If an employee informs employer at the start of the financial year about opting for new tax regime, will he/she be allowed to...

ET Wealth Wisdom: DDT or no DDT, no one should have invested in MF dividend plans

In this episode, we tell you about how the proposal to tax dividend income from mutual funds will impact you and why regardle...

New tax regime allows deduction of interest on home loan on rental property

In the new tax regime, there is good news for individuals who have rented out their house property. Such individual taxpayers...

Incomes that are exempted under the proposed new tax regime

70 deductions will be removed in the new regime. However, there are certain incomes that are exempt.

Why the government should keep taxes small and simple

In reality, higher-income earners are able to use the services of qualified accountants to save taxes; can charge a variety o...

DDT removed: What different mutual fund investors should do to maximise gains

The dividend will become taxable in the hands of investors from April. Here's how it impacts investors.

Regardless of Budget changes, dividend plans of equity mutual funds were always a bad idea

DDT or no DDT, no one should have invested any money in the dividend plans. Instead of complaining about tax, just redeem you...

Opting for new income tax regime? Don't stop investing in these financial products

Keep in mind that foregoing the deductions under Section 80 must not make you abandon certain instruments.

New income tax slabs: Will you gain by switching to new regime?

New income tax slabs: Will you gain by switching to new regime?

The budget has proposed an alternate income tax structure. Find out whether you will benefit or not.

ET Wealth Wisdom: Should you switch to the new tax regime?

ET Wealth Wisdom: Should you switch to the new tax regime?

Still confused about what happened in the tax realm in Budget 2020? In this episode of ET Wealth Wisdom, we will put an end t...

These I-T sections will allow you save tax via life, health insurance using existing tax regime

These I-T sections will allow you save tax via life, health insurance using existing tax regime

Although it is advised not to use insurance solely for the purpose of tax saving, under the existing regime there are various...

You may get pre-filled income tax return form with capital gains data

You may get pre-filled income tax return form with capital gains data

While the government has introduced amendments to the Income Tax Act through the Finance Bill, sources said work has already ...

Tax dispute bill bars cases linked to undisclosed foreign assets, income

Tax dispute bill bars cases linked to undisclosed foreign assets, income

If payment is made after the March 31, but on or before the date notified by the Centre, the amount payable shall be increase...

Income tax dept launches e-calculator to compare due tax under new, old regime

Income tax dept launches e-calculator to compare due tax under new, old regime

The web portal is used for filing of electronic income tax returns by various categories of taxpayers. The calculator takes i...

Budget 2020: Tax settlement scheme not open to launderers

Budget 2020: Tax settlement scheme not open to launderers

The scheme won't cover cases related to overseas assets, or prosecutions under PMLA, benami or I-T Act.

Budget 2020: Will NRIs have to report foreign assets in their ITRs?

Budget 2020: Will NRIs have to report foreign assets in their ITRs?

Indian residents are required to report their global assets and financial interests. This resulted in an apprehension about I...

Budget 2020: Individuals can switch tax regime every year

Budget 2020: Individuals can switch tax regime every year

“If you find the new scheme preferable, you can move to it or you can continue with the old one,” said CBDT.

No TDS on capital gains from MFs, clarifies government

No TDS on capital gains from MFs, clarifies government

This offers clarity from the tax department on whether the budget proposal asking asset managers to deduct taxes on “income” ...

Tax dispute settlement scheme details: Pay less to settle tax dispute by Mar 31

Tax dispute settlement scheme details: Pay less to settle tax dispute by Mar 31

The bill introduced in the Parliament says that the last date of the scheme is to be notified by the government.

80% may switch income tax regimes: Government

80% may switch income tax regimes: Government

Under the new regime proposed in the Budget, allowances such as HRA and LTA will be added to the income and taxed. Currently,...

Will proposed new income tax slabs rates benefit senior citizens? Here’s the answer

Will proposed new income tax slabs rates benefit senior citizens? Here’s the answer

The proposed new tax structure does not offer higher tax exemption limit for senior citizens.

How the new income tax regime will impact taxpayers under different incomes

How the new income tax regime will impact taxpayers under different incomes

Your personal income taxes just got more complex. In Union Budget 2020, Nirmala Sitharaman introduced a "simplified", optiona...

Claiming deductions of more than Rs 2.5 lakh? You won’t gain from moving to the new tax regime

Claiming deductions of more than Rs 2.5 lakh? You won’t gain from moving to the new tax regime

Anyone claiming tax exemptions of more than Rs 2.5 lakh in a year will not gain from the new structure.

90% taxpayers claimed less than Rs 2 lakh deductions in FY19: Govt

90% taxpayers claimed less than Rs 2 lakh deductions in FY19: Govt

Income Tax Act offers deductions under section 80C - provident funds, life insurance premium, home loan principal repayment e...

Has Budget 2020 imposed 10% TDS on capital gains from mutual fund units also?

Has Budget 2020 imposed 10% TDS on capital gains from mutual fund units also?

As per a Budget 2020 tax proposal, dividends distributed by mutual funds would become subject to 10% tax deduction at source...

Can you choose between existing income tax regime and new optional regime every year?

Can you choose between existing income tax regime and new optional regime every year?

Budget 2020 has given taxpayers an option to continue with existing tax regime or opt for the new proposed tax regime by forg...

Should you opt for the new income tax regime? Read this to find out

Should you opt for the new income tax regime? Read this to find out

Various tax sops, be it for your salary perks or investments that you make, help reduce your tax outgo.

New tax regime: Life, health insurance may lose lure as tax sops turn optional

New tax regime: Life, health insurance may lose lure as tax sops turn optional

Stocks on insurance companies fell following the budget announcement. Insurers say insurance was always a push product and no...

Budget 2020: Falling property prices plus tax breaks = A new hope for home buyers

Budget 2020: Falling property prices plus tax breaks = A new hope for home buyers

For those who have been eyeing a home for years, 2020 may be a good year to jump in. Home loan rates are down, as are proper...

Govt clarifies on Budget proposal to tax NRIs in India

Govt clarifies on Budget proposal to tax NRIs in India

Income earned outside India by NRIs won't be taxed unless it's from an Indian business or profession.

Budget 2020 proposes to ease employees taxation burden, but many to miss out on ESOP relief

Budget 2020 proposes to ease employees taxation burden, but many to miss out on ESOP relief

ESOPs are currently taxed when they become eligible for allotment, which puts financial burden on employees as they may not b...

Decoding the income tax changes in Budget 2020

Decoding the income tax changes in Budget 2020

Employer’s contribution to provident fund, National Pension System and superannuation fund exceeding in aggregate 7.5 lakh pe...

Taxpayer, investor, consumer: Who won and who lost in Budget 2020?

Taxpayer, investor, consumer: Who won and who lost in Budget 2020?

Dividends will now be taxed in hands of recipient taxpayer. Rich shareholders will pay tax at 30% plus surcharge and cess, as...

All about the personal finance changes made in Budget 2020

All about the personal finance changes made in Budget 2020

FM Nirmala Sitharaman surprised us with various announcements in Budget 2020, the biggest among these being the introduction ...

Budget 2020: The deceptive rise in India’s income tax base

Budget 2020: The deceptive rise in India’s income tax base

The government has been able to make more people file tax returns by applying spending filters (e.g. annual electricity bill,...

Budget 2020 proposes to introduce a taxpayer’s charter to spell out what your rights are

Budget 2020 proposes to introduce a taxpayer’s charter to spell out what your rights are

In a recent report, the International Bureau of Fiscal Documentation had stated that the enactment of such a taxpayer charter...

New tax regime: Exemption loss may wipe out your income tax gains

New tax regime: Exemption loss may wipe out your income tax gains

The Finance Minister, in her speech, mentioned that a person earning Rs 15 lakh in a year and not availing any deduction will...

New income tax regime saves hassle, but not much money

New income tax regime saves hassle, but not much money

The new system is optional and will co-exist with the old one with 3 slabs and all exemptions and deductions.

Budget 2020: What happens to your taxes now

Budget 2020: What happens to your taxes now

In the Union Budget, Nirmala Sitharaman introduced a new, "simplified" personal income tax regime, with reduced rates for ann...

Budget 2020: 5% tax collection at source for remittances over Rs 7 lakh

Budget 2020: 5% tax collection at source for remittances over Rs 7 lakh

The finance bill states that banks who receive Rs 7 lakh from an individual for remittance out of India under the LRS or from...

Six income tax slabs in, 70 exemptions out: Impact on taxpayers

Six income tax slabs in, 70 exemptions out: Impact on taxpayers

Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as exemptions under chapter V...

Budget 2020: Simpler and lower tax, but will it discourage savings?

Budget 2020: Simpler and lower tax, but will it discourage savings?

The key issue that I’m personally concerned about is whether this new optional tax regime is a disincentive for savings.

Lower tax rates: A mixed bag for savings, consumption

Lower tax rates: A mixed bag for savings, consumption

The government has offered a lower income tax regime in order to generate consumption and demand in the wake of slow economic...

Income tax highlights of Budget 2020

Income tax highlights of Budget 2020

While there is no change in existing income-tax slab rates for individuals, a new tax regime has been proposed in Budget 2020...

Budget 2020: NRIs to face more tax compliance issues

Budget 2020: NRIs to face more tax compliance issues

According to the proposal, income earned abroad will be exempt if any tax is paid in another country. The question that aris...

Budget gives option of lower income tax rates, new tax slabs minus 70 exemptions

Budget gives option of lower income tax rates, new tax slabs minus 70 exemptions

Once these proposals are passed by the Parliament, these changes will become effective from the financial year 2020-21.

Higher the tax break you claim, less likely you are to benefit from new regime

Higher the tax break you claim, less likely you are to benefit from new regime

To see if the new regime is beneficial, each individual will have to make their own calculations.

What you will lose if you opt for the new lower income tax rate regime

What you will lose if you opt for the new lower income tax rate regime

All deductions under chapter VIA will not be claimable by those opting for the new tax regime, as per Budget 2020.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service

BACK TO TOP