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| 25 January, 2021, 03:02 AM IST | E-Paper
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    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

    Though an individual cannot claim certain deductions in the new tax regime, however, a certain type of incomes remain tax-exe...

    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?

    Budget 2020 had proposed an alternate income tax structure, which has come into effect fro April 1, 2020. Find out whether yo...

    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.

    The Economic Times