Page 2 - Basic Exemption Limit News Today

Budget News: Find out why the basic exemption limit for income tax in Budget 2024 should be increased to Rs 3.5 lakh. Learn about the potential benefits for taxpayers and the need to cushion against inflationary pressures. Read more on Example News.

ITR 2024: As per the Income Tax Act 1961, NRIs are not required under the law to pay tax on overseas earnings or declare foreign assets. But if they overstay, tax and disclosure regulations are applicable.

Last Budget, the Centre brought in multiple new regulations for Income Tax. One notable announcement in relation to personal taxation was the establishment of the New Income Tax Regime as the default tax system.

There are tax implications on gains made on share sales within a day of listing. Read on to find out what they are.

NRIs are taxed solely on their Indian income, which encompasses salary received or accrued in India, income from house property in India, income from business or profession set up in India, and capital gains on transfer of assets in India. The salary earned by Indian workers in Gulf countries such as Saudi Arabia, UAE, Oman, and Qatar remains exempt from Indian taxation. Get more Income Tax News and Business News on Zee Business.

Indian companies can't use DTAA to offset liability towards dividend tax, ruled by income tax appellate authority, for Total Oil India Pvt Ltd's case.

TDS usually constitutes a lion’s share of about 47% of the gross direct tax collections

When receiving a specific payment, such as a dividend, Tax Deducted at Source (TDS) is subtracted from the total amount received.

Budget 2023 has sweetened the concessional tax regime pot. It has proposed to hike the basic exemption limit to ₹3 lakh, cut the tax slab rates and enhance tax rebate limit to ₹ 7 lakh from the current ₹5 lakh

While nudging the middle class to shift tax regimes is a good idea, retaining would-be jurisdiction shoppers is even better