Interim Budget seals India’s plan for higher taxes on your foreign holidays

The Interim Budget 2024 has paved the way for the formal inclusion of the increased Tax Collected at Source (TCS) rates on foreign remittances, as previously announced in the 2023 Budget, into the Income Tax Act. The adjustment is set to come into effect following the parliamentary approval of the corresponding amendment. Finance Minister Nirmala …

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How first-time home buyers can save tax on buying a property | Check here

Image Source : PEXELS A view of a building. Buying the first house is an еxciting milеstonе for the middle class. Bеing a first-timе homеbuyеr also prеsеnts a uniquе opportunity to savе on taxеs whilе sеcuring the drеam homе. First-timе homеbuyеrs have access to various tax-saving avеnuеs. So it is еssеntial to bе aware of …

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IT department notifies ‘Angel Tax’ rules for valuing equities in startups: Know all about it

Image Source : PTI Representative Image The Income Tax department has notified an “Angel Tax” rule for valuing equities and compulsorily convertible preferred shares issued by startups to resident and non-resident investors. The Central Board of Direct Taxes (CBDT) stipulates that the valuation of Compulsorily Convertible Preference Shares (CCPS) can also be based on the …

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Is your life insurance premium above Rs 5 lakh? Check new tax rules

Image Source : PEXELS A Woman Holding a tax document The Income Tax Department has recently introduced new regulations for calculating income from life insurance policies with yearly premiums exceeding Rs 5 lakh. These regulations, known as the Income Tax Amendment (Sixteenth Amendment) Rules, 2023, include rule 11UACA. New provision This provision pertains to the …

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ED Investigates Gaming Companies’ GST Evasion Worth Rs. 23,000 Crore

Tax authorities are currently investigating over Rs 23,000 crore worth of GST evasion by gaming companies between April 2019 and November 2022, according to Minister of State for Finance, Pankaj Chaudhary. In response to a question in the Lok Sabha, Chaudhary stated that the Enforcement Directorate has seized more than Rs 1,000 crore in proceeds …

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