The Maharashtra cabinet on Tuesday decided to provide a 15% tax concession to owners who voluntarily scrap their vehicles when purchasing a new one of the same type. A statement from the Chief Minister’s Office (CMO) said a tax concession of 10% will be given to transport vehicles voluntarily scrapped within eight years of registration […]
Section 87A rebate confusion: Why taxpayers with capital gains are receiving notices – CNBC TV18
The Section 87A rebate, a key provision in India’s income tax law, has sparked confusion among taxpayers, especially those with capital gains income. While Budget 2025 increased the rebate limit to ₹12 lakh under the new regime, ambiguity remains over whether it applies when a taxpayer has both regular income (like salary) and special rate […]
Views| India’s shrinking tax base: Could a GST cut have been more effective for the middle-class woes than an income tax waiver – CNBC TV18
The Finance Minister Nirmala Sitharaman’s budget 25-26 proposal to steeply abolish tax for income upto ₹12 lakh sans deduction and exemptions from the existing ₹7 lakh as well as the proposal to bring down sharply the slab rates for those earning more than ₹ 12 lakh together will entail a tax sacrifice of ₹ 1 […]
ITR filing for FY23-24: Taxpayers to soon get option to claim section 87A rebate with updated forms – CNBC TV18
The Income Tax Department has announced a key update for taxpayers eligible for the Section 87A tax rebate for the financial year 2023-24. On December 31, 2024, the department confirmed that affected taxpayers can file revised or belated Income Tax Returns (ITR) to claim the rebate. Index Fund Corner Sponsored Scheme Name 1-Year Return Invest […]