Category: Finance Ministry
India & Samoa enters into Tax Information Exchange Agreement (TIEA) Notification of Agreement between the Government of the Republic of India and Government of Samoa for the exchange of information with respect to taxes (AEI/ACT) (Tax Information Exchange Agreement TIEA). The Finance Ministry has notified Tax Information Exchange …
Union Interim Budget 2024 – Disputed old income Tax demands to be withdrawn. No change in the tax slabs or rate The interim budget will be a vote-on-account and will give the present government authority to spend certain sums of money till a new government comes into office …
National Savings Recurring Deposit (3rd Amendment) Scheme 2023 MINISTRY OF FINANCE(Department of Economic Affairs) NOTIFICATION New Delhi, the 3rd November, 2023 G.S.R. 818(E).— In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the …
No TCS on payments using international Debit or Credit cards upto Rs 7 lakh per financial year under Liberalised Remittance Scheme (LRS) The Ministry of Finance has issued a clarification on applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS. As per the Press release …
GPF interest rate to be 7.1% from 1st April 2023 to 30th June 2023 MINISTRY OF FINANCE(Department of Economic Affairs) NOTIFICATION New Delhi, the 10th April, 2023 F. No. 5(3)-B(PD)/2023.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity …
Rate of interest of NSCs, KVPs Post Office Deposit Schemes for 1st Quarter FY 2023-24 Finance Ministry has increased the rate of interest of Small Savings Scheme, i.e. NSCs, KVPs Post Office Deposit Schemes, Senior Citizens Savings Schemes, etc. for 1st Quarter FY 2023-24 are as under Instuments …
Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …
Increase in threshold limits for presumptive taxation schemes u/s 44AD and section 44ADA Under the existing provisions of Section 44AD of the Income Tax Act 1961 a presumptive income scheme is provided for small businesses. This scheme applies to certain resident assessees (i.e.,an individual, HUF or a …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2024-25 as per Union Budget 2023-24 The basic income tax exemption limit and tax slabs for individuals can be broadly categoriesd as under: (i) Optional Simplified Personal Tax Regime (New Tax Regime) under section …
Union Budget 2023-24. Direct Tax Highlights The Union Finance Minister Ms. Nirmala Sitharaman will present Budget 2023-24 in Parliament tomorrow on 1st February 2023 at 11 AM. The Budget Session of the Parliament has begun today. Watch live budget speech and live updation of Tax Proposals at this …