The Finance Minister presented an action-packed budget today with a number of changes on the personal taxation and capital gains front. Here are the important changes. #1 Increase in Capital Gains Tax (Negative) Long term capital gains (LTCG) tax on sale of stocks/equity funds has been increased from 10% to 12.5%. The exempt LTCG limit… Continue Reading
This may sound strange, but this may indeed be true for many taxpayers. Why? Because the Union Budget 2023 has incentivized the New Tax regime in a big way by reducing the tax rates in the various income slabs. And the New Tax regime does NOT give you any tax benefits for tax-saving investments. No… Continue Reading
The Budget 2023 made multiple announcements that had a direct impact on the middle-class taxpayers. While the most prominent was about the fresh incentives for the New Tax regime, there were quite a few other small yet important takeaways from the budget. One such takeaway was in the form of clarification about disallowing double deduction… Continue Reading