The Finance Minister presented the Union Budget 2023 today. In the past, taxpayers have had big expectations from the Union Budgets but the budget announcement turned out to be a damp squib. Yes, there are always policy changes but not many seem to affect the salaried class directly. The Union Budget 2023 is an exception.… Continue Reading
Budget 2020 gave a choice to the taxpayers and a reason to rejoice to the tax accountants. As a taxpayer, you have the following two options. Take tax deductions and continue with the old tax regime Opt for the new tax regime and don’t take tax deductions As a taxpayer, this choice seems relatively simple.… Continue Reading
The Finance Minister, Nirmala Sitharaman, presented the Union Budget 2020 in the parliament yesterday. In this post, let’s look at the highlights of the Budget proposal. We will look at the proposals from personal taxation perspective only. #1 Restructuring of Income Tax Slabs, Lowering of Personal Tax Rates and a Choice There is a major… Continue Reading
For most young professionals, buying a house tops the list of priorities. Even those who do not believe real estate makes for a good investment, do not have second thoughts about purchasing a house to stay in. Not only does it give you the comfort of living in own house, it also provides financial security… Continue Reading
Income Tax Slabs Remain Unchanged Taxable Income Age < 60 years Taxable Income Senior Citizen (60 <= Age < 80 years) Taxable Income Very Senior Citizen (Age >= 80 years) Rs 2.5 lacs – Rs 5 lacs 5% Rs 3 lacs – Rs 5 lacs 5% Rs 5 lacs – 10 lacs 20% Rs 5… Continue Reading
The Budget 2018 was presented on February 1, 2018. The Finance Minister did not propose any changes to the income tax slabs and tax rates. However, much needed relief was granted to senior citizen tax-payers. There were a slew of other relief measures for senior citizens. However, the biggest setback has come to equity investors, where the… Continue Reading