INCOME BELOW RS 50 LAKH
ETMarkets AIF Talk: How this fund manager turned Rs 50 lakh into Rs 1.3 crore in 5 years for HNI investors
The strategy focuses on generating alpha during both rising and falling markets through sophisticated derivative and hedging strategies, ensuring stability and protection against market downturns.
Sent more than Rs 6 lakh abroad? You may get a tax notice by December 31, 2024
Income tax notice: You may get a income tax notice by December 31, 2024 if the tax department found you have income which escaped assessment. This is because tax officials are analysing Form 15CC data to find out who has sent more than Rs 6 lakh abroad and there is a mismatch between the amount sent abroad and the amount declared as income in ITR.
The government is estimated to have earned up to Rs 627 crore from late ITR filing fee till August 22, 2024
Belated ITR fees: The government may have earned up to Rs 627 crore from collection of late ITR filing fees till August 22, 2024. As per rules a late filing fee of Rs 5,000 or Rs 1000 or nil is levied for filing a belated ITR after the due date. There were about 14 lakh ITRs filed between August 1, 2024 and August 22, 2024.
Unified Pension Scheme to put a Rs 6,250-cr pressure on govt
Effective April 1, 2025, the Unified Pension Scheme will ensure assured pensions for 23 lakh central government employees, boosting the government's contribution to 18.5%. This change will cost the exchequer Rs 6,250 crore annually. Employees' contributions stay at 10%.
How to quickly save Rs 1 crore with a monthly salary of Rs 1 lakh
A crore might seem a distant horizon for many, even for those earning Rs 1 lakh per month. But with financial discipline and a solid investment strategy, it’s attainable. Experts advocate systematic investment plans (SIPs) in equity mutual funds as an excellent investment tool for long-term wealth creation. Early starts and gradual SIP increase can speed up your dream of becoming a crorepati. ET Wealth Online outlines a roadmap to achieve Rs 1 crore with a monthly salary of Rs 1 lakh.
Man can't be taxed for Rs 20 lakh gift from NRI brother: ITAT
Under the Income-Tax Act, gifts exceeding Rs 50,000 are generally taxed as 'income from other sources' at the applicable slab rate, in the hands of the recipient. However, there are several exemptions that do exist: Gifts received from relatives, on the occasion of marriage, or through a will or inheritance are not taxed.
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LIC wants to double AUM to Rs 100 lakh crore within 5 years; focus on top-line growth: Siddhartha Mohanty
LIC CEO Siddhartha Mohanty noted an increase in AUM to Rs 53.58 lakh crore, marking 16.2% growth. Operational efficiency improved, leading to a lower expense ratio. The company’s focus on non-par products has boosted margins. Mohanty aims to double AUM to Rs 100 lakh crore within five years, emphasizing sustainable growth.
Brookfield India Real Estate Trust Q1 gross leasing 2.42 lakh sq ft
Brookfield India Real Estate Trust reported strong performance for the quarter ending June, with gross leasing of 242,000 sq ft at an average rental of Rs 135 per sq ft, up from Rs 94 per sq ft previously. The REIT expects to lease 1.5-2.0 million sq ft and achieve an occupancy rate of 87%-89% by the end of FY 2024-25. The distribution guidance is Rs 18.50 per unit.
Nifty tests 50-DMA but slips below 30-DMA. What technical indicators suggest
All 16 sectoral indices were significantly down, with Nifty Realty and Nifty Metal showing the poorest performance, both falling by over 4%. The market capitalization of all listed companies on the BSE dropped by Rs 17 lakh crore to Rs 440.16 lakh crore. The fear gauge India VIX surged by 59%, marking its largest spike since 2015.
New income tax slabs can save you this much tax if your income is Rs 7.75 lakh or 15 lakh, 25 lakh or 30 lakh, 50 lakh or 1 crore and above
Tax saved Budget 2024: The income tax slabs have been changed in the new tax regime. Many salaried and taxpayers are confused how much tax they will save due to new income tax slabs. Here is comparison of tax savings under old tax regime, existing new tax regime and proposed tax regime.
Russia offers Rs 50 lakh to new soldier fighting in its war against Ukraine
Moscow is offering significant financial incentives to residents who enlist in the Army amid the ongoing war in Ukraine. New enlistees receive an initial payment of 1.9 million roubles (Rs 18,00,000), with first-year compensation totaling 5.2 million roubles (~Rs 50,00,000). This move aims to avoid another nationwide mobilization, although it raises concerns about economic disruption. Despite substantial incentives, Russia faces challenges in maintaining troop numbers, relying on foreign recruits and struggling with high casualty rates.
No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakh
Re-Assessment of Old ITR: Budget 2024 has brought significant relief as tax authorities are no longer allowed to reopen old income tax returns (ITR) beyond the specified time limits. In case the escaped income is up to Rs 50 lakh the maximum time limit allowed to reopen the case has been reduced to 3 years 3 months.
Earn more than Rs 10 lakh annual income? You will save Rs 17,500 in taxes due to income tax changes in Budget 2024
Does this Budget leave you richer or poorer? The answer depends on your income level, which income tax regime you opt for, and how much and where you have invested.
Budget 2024: Now you can’t escape TDS on sale of house property of over Rs 50 lakh by splitting the sale value
Union Budget 2024: Now the aggregate value of a house property is to be considered for determining whether TDS is to be deducted on purchase of property. Joint buyers not deducting TDS on their portion of payment, even if the value of the immovable property or stamp duty value exceeds Rs. 50 lakh, is against the intent of the legislature.
Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme
Nirmala Sitharaman's budget offers tax relief, Rs 2 lakh crore jobs scheme, Rs 2.66 lakh crore rural development, higher STT, simplified capital gains, Rs 11.11 lakh crore infrastructure, Rs 1.
Start 30% tax slab at Rs 30 lakh in Budget 2024 to give inflation-relief to middle class: Expert view
Budget 2024 expectations income tax slab changes: The tax rate of 30% for income exceeding Rs. 15 lakh in the new tax regime is very steep and should be made applicable only for income exceeding Rs. 30 lakh. This will widen the tax slab of 20% ensuring that most personal taxpayers in the mid-income group get relief which would also propel higher consumption and savings.
Delhi man pays half a lakh to CA for 1 rupee income tax dispute
Delhi's Apoorva Jain paid Rs 50,000 to a CA due to an Income Tax notice for Re 1. Sharing on social media platform X sparked reactions on the fee and absurdity. The initial dispute involved lakhs, stressing taxpayer challenges, need for transparency, clarity, fairness, and managing additional documentation in complex tax procedures.
ITR-1 (Sahaj) can be filed if your income is below Rs 50 lakh; Check if you are eligible or not
ITR filing: As per CA Shreya Jaiswal you can file ITR-1 only if your total income does not exceed Rs 50 lakh during FY 2023-24 (AY 2024-25) and provided you have satisfied certain other conditions as prescribed. However if you even have Re 1 of capital gains or loss you won't be able to file ITR-1
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
Have income above Rs 3 lakh? Pay zero tax if your income is up to this limit, thanks to rebate under section 87A
Income tax rebate: Under section 87A you can get a maximum tax rebate of Rs 12,500 under the old tax regime and up to Rs 25,000 under the new tax regime. However this rebate is only available if your income is upto a specified limit. Read to find out more about income tax rebate.
Should you file ITR if your income is less than Rs 7 lakh with nil income tax?
Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.
Verdict Day: D-Street investors lose Rs 46 lakh crore as Sensex, Nifty in freefall
Stock Market Crash Today: From the Sensex pack, Reliance Industries and HDFC Bank alone contributed to a 565-point decline in the index, while L&T, SBI, ITC, NTPC, and Power Grid were among other stocks dragging the index lower. Volatility gauge India VIX also spiked 20% to 25 levels. PSU, defence stocks were also trading with deep cuts.
Income Tax Department seizes record Rs 1100 crore cash and jewellery in Lok Sabha elections 2024
The Model Code of Conduct (MCC) came into force on March 16, the day the Election Commission of India announced the dates for the Lok Sabha elections. Since then, the Income Tax Department has been vigilant in monitoring and seizing unaccounted cash and valuables that could potentially influence voters.
How NPS, other perks can save Rs.1 lakh income tax
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Government gets Rs 2.11 lakh crore from RBI by way of dividend
The Reserve Bank of India (RBI) has transferred a record surplus of Rs 2.1 lakh crore to the central government for FY’2023-24, exceeding expectations. This windfall, largely from interest income on overseas securities and income from LAF operations, strengthens the government's fiscal position and may lead to a reduction in borrowing. The surplus, determined by the Economic Capital Framework (ECF), represents 25.5% of RBI's total assets.
RBI approves dividend of Rs 2.11 lakh crore to Centre for FY24, up 140% YoY
RBI DIVIDEND: At its 608th meeting in Mumbai, the Reserve Bank of India approved a dividend of Rs 2.11 lakh crore for the Central government for FY24, marking a 141% increase from FY23's Rs 87,416 crore. This move, reported earlier by ET, aids the Centre in reaching its fiscal deficit target for FY25.
Where should I invest Rs 1 crore to get monthly income of Rs 1 lakh?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Income tax return: My wife is a homemaker who earns interest income below Rs 2.5 lakh from FDs, RDs. Should she file her ITR?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Latest General Provident Fund rules: Will interest amount be paid if the GPF contribution exceeds Rs 5 lakh? Govt clarifies
General Provident Fund rules: All government employees can open a GPF account and pay a portion of their salaries to the GPF. When they retire, employees receive the entire money accrued in their GPF account over their service tenure.
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