The Hon’ble Finance Minister Shrimati Nirmala Sitharaman presented the budget speech in parliament on 1st Feb 2024. As this an interim budget, there are no major changes in taxation. While the major updations may hold off until after the 2024 general elections, the upcoming union budget presents an opportunity to address lingering concerns and set the stage for future economic growth.
Consequences of Inoperative account – Dated 25/01/2024What Annual Information Statement (AIS) means for taxpayers?
The exempt category people need not link PAN-Aadhaar within 30th June 2023. The exempt category is as follows:
The old income tax scheme is also known as the existing tax regime. It is a tax structure that has been in existence for many years. Under this scheme, the tax rates are based on the income earned by an individual. The tax rates are as follows:
Foreign Remittances, Sale of Overseas Tour Packages to Attract 20% TCSSection 44AD (Presumptive Taxation) – Whom to Opt
The Union Budget 2023 proposes a Tax Collection at Source (TCS) for foreign outward remittance under LRS (other than for Education and medical purpose) of 20% applicable from July 1, 2023.
India’s 2022-23 and 2023-24 Budgets: Taxation and Anti-Money Laundering Measures for Crypto currency and Digital Assets
The government has imposed anti-money laundering provisions on crypto currencies or virtual assets as it looks to tighten oversight of digital assets. The Finance Ministry said the anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services.