Unlike nations with progressive tax slabs, like India, where the highest income tax rate can reach up to 39%. A fascinating reality exists in several countries where individuals keep every penny they earn. Take a look at tax free countries that operate on a fundamentally different model. Gulf Countries: Reportedly, nations like the United Arab…
In pulling off stunning profits in a short spell, Jane Street has challenged several principles and left multiple fingerprints for the income tax (I-T) authorities in India. An artful use of its arms in different jurisdictions to carry out diverse trades and escape tax will, in all likelihood, come under the scrutiny of the I-T…
Akshay Kumar is known to be one of the highest paid actors in the country. Not to mention, he’s also been the highest tax payer at many instances. In 2022, he was the highest tax payer in India and had given Rs 29.5 crore to the Income Tax Department. The actor was also awarded Samman…
Last Updated:February 05, 2025, 16:27 IST Income Tax: In the Budget Speech, FM Sitharaman specifically mentioned that the Rs 12 lakh income should not include “special rate income such as capital gains”. Income Tax Slabs Union Budget 2025. Income Tax Announcement In Budget 2025: The Union Budget 2025-26 is being touted as a “dream budget”…
Last Updated:February 01, 2025, 13:47 IST Income Tax Budget 2025: With the new tweaks being introduced, a taxpayer in the new regime with an income of ₹12 lakh will get a benefit of ₹80,000 in tax New Tax Regime: Those earning up to Rs 13 lakh will now be able to save income tax over…
Following are reactions from industry executives and economists: DEEPASHREE SHETTY, PARTNER, GLOBAL EMPLOYER SERVICES, TAX & REGULATORY SERVICES, BDO INDIA “The proposal to exempt income up to 1.2 million rupees ($13,867.06) is a big boost to the middle-class taxpayers. This is in line with the recent measures to make the new tax regime a preferred…
United States President Donald Trump had once again advocated to do away with income tax for Americans, saying that it is “time for the US to return to system that made us richer and powerful”. He added that the US should be enriching itself by “tariffing and taxing foreign nationals”. Donald Trump was speaking at…
Last Updated:January 03, 2025, 13:12 IST Income Tax, Union Budget 2025: Here’s the current income tax rates and slabs under both the New Tax Regime and the Old Tax Regime. Income Tax: In the upcoming Budget 2025, the government is likely to provide tax relief for those earning up to Rs 15 lakh annually. New…
The Income-Tax (I-T) department has today (November 17) launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. The “compliance-cum-awareness campaign” aims to ensure that taxpayers report all information in their Income Tax Return…
