“Ek crore ho gaya toh life set hai” — This sentence has echoed across drawing rooms, chai stalls, the LIC agent brochures for decades and not to mention Amitabh Bachchan’s deep voice emphasising the importance of “ek crore” in Kaun Banega Crorepati (KBC) in early 2000s. It was the ultimate middle-class milestone — the surefire…
Taxpayers often have to file income tax returns just so to claim a refund for having tax deducted at source for various reasons even when their income does not fall under the taxable bracket. The government is reportedly working on fulfilling this requirement simpler now. Instead of filing ITRs solely for claiming TDS refund, taxpayers…
The numbers are striking: 43% of India’s high-net-worth individuals (HNIs) save less than 20% of their post-tax income, and a significant portion don’t have sufficient emergency cash. For those not familiar with HNI finances, these findings may appear counterintuitive—even troubling—given their wealth. But having worked closely with affluent families for years, I believe the data…
New Okhla Industrial Development Authority (NOIDA) will not be required to pay income tax, after a major exemption under Section 10 (46A) of the Income Tax Act, starting from assessment year 2024–25. The Central Board of Direct Taxes (CBDT) issued a notification on July 17 granting NOIDA, an authority constituted under the Uttar Pradesh Industrial…
In a recent communication, the income tax (I-T) department has urged taxpayers to share details about assets held overseas and income accrued abroad. By disclosing the assets owned in the foreign land in their income tax return (ITR), taxpayers can not only avoid legal issues but also contribute to the country’s development at the same…
As borrowing aspirations and appetite rise in India, a number of borrowers are turning towards secured personal loans by pledging fixed deposits (FDs), gold or equities. These asset backed loans provide faster approval, lower interest rates and easier approvals in comparison with unsecured lending options. Lenders find asset-backed loans safer due to availability of collateral,…
In Mumbai, Kavita Damani followed this rule by using ₹3.96 crore from the sale of a property to buy a flat from her husband. However, the assessing officer (AO) rejected her claim for tax exemption, arguing that the reinvestment wasn’t genuine and that the transaction was merely a way to transfer the capital gains to…
Farmers carried out a demonstration against the new rule of cooperative banks where they insist on members getting credit scores for availing farm loans and cattle maintenance loans, at Srivilliputtur, reported The Hindu. The protest call was given by Tamilaga Vivasayigal Sangam. Aside from this, its president N.A. Ramachandra Raja, members of Primary Agricultural Cooperative…
Credit Cards: When you apply for a credit card, you might look for a number of factors including the features, reward points and importantly — the issuing bank. Have you ever thought that there could be a scenario wherein the issuing bank does not matter at all? Yes, sounds strange but true! We are talking…
Special Ops season 2 opens with India’s foremost AI scientist being kidnapped. The complications arise when no ransom demand is made but one by one agents seem to die at the hands of unknown assassins. Himmat Singh is on the job. And as the minister says, ‘How come our enemies are always one step ahead?’…