tax

August 03, 2022 01:53 PM IST

Retirement Saving Scheme: How to earn 50,000/month from National Pension Scheme (NPS)

Retirement Saving Scheme NPS: If you want to get a monthly pension of Rs 50,000 from NPS, you need to back-calculate the corpus requirement based on the 40% annuity rule. If you only use the mandatory 40% NPS corpus for purchasing annuity, then at an annuity rate of 6%, you need a Rs 2.5 crore NPS corpus. Of this, 40% or Rs 1 core will be used for purchasing annuity. This annuity (at 6%) will generate Rs 6 lakh yearly or Rs 50,000 monthly pension. Remember, this is when only 40% corpus is used for annuity purchase. You then also get Rs 1.5 crore (remaining 60%) as lump sum tax-free withdrawal. The numbers will change for different annuity rates. Watch the video to know how to make 50,000/month from NPS

Tax-payers now have 30 days to verify returns; here's how you can do it

The process of filing of I-T return is not complete unless you verify the filing either online or offline. For returns filed before July 31, 2022, the time limit is up to 120 days. For returns filed on or after August 1, it is 30 days

Finance minister reiterates all states agreed with recent GST Council decisions

“I take extreme pride to say that Council has applied its mind at various levels,” Nirmala Sitharaman said.

Last minute tax-filing: 5 types of incomes you must not forget

Irrespective of the amount and whether it is taxable or exempt, make sure you disclose in your tax returns any income, windfall gains, capital gains, interest income, etc., you may have had during the financial year

Hidden tax benefits of a savings account

China to resume visa issuance to Afghans, exempt Afghan imports from tax

Foreign Minister Wang Yi announced the measures when he met Afghanistan's Taliban-appointed foreign affairs chief in Uzbekistan on Thursday, according to a statement on the ministry website.

How to claim tax benefits on rent without HRA

Simply Save | ITR filing - Know all the tax benefits linked to home loans and HRA

Despite being commonly-claimed tax benefits, many tax-payers are not fully aware of tax rules related to home loans and house rent allowance (HRA) that can result in under-utilisation of tax breaks offered. Tune into Simply Save to know all about tax benefits and rules related to housing and accommodation before you file your returns.

GST Council looks at interest of common man, needs of revenue, says finance minister

The Opposition has been stalling parliamenatry proceedings, demanding a debate on inflation and GST on staples such as rice, dal and curd

No proposal to relax e-invoicing under GST regime, finance minister says

Currently, e-invoicing is mandatory for taxpayers with aggregate turnover of more than Rs 20 crore

UK prime minister hopefuls feud over tax and spending plans

Foreign Secretary Liz Truss, the bookmakers' favourite to win the Conservative Party leadership election, told former finance minister Rishi Sunak his emphasis on balancing the government's books would tip the economy into recession.

Rajinikanth, Akshay Kumar among highest taxpayers in film industry

Rajinikanth and Akshay Kumar have been awarded certificates by the Income Tax department for being the highest taxpayers in the entertainment industry.

Prompt grievance redressal of taxpayers top priority: CBDT chairman Nitin Gupta

According to Nitin Gupta, the Central Board of Direct Taxes' (CBDT) recently appointed chairman, prompt redress of taxpayer complaints continues to be the tax department's top priority.

Kerala’s GST deviation needs legal backing; council dispute mechanism should kick in: Experts

The GST Council in June tweaked norms to impose a 5 percent tax on pre-packaged and labelled pulses, cereals, flour and other items for packs of up to 25 kg. These staples when sold loose continue to be exempt from GST

India cuts windfall tax on diesel, aviation fuel shipments

New Delhi also cut the tax on domestically produced crude to 17,000 rupees a tonne, effective July 20.

GST Council recommendations pertaining to rules, rates binding on states: Junior Finance Minister

The Supreme Court earlier this year had said that the GST Council’s recommendations are not binding on states

ITR Filing Online | Dos and don’ts for filing income tax returns

As the due date for filing Income Tax Return (ITR) approaches, one could end up making numerous tax filing mistakes. One must be careful while filing returns as any oversight can lead to a penalty or tax notice from the Income Tax Department. Here are some common mistakes to avoid while filing income tax returns by July 31, 2022

UK leadership contender Nadhim Zahawi promises income tax cut

Nadhim Zahawi was appointed finance minister in the political turmoil of last week when more than 50 people resigned from the government in protest at former UK Prime Minister Boris Johnson's handling of scandals.

Jousting with GST -- The freelancer's guide to reducing hassles

Under goods and services tax rules, freelancers are required to get registered, whether they provide services in India or outside. But if your annual turnover is under Rs 20 lakh (Rs 10 lakh for special category states), this does not apply, though registration does yield other benefits.

Want a loan or credit card? File your income tax return first

Filing income tax return may not be mandatory if your income is below the basic exemption limit. But several benefits and the right to claim tax refunds are open to only those who file their income tax returns

Getting started with I-T return filing? Verify your Form 26AS and Annual Information Statement first

Tallying the information in your Form-16, bank statements and so on with Form 26AS and Annual Information Statement should be step one in your income-tax return-filing process.

Unfair to blame GST for revenue woes, says CBIC chairman

India is on the right track on GST, Johri said, adding that business processes and IT systems have stabilized and so have the revenue collections

Early winter for Indian crypto exchanges as trading volumes slump, users flock to foreign exchanges

Bitcoin, considered the safest cryptocurrency, has plunged over 71 percent from its all-time high to $19,895.75 as of 1400 IST on Tuesday.

Couldn’t file a belated income-tax return? You can now use the updated tax return facility

Many new expenses are being reported and mismatches can be a hassle. Updated returns can be filed within 24 months of the end of an assessment year

10 ways American billionaires avoid taxes on an epic scale

Key ways the ultrawealthy avoid taxes; strategies that are largely unavailable to most taxpayers.