Income Tax Exemption: Tax rebate will be available on the expenditure on girls’ education, know the complete planning of the budget

 

Income Tax: In the proposal given by ICAI, it was said that under both the new tax regime and the alternative tax system, separate provision should be made for deduction of expenses related to girls’ education.

Income Tax Exemption: ICAI, the apex body of chartered accountants, has proposed to make a separate deduction for the expenses related to girls’ education in the tax system. Along with this, there is a proposal to give tax incentives to units related to green projects and skill development. ICAI has sent its proposal to the Central Board of Direct Taxes (CBDT) before the budget to be presented after the formation of the new government. The full budget for the current financial year 2024-25 will be presented by the new government.

In the proposals given by ICAI, it was said that under both the new tax regime and alternative tax system, separate provision should be made for deduction of expenses related to girls’ education. About 8.5 lakh students and more than four lakh members are associated with ICAI. ICAI said that other suggestions related to personal taxation system include inclusion of provision of deduction for mediclaim premium payment in the new tax regime, regular increase in standard deduction and option of joint taxation for married couples.

Green bond buyers can get interest rebate

Apart from this, ICAI has also advocated tax incentives for companies engaged in green projects and institutions involved in skill development programs. A proposal was also made that the interest received by the buyers of green bonds could be exempted or a concessional rate could be applied on it. Regarding taxation on companies, ICAI has suggested matching the tax audit provisions with the estimated income provisions, simplifying the estimated income regime and increasing the limits for calculating the allowable remuneration of partners.

Apart from this, a proposal has also been made to rationalize the provisions related to taxation of charitable trusts. ICAI Chairman Ranjit Kumar Aggarwal said, ‘To increase green finance and encourage green projects, we have advocated giving a special package to the institutions starting green projects. A proposal has also been made to exempt the interest income of the customers of green bonds issued by such institutions.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more