ELSS funds, by investing in equities, have historically delivered returns in the range of 13-14% annually over three to five-year periods, albeit with inherent market risks.
The Income Tax Department will restrict access to digital, social media accounts to specific search and survey operations, safeguarding common taxpayers' privacy, an Income Tax official said.
While UPS offers a guaranteed pension with lower risk, NPS offers market-linked returns with higher risk.
The Income Tax Bill 2025 was introduced in a bid to simplify the Income Tax Act, 1961, enhancing clarity without necessitating new compliance training for taxpayers or professionals, as affirmed by the government.
A foreign tax credit (FTC) allows taxpayers to offset income tax paid in another country against their Indian tax liability.
Mohandas Pai warned that the expanded powers for tax officials, which allow them to access emails, social media accounts, and cloud storage in suspected tax evasion cases, could lead to misuse and harassment.
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The Mahila Samriddhi Scheme is in line with efforts undertaken in other BJP-governed states, including the Ladli Behna Yojana in Madhya Pradesh and the Ladki Bahin Yojana in Maharashtra.
Tax-loss harvesting is a tax-saving strategy that equity investors can utilise to reduce their tax liability or capitalise on losses in a declining market. By offsetting capital losses against capital gains, investors can minimise their overall tax expenses under both the old and new tax regimes.
Taxpayers should be aware that tax officials are not authorized to select individuals for scrutiny of their online accounts arbitrarily. The new bill introduces specific conditions that must be met before income tax officials are permitted to access a taxpayer's personal online accounts.
Creating an investment plan requires consideration of various factors such as your investment objective, investment horizon, short, medium, and long-term goals, risk tolerance, among others.
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