Personal Finance Sector

Various tax exemptions for salaried class has outlived utility; time for Nirmala Sitharaman to enhance them

Currently, the maximum tax rate of 30 percent is triggered at an income exceeding Rs 10 lakh per annum

Budget 2020-21: Finance Ministry seeks suggestions for rationalising income tax, other duties

In perhaps the first instance, the finance ministry has kicked off the exercise to formulate the next budget by seeking suggestions on changes in direct and indirect taxes from industry and trade associations

Union Budget 2020-21: Trade unions urge Nirmala Sitharaman to hike income tax ceiling, minimum wages, pension

Trade unions urged the government to provide minimum wage of Rs 21,000, minimum pension of Rs 6,000 under Employees' Pension Scheme and tax exemption on annual income of up to Rs 10 lakh in a pre-budget meeting with Finance Minister Nirmala Sitharaman on Thursday

Union Budget 2020-21: Pension fund regulator wants govt to double tax benefit under NPS to Rs 1 lakh

Pension fund regulator PFRDA is pitching for doubling the tax benefit under the NPS to Rs 1 lakh in the upcoming Budget, according to a whole-time member of the authority

Union Budget 2020-21: AMFI pitches for debt-linked saving schemes with tax benefits; sends proposal to Finance Ministry

Mutual funds industry body AMFI has requested the government to allow low-cost debt-linked saving schemes, with tax benefits, to deepen bond market, and lower holding period in gold and commodity ETFs to one year from existing three years for LTCG purposes

Budget 2020: Former finance secretary SC Garg favours 4 rate income tax structure without cess

There are as many as eight slabs of income tax with the highest effective tax rate exceeding 40 percent.

Budget 2020: Having showered confetti on corporates, Nirmala Sitharaman cannot disappoint salaried class

The one-size-fits-all standard deduction of Rs 40,000 from salary needs to be upped to a third of the salary or Rs 1 lakh whichever is less