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Inheritance tax is a tax which is levied on the total value of money or at the time of transfer of wealth when an individual dies and leaves money or property to others.
Tax is applicable if transactions like buying and selling of shares are made through the demat account.
High-net-worth individuals (HNIs) are rich members of society who have significant financial resources.
Individuals depositing in savings accounts INR 10 lakh or more in a financial year must notify tax authorities.
With effect from April 16, EPFO new withdrawal policy allows an account holder to withdraw up to INR 1 Lakh for medical treatments. This announced is made via a circular which allows an account holder to claim up to INR 1 Lakh for the treatment of illnesses for themselves or their family members.
An annuity is a contract where a person required to pay a lump sum to an insurance company, and in return, they provide periodic payments over a specified time frame, which can be used for retirement income.
Sandeep Kumar Gupta, the chairman of GAIL, suggests that the government should promote the use of natural gas and reduce emissions in various industries. He also proposes bringing natural gas under the GST regime and extending production-linked incentives to LNG-powered vehicles.
Deciding which tax regime to choose it completely depends upon individual financial circumstances.
Form 10-IEA has been notified through Notification No. 43/2023 dated 21st June 2023 which enables taxpayers to make choice between the old and new tax regimes.
Intimation under Section 143(1) is a notification which is sent from the IT Department after processing a taxpayer's income tax return. Usually, it informs the taxpayer about any discrepancies between their filed return and the department's computation.
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