Finance Buddy

As the Union Budget for 2025 approaches, taxpayers and investors are anticipating measures that will ease financial burdens and encourage savings. Here’s a breakdown of the key expectations for the upcoming Budget: Rationalising personal income tax slabs Taxpayers expect the government to adjust income tax slabs, reducing the tax burden, especially at both the lower and upper ends of the income spectrum. “We expect the  2025 Budget  to rationalise personal income tax slabs, both at the bottom end and at the top end, to reduce tax burden and improve disposable income in the hands of individuals,” says Krishna Killa, Founder of Ironclad Asset Management. Such changes would help increase the disposable income of individuals, providing a boost to the economy. Enhancing tax exemptions and deductions The demand for higher exemptions and deductions continues to be a key focus. Here are the key proposals (as compiled by Sujit Bangar, Founder, Taxbuddy): Basic exemption limit One of ...

मुंबईः   येत्या केंद्रीय अर्थसंकल्पातून करविषयक तरतुदींमध्ये काही मोठे बदल सुचविणाऱ्या घोषणांची शक्यता नसली तरी, वैयक्तिक प्राप्तिकरदात्यांना काहीशा सवलती देऊन, त्यांच्या हाती थोडा पैसा शिल्लक राहिल, अशा तरतुदींना वाव आहे, असे टॅक्सबडी डॉट कॉम या तंत्रज्ञानाधारीत कर-सल्लागार मंचाचे संस्थापक सुजीत बांगर म्हणाले. पाच लाख रुपयांपर्यंत वार्षिक उत्पन्न करमुक्त आणि प्रमाणित वजावटीत वाढीसारखे पावले जुलै २०२४ मध्ये मांडलेल्या अर्थसंकल्पातून अर्थमंत्री निर्मला सीतारामन यांच्याकडून टाकली गेली आहेत. तथापि, गेली काही वर्षे सर्वसामान्यांचा पिच्छा पुरवत असलेल्या महागाईच्या झळा कमी करण्यासाठी, त्याचप्रमाणे मुख्यतः शहरी ग्राहकांच्या मागणीत दिसून आलेली घट पाहता, अर्थमंत्र्यांना काही ठोस उपाययोजना निश्चितच करता येतील, असे मत बांगर यांनी ‘लोकसत्ता’शी बोलताना व्यक्त केले. सर्वसामान्य झळ देणाऱ्या महागाई दराचे सरासरी प्रमाण हे ७ टक्के गृहित धरले, तर त्याच्या दुपटीने कर वजावटीचा लाभ दिला गेला नाही तरी प्रमाणित वजावटीत तरी वाढ सरकारला करता येईल. म्हणजे कर निर्धारण वर्ष २०२५-२६ साठी ५० हजारांवरून, ७५ हजा...

The Income Tax Department while acknowledging Indian society’s affinity with cash transactions warned that the Income Tax Act, 1961 discourages cash transactions and will disallow certain deductions, allowances, expenses, etc if made in cash. Moreover, if certain transactions above a limit are settled using cash, then the tax department will levy a penalty equal to the amount  paid in cash if caught. “Say “No” To Cash Transactions . Individuals prefer to receive, pay, and transfer cash when the amounts of transactional value (money) involved are marginal to small,” said the Income Tax Department in a brochure released on January 2, 2025. Many people in past have paid heavy price of such transaction even when unintended. “I recollect a case where an erstwhile actress without the knowledge of limits of  of acceptance or repaying of cash loans resorted to a transaction which resulted in levy of penalty of equal amount of loan in her case,” says Ramakrishnan Srinivasan, former ch...

The area of the house proposed to be sold is 1725.9 sq.ft and the sale price is Rs 1.72 crore to be shared equally between my elder sister and myself. The fair market value as on 01.04.2001 was Rs 3400 per square metre and the present circle rate April 2024  is  Rs 19000 per square metre. The Indexation as on 01.04.2001 was 100,whereas in 2024-25 it's 363. Please note the area of the house proposed to be sold is in square feet, whereas the circle rate is in square metres. Kindly let me know the capital gain tax implications on the sale of the property and how much I have to invest in order to save tax. Reply by Sujit Bangar, Founder Taxbuddy.com Selling a property involves understanding of capital gains tax implications, especially after the changes introduced in the Union Budget 2024-25 . Here is an explanation on the capital gains tax calculations for your property sale, covering scenarios with and without indexation under the revised tax regime. Tax Updates Post-Budget 2024...