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At a campaign rally for former President Donald Trump in New York on Sunday, <a href="https://www.businessinsider.com/elon-musk" target="_blank">Elon Musk</a> said he'd save the United States $2 trillion through a <keyword id="23593857" type="General" weightage="20" keywordseo="Department-of-Government-Efficiency" source="keywords">department of government efficiency</keyword>. Howard Lutnick, the CEO of the financial-services company <keyword id="20371653" type="General" weightage="20" keywordseo="Cantor-Fitzgerald" source="keywords" meta.keywordsubtype="org" meta.entityname="Cantor Fitzgerald" meta.hostid="261" meta.entityid="Cantor Fitzgerald">Cantor Fitzgerald</keyword>, introduced Musk at the event. As he took the stage, Lutnick asked the Tesla and SpaceX CEO, "How much do you think we can rip out of this wasted $6.5 trillion <keyword id="23762349" type="General" weightage="20" keywordseo="Harris-Biden-budget" source="keywords">Harris-Biden budget</keyword>?" "I think we can do at least $2 trillion," Musk replied. "I mean, at the end of the day, you're being taxed. You're being taxed. All government spending is taxation. So whether it's direct taxation or all government spending, it either becomes inflation or it's direct taxation." Musk added: "Your money is being wasted, and the <a href="https://www.businessinsider.com/trump-adopts-elon-musk-plan-cut-government-spending-efficiency-reform-2024-9" target="_blank">Department of Government Efficiency</a> is going to fix that. We're going to get the government off your back and out of your pocketbook." Trump has previously said he'd put Musk in charge of a department of government efficiency — or "DOGE," after the cryptocurrency — if he wins the election. Musk did not elaborate on policy changes or spending cuts he would implement if he were to join a second Trump administration. Musk and representatives for the Trump campaign did not immediately respond to a request for comment. The federal government's spending in the 2024 fiscal year was $6.75 trillion. Musk's suggested cuts would represent nearly a third of that sum. It's unclear where Musk's suggested cuts would come from. Both Trump and Vice President Kamala Harris have proposed various tax changes as part of their campaigns. Those proposed by Trump include ending taxes on tips and overtime, reducing the corporate tax rate, hiking tariffs on imports, and ending taxes on Social Security benefits. Harris has proposed tax credits for new parents and homeowners as well as an expansion to the Small Business Tax Deduction. When it comes to Social Security, the Committee for a Responsible Federal Budget has said that neither Trump nor Harris has proposed a plan that would fix Social Security's finances but that Trump's proposals would "dramatically worsen Social Security's finances." Trump's campaign <a href="https://www.businessinsider.com/trump-presidency-would-make-things-worse-for-social-security-nonprofit-2024-10" target="_blank">has disputed</a> the findings of the CRFB's report. The Wall Street Journal organized a <a href="https://www.wsj.com/politics/elections/economists-say-inflation-deficits-will-be-higher-under-trump-than-harris-0365588e" target="_blank">survey</a> of 50 economists from October 4 to October 8 and found that 65% said the deficit would get worse with the policies Trump has proposed. <h2 style="color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; background-color: rgb(255, 255, 255);">Musk's growing support for Trump</h2>Musk, the world's richest person, has become one of Trump's staunchest and most vocal backers in this election cycle. Musk <a href="https://www.businessinsider.com/elon-musk-donald-trump-feud-relationship-timeline-2022-7" target="_blank">endorsed Trump in July</a> after the former president survived an assassination attempt during a rally in Pennsylvania. The two have discussed Musk holding a seat in Trump's Cabinet if the former president were to be reelected. During a livestream on X in August, Musk said he would be "happy to help out" with a government-efficiency commission. In a September speech, Trump again mentioned the commission, saying he'd want Musk to oversee the project. Musk's financial power is translating into real moves on the campaign trail. As of Friday, Musk has spent just under $119 million on his pro-Trump political action committee, America PAC. He has been hitting the road in the key swing state of Pennsylvania and holding his own rallies in support of Trump. Musk has also said he's launching a daily $1 million giveaway to a swing-state voter who signs his petition affirming support for free speech and the right to bear arms. Some election-law experts previously told BI the giveaway plan might be illegal. With the election just over a week away, the race between Harris and Trump remains on a razor's edge. A national poll by <a href="https://www.nytimes.com/2024/10/25/us/politics/poll-harris-trump-times-siena.html" target="_blank">The New York Times and Siena College</a> released Friday found Trump and Harris to be neck and neck at 48% for the popular vote. October 28, 2024, 3:08 a.m. ET: This story has been updated with context on Musk's comments about the prospect of taking on a government role, details about Musk's political spending in the 2024 election cycle, and details on Trump's and Harris' respective economic proposals.

Elon Musk took the stage at a Trump rally to talk about taxes and the 'Department of Government Efficiency'

An internal committee of the <keyword id="19903456" type="General" weightage="20" keywordseo="Income-Tax-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="Income Tax Department" meta.hostid="153" meta.entityid="Income Tax Department">Income Tax Department</keyword> will review the 1961 <keyword id="22868046" type="General" weightage="20" keywordseo="direct-tax-law" source="keywords">direct tax law</keyword> to eliminate redundant clauses, and adopt best global practices to simplify it for taxpayers for better compliance, <keyword id="19980145" type="General" weightage="20" keywordseo="CBDT" source="keywords">CBDT</keyword> chief Ravi Agrawal has said. The panel, comprising income tax (IT) officials from across the country, has started working on identifying areas of improvement in the Income Tax Act, 1961, he said, and added that the exercise is being conducted under a central government-mandated comprehensive review of the law, which was mentioned by FM Nirmala Sitharaman in the recent <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> presented on July 23rd, 2024. <keyword id="19942037" type="General" weightage="20" keywordseo="Central-Board-of-Direct-Taxes" source="keywords" meta.keywordsubtype="org" meta.entityname="Central Board of Direct Taxes" meta.hostid="153" meta.entityid="Central Board of Direct Taxes">Central Board of Direct Taxes</keyword> (CBDT) chairman Agrawal said the committee is looking at the best global practices that can be adopted, as well as cutting redundancies in the existing law and finding those clauses that have reached their sunset, and hence, can be eliminated. "An internal committee of competent officers of the department from all across the country has been formed. They have started working on identifying areas of improvement. This is a work in progress," he told PTI on Wednesday during an event to mark 165 years of income tax in India. He said the committee is looking at the "problem statement" given to it in the recent Budget. It is trying to find the "best way forward" in giving the country a new direct tax law, Agrawal said. During the event, the CBDT chief assured Union Finance Minister Nirmala Sitharaman that the work of reviewing the Act will be done within the stipulated time-frame of six months, as announced by her in the Budget presented last month. The minister, during the Wednesday event, asked the I-T department to use simple language in its notices and communications with taxpayers, so that they are able to understand these quickly without getting intimidated. Agrawal said this factor is also a part of the I-T law review. The committee is trying to make tax communication simple and easy to understand to encourage compliance of rules by taxpayers, he said. The Income Tax Act, 1961, started its journey in 1922. It contains 298 sections and 23 chapters and other provisions in its current form of 1961. Sitharaman, while presenting the 2024-25 Union Budget, had announced a "comprehensive" review of the Income Tax Act. The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation. It is proposed to be completed in six months, she had said. Agrawal also said the CBDT will "put more officers" within the next 10-15 days to "expeditiously" clear the "substantial" number of appeals pending at the Income Tax Department level.

CBDT forms committee for IT Act review; 'sunset' clauses to be eliminated

The first draft of a new simplified <keyword id="20211090" type="General" weightage="20" keywordseo="income-tax-law" source="keywords">income tax law</keyword>, as proposed in the Budget, will be prepared by an internal committee of the tax department and will undertake stakeholder consultation before finalising the legislation, <keyword id="20419783" type="General" weightage="20" keywordseo="revenue-secretary" source="keywords">Revenue Secretary</keyword> <keyword id="301743" type="General" weightage="20" keywordseo="Sanjay-Malhotra" source="Orion">Sanjay Malhotra</keyword> said on Thursday. Malhotra said that the exercise is not linked to bringing a new <keyword id="22542056" type="General" weightage="20" keywordseo="direct-taxes-code" source="keywords">direct taxes code</keyword>, but a comprehensive review of the <keyword id="6354751" type="General" weightage="100" keywordseo="Income-Tax" source="Orion">income tax</keyword> law. Finance Minister Nirmala Sitharaman in her Budget speech earlier this week announced that a comprehensive review of the Income-tax Act, 1961 will be completed in six months. "The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation," Sitharaman said. To a question whether the review would mean that the government will come with a direct tax code, Malhotra said "It is not a new direct tax code... It is a comprehensive review". He said the first draft of the <keyword id="22542055" type="General" weightage="20" keywordseo="simplified-Income-Tax" source="Orion">simplified income tax</keyword> law, post the review, would be prepared by an internal committee of the tax department. "We would like to have a collaborative approach.... The first draft will be prepared by an internal team and then we will see how to go ahead with stakeholder consultation," Malhotra said at an interactive session with industry chamber Ficci.

First draft of new and simplified Income Tax law to be prepared by internal tax dept committee: Revenue Secretary

About 6 crore <keyword id="19948101" type="General" weightage="100" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> have been filed for income earned in 2023-24, of which 70 per cent were filed under the new <keyword id="22442211" type="General" weightage="20" keywordseo="simplified-tax-regime" source="keywords">simplified tax regime</keyword> which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime. "About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the <keyword id="20380188" type="General" weightage="20" keywordseo="compliance-burden" source="keywords">compliance burden</keyword>," Malhotra said. For the 2022-23 fiscal, 8.61 crore ITRs were filed. The idea behind comprehensive income tax review as announced in the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">Budget</keyword> is to make the tax law simpler. "We will come up with a draft and then we will seek suggestions," Malhotra said. Currently, India has two <keyword id="20155151" type="General" weightage="20" keywordseo="personal-income-tax" source="keywords">personal income tax</keyword> regimes. In the old income tax regime, the <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> are relatively high but taxpayers can claim several exemptions and <keyword id="20385232" type="General" weightage="20" keywordseo="deductions" source="keywords">deductions</keyword>. However, in the <keyword id="19935168" type="General" weightage="20" keywordseo="new-tax-regime" source="keywords">new tax regime</keyword>, tax rates are lower but fewer deductions.

About 6 cr ITRs filed for FY24; 70% under new tax regime

After social media outrage over a Budget proposal making it mandatory to get <keyword id="22574399" type="General" weightage="100" keywordseo="tax-clearance-certificate" source="keywords">tax clearance certificate</keyword>s for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">finance</keyword> ministry, in the Finance Bill, 2024, has proposed to add the reference of the <keyword id="20961832" type="General" weightage="20" keywordseo="Black-Money-Act" source="keywords">Black Money Act</keyword>, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate. "The proposed amendment does not require all the residents to obtain the tax clearance certificate," the ministry said in a statement. As per section 230 of the Income-tax Act, 1961, every person is not required to obtain a tax clearance certificate. Only in the case of certain persons, in respect of whom circumstances exist, which make it necessary to obtain a tax clearance certificate will be required to obtain such a certificate. The ministry said that the Income Tax department through a 2004 notification has specified that the tax clearance certificate may be required to be obtained by persons domiciled in India only in certain circumstances. These include - where the person is involved in <keyword id="22576180" type="General" weightage="20" keywordseo="serious-financial-irregularities" source="keywords">serious financial irregularities</keyword> and his presence is necessary in the investigation of cases under the Income-tax Act or the Wealth-tax Act and it is likely that a tax demand will be raised against him, or where the person has direct tax arrears exceeding Rs 10 lakh outstanding against him, which have not been stayed by any authority. The I-T department said that a person can be asked to obtain a tax clearance certificate only after recording the reasons for the same and after taking approval from the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax. Such a certificate is required to be issued by the income-tax authority, stating that such person has no liabilities under the Income-tax Act, or the Wealth-tax Act, 1957, or the Gift-tax Act, 1958, or the Expenditure-tax Act, 1987, it added.

After outrage, Govt clarifies: tax clearance certificate only for people with tax dues, high-value defaulters

With Indians rushing to file their ITRs ahead of the July 31st deadline that's coming up tomorrow, did you know that residents of just one Indian state are exempt from filing <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> returns, or paying taxes at all? Yes, <keyword id="19903425" type="General" weightage="20" keywordseo="Sikkim" source="keywords">Sikkim</keyword> is the only state in the country where the residents do not have to pay income tax. But why is that the case? Let's delve into it. An erstwhile princely kingdom for almost 333 years prior to its amalgamation, Sikkim merged into independent India in 1975, thereby becoming the country's 22nd state. But this happened on one condition- that it will be allowed to continue with its old <keyword id="21152786" type="General" weightage="20" keywordseo="tax-laws" source="keywords">tax laws</keyword> post the merger. Sikkim has its own income tax manual, which stipulated that no resident of Sikkim was to pay taxes to the center. Hence, honoring the merger agreement, the Indian government granted a special tax exemption to Sikkimese residents from Indian income tax regulations. This changed in 2008, when the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union budget</keyword> repealed the state's tax laws. However, to maintain the exemption status enjoyed by the state's residents, it inserted section 10 (26AAA). Under this section, any income generated by a Sikkimese, be it from a source within the state, or by way of dividend or interest on securities, would be tax-exempt. At present, any individual who has been domiciled (noted as having fixed, principal and permanent residence) in Sikkim as of April 26, 1975 would be considered a Sikkimese, and hence, exempt from paying income tax. As per data from PRS Legislative Research, the state's estimated own tax revenue for 2023-24 stood at Rs 1,727 crore. However, if a Sikkimese has rental income from properties situated outside of the state, or has an income from source that is not located in Sikkim, it will be subject to relevant taxes. Nevertheless, the provisions of tax exemptions would not apply to any Sikkimese woman, who marries a non-Sikkimese or an outsider, on or after April 1, 2008. Market regulator SEBI has also exempted residents of Sikkim from mandatorily having a PAN card for investing in Indian stock markets, equities, cash market and even mutual funds. <h2>Decoding Section 10 (26) of the IT Act</h2>All these income-tax exemptions also extend to a few other regions in the country, but only if you are a member of the scheduled tribes. Section 10(26) of the Income Tax Act applies to Ladakh, Arunachal Pradesh, Manipur, Mizoram, Nagaland and <keyword id="19919396" type="General" weightage="20" keywordseo="tripura" source="keywords">Tripura</keyword>, along with the North Cashar hills district, Karbi Anglang district, Chakma district, Mara district, and Lai District. Simply put, it stipulates that if you belong to the scheduled tribes and generate any income, the source of which lies in the above mentioned regions, or by way of dividend or interest on securities, your income would be tax-exempt. But any income generated outside of these regions would be taxable.

Did you know about the only Indian state exempt from paying any income tax? Know all about it here

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

July's here, and as we inch closer to the budget, which is set to be presented around the latter half of July, there is much talk about how it will affect our pockets. Reports suggest the government is considering raising the <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> threshold from existing Rs 50,000 to Rs 1,00,000, amidst other things. The most common wish for a salaried employee is to reduce the income tax rates across all slabs, but at the moment, this seems unlikely. That aside, we decode the common man's wish list and what they look forward to in terms of <keyword id="22225988" type="General" weightage="20" keywordseo="income-taxes" source="keywords">income taxes</keyword> as the Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> drafts the budget. <h2>Wish 1: Raise the standard deduction to Rs 1 lakh</h2>A standard deduction is a fixed amount that you can deduct from your taxable income right away, to reduce your overall tax liability. You do not need to furnish any proofs for this amount. Currently, this stands at Rs 50,000, under both old and new tax regimes. Raising this threshold to Rs 1,00,000 will mean more disposable income in your hands. And as per the policy experts, this is the most likely change that we can expect under the new budget. <h2>Wish 2: Increase the <keyword id="20228341" type="General" weightage="20" keywordseo="basic-exemption-limit" source="keywords">basic exemption limit</keyword> in new tax regime</h2>As per EY's pre-budget expectation report, an increase in the basic exemption limit from the present Rs 3,00,000 to Rs 5,00,000 would immensely benefit the common man. Earlier, this limit was set at Rs 2,50,000. Note that unless you specifically opt for the old regime, the new tax regime is considered as your default choice starting 2023. If your annual income is equal to, or falls below this basic exemption limit, you do not have to pay any income tax. <h2>Wish 3: Increase tax-free limit of LTCG gains </h2>At present, if you sell any equity mutual fund unit or share after more than 12 months of holding it, you'll have to pay a 10% long-term capital gains (LTCG) tax. However, within one financial year, long-term capital gains below Rs 1,00,000 are tax-exempt. As EY's report notes, raising this extant tax-free limit to Rs 2 lakh would be beneficial, especially in boosting long-term investing sentiment in the country. But will this come true? Only Nirmala Sitharaman knows! <h2>Wish 4: Consider some tier-2 cities as metros for HRA exemption </h2>Residents of Gurugram, Noida, Bengaluru, listen up! HRA, or House rent allowance is a crucial component of our salary, and hence, our tax planning as well. You can get HRA exemption on the lowest amount amidst these 3: 1. Actual HRA received 2. 50% of salary for metro cities (Delhi, Mumbai, Kolkata, Chennai) 3. 40% of salary for non-metro cities 4. Rent paid- 10% of salary But its no secret that residents of nearby cities like Noida, Gurugram, Faridabad, or rapidly developing urban hubs like Pune, Ahmedabad, Ghaziabad, Hyderabad, Bengaluru, Thane bear the brunt of sky-high residential rents that takes a huge toll on their monthly income. Yet, they cannot claim 50% of their salary for HRA exemption. Since these cities has been classified as a non-metro, residents can claim a maximum of 40% of their salary as exemption. In case rent exceeds Rs 1,00,000 annually, you are also required to furnish the PAN details of landlord, along with a formal rental agreement. Consider this. You live in Delhi, and have an annual income of Rs 10,00,000. For HRA purposes, you can claim exemption of up to Rs 5,00,000, since Delhi is considered a metro. But, if you live in Ghaziabad, or Noida, the limit available to you sharply falls down to Rs 4,00,000. This budget, as reports note, considering these cities as metros for tax purposes would provide some relief to the common man's pocket. Per a recent report by ANAROCK research, the top 7 cities in the country (Mumbai metropolitan region, Hyderabad, Bengaluru, Pune, Delhi NCR, Chennai and Kolkata) saw an average price rise between 13-39% on a yearly basis. In fact, it was Hyderabad recorded the highest yearly price rise in residential property last quarter, jumping by as much as 39%. <h2>Wish 5 : Enhance exemption limits under the old regime</h2>The list is endless, but so are our wishes! Experts are also suggesting an enhancement in the existing limit for deduction towards interest on housing loan for self-occupied house. From its present limit of Rs 2 lakh, it should be taken to Rs 3 lakh. Also, the Rs 2-lakh cap on set off of house property loss against other heads in the same year should be done away with. For senior citizens, there should also be greater clarity on how funds received from <keyword id="19919089" type="General" weightage="20" keywordseo="nps" source="keywords">NPS</keyword> (National Pension System) via the systematic lumpsum withdrawal plan should be taxed. Well, we can only hope some, if not all of these wishes come true when finance minister presents the union budget in the parliament this month.

You Searched For "budget tax" and got 8 results

Elon Musk took the stage at a Trump rally to talk about taxes and the 'Department of Government Efficiency'

Katherine Tangalakis-Lippert

CBDT forms committee for IT Act review; 'sunset' clauses to be eliminated

PTI

First draft of new and simplified Income Tax law to be prepared by internal tax dept committee: Revenue Secretary

PTI

About 6 cr ITRs filed for FY24; 70% under new tax regime

PTI

After outrage, Govt clarifies: tax clearance certificate only for people with tax dues, high-value defaulters

PTI

Did you know about the only Indian state exempt from paying any income tax? Know all about it here

Ira Alok Puranik

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

PTI

Budget 2024: Increase standard deduction, exemptions and more, an aam aadmi's wishlist

Ira Alok Puranik

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