Switching jobs often brings excitement—a new role, better pay, fresh challenges. But it also comes with its share of challenges, and one of the trickiest is serving out your notice period. For many employees, the solution seems simple: allow the employer to deduct the penalty for skipping the notice, especially if the new company agrees…
I got a job in Dubai through campus placement and left India in August 2023. However, I had to quit in October 2024 for personal reasons and returned to India in early November 2024. Can I be considered a non-resident in India for this tax year? If not, what happens to my Dubai salary? Can…
Standard Deduction: Income taxpayers can lower their income without providing any documentation or disclosures by using the standard deduction, which is a fixed sum subtracted from taxable salary income. After being eliminated for several years, the standard deduction provision was reinstated in the 2018 budget announcement. Under Section 16 of the Income Tax Act of…
For India to ensure consistent economic growth and achieve its ambitious target of becoming the third-largest economy by 2027, it needs robust financial systems in which the insurance sector plays a critical role. The sector’s development is crucial to bridging protection gaps, enhancing financial resilience, and driving sustainable growth towards Amrit Kaal. Insurance regulator IRDAI…
To address financial needs, you typically have two alternatives: save regularly to accumulate enough money or borrow it now and repay it over time. Borrowing can be made for a range of purposes, whether to meet a personal emergency (personal loan) or to invest in your business (business loan), among other reasons. A business…
If you have just started using a credit card, it is understandable to be tempted to use it for a range of expenses. And as you use the card for anything—ranging from making a bill payment to buying merchandise—you will be entitled to a 45-day interest-free period. During this moratorium of sorts, you are not…
Small industries contribute a significant portion to the Indian economy and provide a major source of employment in the country. However, this sector also faces immense competition from major multinational companies. Some businesses may find it difficult to access funds in favourable terms. Therefore, the government of India has several loan schemes to finance small…
The flagship program of the Government of India, Pradhan Mantri Mudra Yojana (PMMY), aims to promote entrepreneurship among micro and small business owners and promote financial inclusion. Let’s look at the features, benefits, and application process of this scheme in more detail. What is Pradhan Mantri Mudra Yojana? MSEs trading, or even manufacturing/processing or involved…
The United Kingdom’s (UK) top 100 taxpayers list revealed that the number one taxpayer in the country is not amongst the top celebrities like Ed Sheeran or JK Rowling, it is someone know to former British Prime Minister Rishi Sunak, reported the news portal The Sunday Times (UK). According to the news report, Sir Chris…
Consider this. Of the Central Board of Direct Taxes’ (CBDT) total tax demand of about ₹42.3 trillion in financial year 2023-24, about 74%, or ₹31.4 trillion, was under dispute, as per the parliamentary standing committee’s report in December. The largest pendency in litigation lies at the first appellate level—the Commissioner of Income Tax (Appeals). In…
