Choosing between a will vs gift deed depends on your unique situation, including your financial standing, relationships with potential heirs, and tax factors. Planning how to distribute your wealth after death is vital in estate management. In India, you have two main options: a gift deed or a will. The decision between them involves considering…
If the taxpayer experiences delays in receiving their refund, they should inspect their income tax return for errors and check their email for communication from the tax department regarding the ITR refund. For individuals who have submitted ITR-1, ITR-2, or ITR-3 for the fiscal year 2023-24, the pressing question is: Who will get their refunds…
Experts indicate that the recent cut in custom duty on gold might influence gold prices only in the short term. Union Budget 2024 and Custom Duty Reduction The Union Budget 2024 introduced a significant reduction in import duties on gold. On July 23, Union Finance Minister Nirmala Sitharaman announced the reduction of custom duties on…
As the deadline approaches for reassessment of previous Income Tax Returns (ITRs), a Tax Notice Under Section 148 of the Income Tax Act may be issued by August 31, 2024, to those whose income has escaped assessment. This is particularly pertinent for those whose escaped income is ₹50 lakh or more for the assessment year…
The National Commission has dismissed the police department’s defense, which relied on verbal instructions for discontinuing premium deductions without securing written confirmation. The issue revolves around policy lapses due to these unapproved changes. Constable Sakinder Singh of the Punjab police acquired three Jeevan Saral with profit policies from the Life Insurance Corporation (LIC) of India…
National Pension Scheme (NPS) The Budget 2024 has introduced significant changes to the National Pension Scheme (NPS), enhancing opportunities for NPS tax saving. Contributions made by private sector employers to the NPS have seen a notable increase in the tax-exempt limit, now raised from 10% to 14% of the employee’s basic salary. This hike is…
A recent report reveals that holding properties for longer periods results in higher taxes, whether or not indexation is applied. However, with indexation, the taxes are relatively higher. The 2024 budget has eliminated indexation from capital gains tax calculations. A study evaluated this change, finding that taxes would significantly rise on average. By simulating tax…
When planning how to transfer your assets, it’s crucial to understand the distinctions between a Gift Deed vs. Will. A Gift Deed takes effect immediately upon execution, whereas a Will is only activated upon the testator’s death. Each method serves to convey your assets to others, but choosing the appropriate one requires careful consideration. Transferring…
As the deadline for filing Income Tax returns approaches, authorities warn against using fake rent receipts to claim house rent allowance HRA deductions. Only Genuine HRA Claims Allowed According to the rules, you can claim an HRA deduction only if your employer pays you HRA. If you pay rent of more than Rs 1 lakh…
What is M&A Mergers and Acquisitions (M&A) encapsulate the consolidation of companies or assets. A merger signifies the union of two or more companies into a singular entity. Conversely, an acquisition occurs when a larger company absorbs a smaller one, integrating it into its existing structure. Distinguishing Mergers from Acquisitions The primary distinction between mergers…
