Unified Pension Scheme: What Sets UPS Apart from NPS?
The Unified Pension Scheme (UPS) is a newly launched initiative that guarantees retirees 50% of their last drawn salary as a pension. This pension is based on the average salary earned during the 12 months preceding retirement, provided the retiree has completed 25 years of qualifying service. In response to the criticisms of the National…
Will vs Gift Deed: Which is the better choice for Succession and Estate Planning
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…
Waiting for ITR Refund: Determining the Fastest Refund Among ITR-1, 2 & 3
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…
Gold Prices: What to Expect After Custom Duty Reduction
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…
ITR Reassessment: Who May Receive a Tax Notice Under Section 148 by August 31, 2024
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…
Police Department Found Liable for Policy Lapses
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…
Budget 2024: Enhanced NPS Tax Saving Opportunities
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…
LTCG Taxes Surge 2.9 Times Without Indexation on Properties Purchased Post-2010: Study
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…
Gift Deed vs. Will: How to Decide the Best Method for Transferring Your Assets
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…