new income tax bill

Jeff Bezos stated that doubling his taxes wouldn't significantly help a Queens teacher, sparking a retort from NYC Mayor Zohran Mamdani. Bezos proposed eliminating federal income tax for lower earners, arguing "zero is a better number than $1." He also criticized New York City's spending, not its billionaires, as the core issue.

IT Rajasthan launches awareness campaign to enrich stakeholders on New Income tax Act

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A change in how social security benefits are calculated by employers under the new labour codes could affect your in-hand salary.

Tax Experts Flag 12.5% LTCG On Gold Exchange

Mumbai ITAT grants capital gains tax relief to a taxpayer who filed his Income Tax Return late. The tribunal ruled that reinvesting gains into a new property before a belated return fulfills Section 54 requirements, even without depositing funds in the Capital Gains Account Scheme.

Purchasing a second home involves significant tax considerations beyond the initial purchase price. Stamp duty, registration fees, and GST are upfront costs. Income tax implications vary based on whether the property is self-occupied, vacant, or rented out, with different deduction rules under old and new tax regimes. Understanding these nuances is crucial for financial planning.

Capital gains tax rules on Property changed from July 23, 2024. Long-term gains now face a 12.5% tax without indexation, a shift from the previous 20% with indexation. However, those who bought property before this date can choose the old or new system. Exemptions under Sections 54, 54F, and 54EC remain available.

Every crisis reminds us that markets can swing like a pendulum between greed and fear. Fixed income offers comfort in those phases and does its job as a stabiliser.

Investment adviser Barrett Linburg proposed a tax strategy for Elon Musk to defer gains from potential SpaceX share sales post-IPO. The plan involves reinvesting profits into a Qualified Opportunity Fund to build infrastructure at Starbase or finance the Terafab site, potentially deferring taxes until 2032 and eliminating future appreciation taxes.

Bodh Gaya's tourism sector faces a crisis as soaring fuel and LPG prices cripple businesses. Tour operators report a sharp decline in bookings, with rising operational costs like rent and salaries overwhelming dwindling income. Unlike pandemic relief, no government support is available, forcing travel agencies to increase fares and deterring tourists, impacting both domestic and foreign visitors.

California Governor Gavin Newsom has signed an executive order to study how to protect workers from AI-driven job displacement. The initiative will explore increased job training, new worker protections, and alternative economic models, including universal basic capital, to address potential labor disruptions across industries.

…but the taxman does. Here’s how the income tax department is using data-driven nudges — not raids — to get taxpayers to come clean

As the landscape of property buying in India evolves, so too must buyers' understanding of tax obligations. Non-compliance with TDS rules, particularly for deals involving NRIs, may incur hefty fines and surcharges.

The BJP has accused Rahul Gandhi of a significant financial discrepancy, alleging his foreign travels over two decades cost approximately Rs 60 crore, far exceeding his declared income. The party questions potential Foreign Contribution Regulation Act and tax law violations, demanding transparency regarding the source of funds for his numerous international trips.

Securing a plot of land for your future home or investment is now feasible with bank loans. While similar to home loans, plot loans have distinct terms, including higher interest rates and shorter repayment periods. Lenders prioritize residential plots within city limits, requiring thorough documentation and legal checks to ensure a smooth purchase.

Non-Resident Indians can invest in Indian real estate, including residential and commercial properties, and land for construction, under FEMA rules. While agricultural land is restricted, NRIs can purchase apartments, offices, and plots. Key documents and tax compliance are essential, with specific deductions available for interest and principal payments. Payments must follow prescribed banking channels.