Deepak kumar Blogs

  Individuals who do not own a house but live in a rented accommodation can claim a deduction for the rent paid under Section 10 of the Income Tax Act We are all familiar with the fact that investing in tax-saving avenues such as life insurance, NPS, PPF, ELSS, Sukanya Samriddhi Scheme, NSC, among others, is necessary to save tax. However, not many of us are aware of the different tax provisions that can help us reduce our tax liability without making any investments. According to tax experts, there are several provisions in the Income Tax Act, 1961, that allow individuals to save tax on expenses incurred by them, even if they have not made any specific investments for tax-saving purposes. One such option is to claim a deduction under Section 80C of the Income Tax Act, where a maximum deduction of up to Rs 1,50,000 can be claimed in a financial year. The following expenses are eligible for deduction under Section 80C under the old tax regime: 1. Tuition Fees for Children The Income...

  Budget 2025: Focus on private capex, personal tax relief, and simplified compliance, says EY The Union Budget 2025-26, set to be presented on February 1, 2025, is expected to focus on private capital expenditure (capex), tax simplification, and personal income tax relief for lower-income groups, aimed at stimulating demand, EY India has said. In its Budget expectation note, EY highlighted that over ₹31 lakh crore remains tied up in income tax disputes as of 2023-24, underlining the need to clear Commissioner of Income Tax (Appeals) backlogs and strengthen alternate dispute resolution mechanisms, such as advance pricing agreements and safe harbours. “While a full review of the direct tax code may take time, we might see initial steps towards its implementation in this Budget. Reducing personal income tax for lower-income groups could provide relief and drive demand,” said Sameer Gupta, National Tax Leader at EY India. EY expects strategic reforms to simplify the tax system, reduce...

  Budget 2025 Expectations Live: Finance Minister Nirmala Sitharaman will table the Union Budget 2025 in the Lok Sabha on February 1 at 11:00 am.  Union Budget 2025 Expectations Live Updates:  With Finance Minister Nirmala Sitharaman all set to table the  Union Budget 2025  in the Lok Sabha on February 1 at 11:00 am, citizens and  industry  leaders across segments are betting on a slew of measures to be announced that would set the country on a path of sustainable growth. However, an official statement from the central government is still pending. This would be the second full budget of Modi 3.0, and the eighth straight Budget to be presented by Nirmala Sitharaman. Income  tax  relief is one of the key announcements that most are looking forward to, besides the demand for tax holidays and  GST  exemption by a host of industries. The insurance sector, meanwhile, is calling for key reforms aimed at improving penetration of  healt...

  Budget 2025: As Bihar eyes lion's share, will Modi keep Nitish happy in poll year? Having successfully managed to extract a hefty Budget allocation from the Narendra Modi-led government at the Centre for Bihar despite having to push its demand for a special status on the backburner in July last year, the Nitish Kumar-led government has put forth a list of key demands for the state for the upcoming Budget for the year 2025-26. The Centre's allocations for the state will be keenly watched as it is the only state other than Delhi that is scheduled to go to polls during the calendar year. While Delhi will vote on February 5, Bihar is slated to see elections during the October-November period. Bihar's wish list to Centre In its 32-page memorandum submitted to Union Finance Minister Nirmala Sitharaman last month, Deputy CM and BJP leader Samrat Chaudhary listed key demands including a collaboration with bordering Nepal for the construction of dams to tackle the perennial issue ...

  Delhi-Saharanpur Highway Launch, 150 Mohalla Buses Introduction, Other Delhi-Centric Projects To Hang Fire Due To MCC Delhi Assembly Election 2025 : Several development projects across Delhi will now face further delays due to the enforcement of the Model Code of Conduct for upcoming assembly elections, compounding the already slow progress caused by the Graded Response Action Plan (GRAP). Projects from the Delhi government, central government, New Delhi Municipal Council (NDMC) and Municipal Corporation of Delhi (MCD) are now on hold until the elections conclude. Delhi-Saharanpur Highway Launch Faces Delay One of the central government’s major projects, the Delhi-Saharanpur highway, was scheduled for inauguration before the elections. However, technical challenges prevented its launch. Although the new target is March 2025, even an earlier resolution of issues won’t lead to its inauguration due to the election restrictions. Delhi MCD Parking Projects Affected MCD’s plans to...

  Mega projects over Rs 6000 crore, multiple cities: How India targets to host 2036 Olympics After submitting a 'Letter of Intent' to the International Olympic Committee (IOC) to host the 2036 Summer Olympics, it is learnt that a proposal will be submitted to the global body detailing how India plans to host the biggest sporting extravaganza. As per the IOC, at least 10 other countries have shown interest in hosting the 2036 edition of the Olympics, which includes Saudi Arabia and Qatar. However, a decision on the host city can only be expected post 2026. Despite that India have already started taking steps towards securing the bid, with the first being building promising sports infrastructure, which as per a report by the  Indian Express  are already underway. The report mentioned that India plans to conduct multiple sporting disciplines across the country with Bhubaneswar projected to host hockey, rowing in Bhopal, canoeing and kayaking in Pune, and cricket in Mumb...