Follow Whatsapp Channel
Friday, Jul 18, 2025
The new tax regime announced in the union budget offers lower tax rates, but the the taxpayer will have to forgo most tax deductions and exemptions.
The property tax on vacant houses would be decided based on the area and age of the buildings. Official sources said that similar rules in other states would be studied before the amendment is made.
The government has proposed that from FY24, proceeds received by a person who makes aggregate contribution for life insurance above Rs 0.5m will be taxed.
Not even in the pre-GST era had anyone thought of amassing as much additional money from the public. But KN Balagopal has.
The budget projects a revenue receipt of Rs 1.35 lakh crore and a revenue expenditure of Rs 1.76 lakh crore. Revenue deficits of Rs 23,942 crore (2.1 per cent of GSDP). Fiscal deficit of Rs 39,662 crore (3.5 per cent of GSDP).
The main aim of the budget would be overcoming the deep financial crisis which has gripped the state.
When building tax, which is widely known as property tax, increases by 5%, the tax on houses and commercial properties will increase.
At present, land tax is based on the categories of corporation, municipality and panchayat. The highest rate of tax is in corporations, the rate below it in municipalities and the lowest rate in panchayats.
Rights group Oxfam International added that taxing India's ten-richest at 5 per cent can fetch entire money to bring children back to school.
The notices were issued for the financial years 2021-22 and 2022-23, and the ASI has been asked to pay up within the next 15 days.
Results 41-50 of 67
You can always sign back in at any time.
You have reached the maximum number of saved items. Please remove some items.