The future of employment is shifting rapidly as artificial intelligence continues to revolutionize industries. Bill Gates, co-founder of Microsoft and renowned tech visionary, has predicted that only three sectors—energy, biology, and AI programming—will remain largely untouched by automation. His insights highlight the growing necessity for workers to adapt to the changing job landscape by acquiring skills that AI cannot easi

Union Finance Minister Nirmala Sitharaman is expected to introduce a new Income Tax Bill in Parliament today that will replace the existing Income Tax Act of 1961. The purpose of this new bill is to simplify the language and provisions of the current tax law, making it easier to understand and more accessible for taxpayers. The bill is part of the government’s ongoing efforts to reform and modernize the Indian tax system. The new bill will streamline various processes, eliminate complex

The Union Budget 2025 has introduced significant changes to the income tax regime, offering relief to middle-class taxpayers. Finance Minister Nirmala Sitharaman proposed raising the basic exemption limit to Rs 4 lakh and increased the income threshold for the rebate under Section 87A to Rs 12 lakh. This means individuals earning up to Rs 12 lakh, with a standard deduction of Rs 75,000, can avoid paying taxes altogether. But for those earning more than Rs 12.75 lakh, choosing between the old

On Wednesday, the Joint Parliamentary Committee (JPC) led by Jagdambika Pal adopted the draft report and the amended Waqf (Amendment) Bill, 2024. The committee's report, which includes significant revisions to the bill, will be tabled in Parliament on Monday as part of the ongoing Budget Session. The amendments to the bill are aimed at ensuring the benefits of Waqf properties reach marginalized groups, such as the poor, women, and orphans. This inclusion marks a major development in the b

Volkswagen has filed a lawsuit against Indian authorities, contesting a $1.4 billion tax demand that the company describes as "impossibly enormous" and in violation of India’s import tax regulations. The dispute centers around the classification of car imports, with Indian officials accusing Volkswagen of misclassifying imports to avoid higher customs duties. In particular, Volkswagen allegedly broke down nearly complete vehicles into individual parts, which are subject to low

Income Tax: Union Budget 2025 introduces a revamped tax regime, with key reforms aimed at providing relief to the middle class. The new tax slabs are as follows: Up to Rs 4 lakh - 0% Rs 4-8 lakh - 5% Rs 8-12 lakh - 10%

DTC to Be Introduced Separately: Sources have confirmed that the much-anticipated Direct Tax Code (DTC), which seeks to simplify India’s income tax laws, will be introduced separately and not as part of the Union Budget 2025. Finance Minister Nirmala Sitharaman is expected to deliver the budget speech on Saturday, but the new tax code will be presented at a later date. This move marks a shift from earlier reports suggesting the DTC would be included with the budg

On Friday, a motion to suspend opposition members from the parliamentary panel discussing the Waqf Amendment Bill was passed after protests and allegations of hasty proceedings. BJP's Nishikant Dubey moved the motion, which was supported by the committee, resulting in the suspension of several opposition members, including Kalyan Banerjee, Mohammad Jawed, A Raja, Asaduddin Owaisi, Naseer Hussain, Mohibullah, Mohamed Abdullah, Arvind Sawant, Nadeem-ul Haque, and Imran Masood. The

With the Modi government set to present its second full budget for the third term in power, the middle and lower-income groups across India are hopeful for key reforms that could alleviate their financial burdens. The anticipated reforms in Budget 2025 include tax relief measures, simplification of income tax laws, and a focus on financial literacy, insurance, and retirement savings. Key Expectations from Budget 2025 Insurance Sector Reforms:

House Rent Allowance (HRA) is a component of an employee’s salary provided by employers to help cover rental expenses. Depending on various conditions, HRA may be partially or fully exempt from taxes. However, to benefit from this exemption, employees need to meet specific criteria. Is HRA Taxable? While HRA is part of an employee’s salary and is initially included in taxable income, it can be exempt under certain conditions. If the employee lives in a rented

Andhra Pradesh Chief Minister Chandrababu Naidu has been attending the ongoing investment summit in Davos, Switzerland, where his visit has garnered increasing national attention. While the Telugu media primarily focuses on his efforts to attract investment to Andhra Pradesh, national media interest has grown due to his scheduled meeting with Microsoft founder Bill Gates. The meeting, set to take place at 7 PM IST on Wednesday evening, is drawing particular attention because Gates i

The U.S. decision to withdraw from the Organisation for Economic Co-operation and Development’s (OECD) global tax deal, led by President Trump in his second term, could lead to significant shifts in the global tax landscape. However, according to tax expert Rakesh Nangia, India's tax policy will not be heavily impacted by this move. India had taken a more cautious approach toward implementing the Global Anti-Base Erosion (GloBE) rules and had not introduced substantial changes to it

For many young people, managing bills and budgets can leave very little room for savings, but even small investments in tax-free schemes can significantly contribute to building a secure financial future. These investments act as a foundation for a solid tax strategy, offering benefits under the old tax regime with annual investment limits. Section 80C Under Section 80C of the Income Tax Act, you can invest in options like the Public Provident

In 2024, the collective wealth of the world’s top 500 billionaires surged to a staggering $10 trillion, marking an unprecedented milestone. The year saw tech giants Elon Musk, Mark Zuckerberg, and Jensen Huang dominate the wealth rankings, with their fortunes significantly boosted by a rally in US technology stocks. Tesla, Meta, and Nvidia stocks performed exceptionally well, contributing heavily to the increase in wealth. Musk, the wealthiest individual, saw his fortune soar to $442.1

Between April and November 2024, the Indian government dispersed Rs 3.08 lakh crore in income tax refunds, reflecting a significant 46% increase compared to the same period last year. As of November 22, about 98.35% of Income Tax Returns (ITRs) filed have been e-verified, with a record-breaking 69.93 lakh ITRs submitted on a single day, July 31. The total number of ITRs filed by November 22 stands at 8.50 crore, a 7.32% increase from the previous year. The introduction of innovation

Bill Clinton, the 42nd President of the United States, was hospitalized on Monday at Georgetown University Medical Center for testing and observation after experiencing a fever. His deputy chief of staff, Angel Urena, shared the news on social media, assuring the public that Clinton remains in good spirits despite the health scare. The 78-year-old former president has a history of health issues. In 2004, Clinton underwent a quadruple bypass surgery at age 58 due to extensive heart d

Union Finance Minister Nirmala Sitharaman will chair the 55th GST Council meeting in Jaisalmer, Rajasthan, on Saturday, December 21. This meeting will focus on several important discussions related to the Goods and Services Tax (GST) in India. The agenda includes deliberations on taxability issues concerning food delivery platforms such as Swiggy and Zomato, and potential changes to GST rates on products like health insurance premiums, life insurance, wristwatches, shoes, and apparel. The cou

India introduced the Goods and Services Tax (GST) in 2017 to simplify the tax structure and reduce the tax burden. Recent data shows that the gross GST collection for October 2024 rose by 9% to ₹1.87 lakh crore, a record second-highest figure. However, a recent proposal by the Group of Ministers (GoM) on GST Rates Rationalisation suggests a new 35% GST slab on products like aerated drinks and tobacco, which has raised concerns. The proposal aims to target 'sin' products such as thos

Bangladesh's interim government has accused Adani Power of breaching a multi-billion-dollar agreement related to the supply of electricity from its coal-fired plant in India. The dispute centers on Adani Power withholding tax benefits that the power plant was entitled to under the agreement. The Indian company signed a deal with Bangladesh in 2017 to supply power from the Godda plant, but Dhaka claims that Adani Power failed to pass on the tax exemptions it received from the Indian govern

Bill Gates has found himself at the center of controversy following remarks he made during a podcast with LinkedIn co-founder Reid Hoffman. Gates referred to India as "a kind of laboratory to try things," which has sparked significant backlash, particularly in India. The comments, which were intended to highlight India's progress and its partnership with the Bill & Melinda Gates Foundation, have drawn attention to a controversial 2009 clinical trial funded by the Gates Found