HENCY R SHAH AND ASSOCIATES

 𝐁𝐮𝐝𝐠𝐞𝐭 𝐅𝐘 𝟐𝟒-𝟐𝟓 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 🌟 ⭐ 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧: Increased to ₹75,000 from ₹50,000 in new regime. ⭐ 𝐋𝐓𝐂𝐆 𝐄𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧: Hiked from ₹1 lakh to ₹1.25 lakhs; tax rate increased to 12.5% from 10% ⭐ 𝐒𝐓𝐂𝐆: Increased from 15% to 20%. ⭐ 𝐋𝐓𝐂𝐆 𝐇𝐨𝐥𝐝𝐢𝐧𝐠 𝐏𝐞𝐫𝐢𝐨𝐝: All financial non-listed and non-financial assets holding period is 24 months or more; listed assets holding period is 12 months or more only. ⭐ 𝐀𝐛𝐨𝐥𝐢𝐭𝐢𝐨𝐧 𝐨𝐟 𝐀𝐧𝐠𝐞𝐥 𝐓𝐚𝐱: No tax on shares issued by private and unlisted companies exceeding the fair value of the company. ⭐ 𝐓𝐚𝐱 𝐒𝐥𝐚𝐛𝐬: Remain the same with 30% tax above ₹15 lakhs. New slabs: ₹3-7 lakhs instead of ₹3-6 lakhs under section 115BAC. ⭐ 𝐀𝐩𝐩𝐞𝐚𝐥𝐬 𝐋𝐢𝐦𝐢𝐭𝐬: Increased for filing appeals to Tax Tribunals, High Court, and Supreme Court to ₹60 lakhs, ₹2 crores, and ₹5 crores, respectively. ⭐ 𝐒𝐚𝐟𝐞 𝐇𝐚𝐫𝐛𝐨𝐮𝐫 𝐋𝐢𝐦𝐢𝐭𝐬: Expanded to reduce TP litigations. ⭐ 𝐂𝐨𝐫𝐩𝐨𝐫𝐚...

BUDGET 2023-2024 Taxation Policy DIRECT TAX Personal Tax Old Tax Regime: There are no changes proposed in tax rates including surcharge and cess, income tax exemption limits and income slabs. New Tax Regime: Basic exemption limit hiked from ₹ 2,50,000 to ₹ 3,00,000. Standard Deduction of ₹ 50,000 and Family Pension of ₹ 15,000 to be allowed as deduction to salaried individuals. Deduction of amount paid or deposited in  the Agniveer Corpus Fund. The highest surcharge capped at 25 percent for income above ₹ 2 Crores. Taxable income for rebate is proposed to be increased to ₹ 7 Lacs from existing ₹ 5 Lacs. Option to exercise before filing of Return of Income for the Old Tax Regime: Once in case of person have Business or Professional income.  Year on Year basis for Others. New Proposed Slab Rate Capital Gain Deduction from capital gains arising on sale of residential house or any other capital assets by further investment into new residential house shall be capped to ₹ 10 crores....

The evolution of digital banking: What traditional banks must offer to remain competitive 1Financial services continue to experience a massive upheaval as digital transformation is rolled out across the sector at a dramatic rate. By 2030, the everyday banking experience could be entirely virtual with more than two billion people having digital bank accounts on digital platforms, according to the Bill and Melinda Gates Foundation. But in most cases, that level of digital transformation remains a work in progress while customers continuously adjust to a dazzling array of new digital technologies which are being accelerated through constant innovation, creating new behaviours and increasing their expectations. For global banks, this creates a series of complex challenges and opportunities as they calibrate and re-calibrate their digital offering in various regions of the world, where the pace of digital transformation moves at distinctly different speeds. Meanwhile the branch networks of ...

  Budget Expectation 2023 Countdown has begun for Budget 2023. Here are a few expectations from Union Budget 2023: Education sector deserves a top spot in this year's Union Budget Increase section 80C limit to Rs 2 lakh Expectations on Cybersecurity in India Government must enhance old regime tax slabs Startups seek a simplified tax regime, reduction in MAT Budget should encourage investments in core R&D on AI and Robotics Budget must create a favorable climate to make India a part of the worldwide supply chain Budget should focus on falling imports, the impact of a slowdown Industry looking forward to policy announcements and allocations designed to support startup ventures Enable SaaS start-ups to navigate compliance and legal requirements faster Corporates seek tax relief measures for work from home employees Digitization has eased tax compliance Hike standard deduction to Rs 1 lakh Unified income tax filing form Income Tax relief for small taxpayers Tax kit...