#income tax exemption

[sonalj]

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB

Income Tax Exemptions for Salaried Employees 2023-24 Here is the income tax exemption list for 2023-24:

House Rent Allowance

Leave Travel Allowance (LTA)

Food coupons

Salary component

Reimbursements

Proof

House rent allowance (HRA)

Rent amount for residential housing

Rent receipts, PAN of the employer (mandatory for rent > ₹1 Lakh annually)

Leave travel allowance (LTA)

Traveling costs within India, such as air and rail fare

Air and train tickets, bus or cab receipts/bills

Telephone reimbursement

Landline, inclusive of broadband, mobile phone

Telephone bills

Books and periodicals

Cost of books and periodicals

Bills or invoices for the books and periodicals

Benefits of Tax Deductions While tax deductions may seem complex and overwhelming, understanding their benefits can lead to more strategic financial planning and responsible decision-making.

Reduced Tax Liability One of the most apparent benefits of tax deductions is that they help reduce an individual’s or business’s overall tax liability. By deducting eligible expenses and investments from their taxable income, taxpayers can lower the portion of their income that is subject to taxation. This results in more money staying in the hands of individuals and businesses, enabling them to reinvest in their ventures, purchase goods and services, or save for the future.

Encouragement Of Charitable Contributions Tax deductions play a significant role in encouraging charitable giving. Many governments offer tax deductions to individuals who donate to registered charities or non-profit organizations. By providing this incentive, governments hope to promote philanthropy and support the vital work carried out by charitable entities. Not only does this benefit society as a whole, but it also allows individuals to contribute to causes they are passionate about while simultaneously reducing their tax burden.

Stimulating Investment And Economic Growth Tax deductions targeted at businesses can serve as powerful tools for stimulating investment and economic growth. Governments often grant deductions for capital expenditures, research and development, and other business-related expenses. By doing so, they encourage businesses to reinvest their earnings back into the economy, which can lead to job creation, innovation, and increased productivity.

Promoting Homeownership And Real Estate Investments Many countries offer tax deductions related to homeownership and real estate investments. Deductions for mortgage interest, property taxes, and certain home improvements aim to make homeownership more accessible and affordable. These incentives can motivate individuals to invest in real estate, fostering a stable housing market and supporting the construction industry. Moreover, homeownership often builds equity for individuals, helping them build wealth over time.

Facilitating Education And Skill Development Tax deductions can also be advantageous in the field of education and skill development. Various governments provide tax breaks for expenses related to higher education, including tuition fees and interest on student loans. Additionally, certain professional development expenses may be deductible for individuals seeking to enhance their skills and expertise. Tax deductions contribute to a more skilled and competitive workforce in the country by encouraging investment in education and continuous learning.

[cryngo]

The problem of child labour in India can only be solved by collective efforts from the government, civil society, and the private sector. Read to know more-

[shaktiknowledgeblog]

Dubai news | Company | business news | income tax | income tax exemption | UAE government

Indians will get tax exemption of Rs 84 lakh in this country, how different is the tax law here from India Every Indian cherishes the dream of earning abroad, even those who go abroad, this question always remains in their mind as to where the tax will have to be paid on this income. In some countries, a lot of tax is charged, then in many places, big discounts are also given. The UAE government…

[dontmeantobepoliticalbut]

Shortly after wrapping up an inaugural legislative session in 2019 that included hiking the state’s minimum wage, legalizing cannabis and passing a historic $45 billion statewide construction program supported by expanded gambling and a host of increased taxes and fees, Gov. J.B. Pritzker sought to reassure a group of Chicago business leaders that he wasn’t just another tax-and-spend liberal.

Addressing the Executives’ Club of Chicago, Pritzker, a billionaire heir to the Hyatt Hotels fortune and a prominent tech investor, said he would pursue a “rational, pragmatic, progressive agenda” that ultimately would pay dividends for the state budget and Illinois’ economy.

“I’m a businessman. I’m a progressive. I’m a believer in growing the economy and lifting up people’s wages,” Pritzker said at the time.

Now in his second term and preparing to play host to this summer’s Democratic National Convention in Chicago, while also eyeing his own future White House run, Pritzker’s identity as a self-described “pragmatic progressive” is being put to the test. The state faces its most challenging budget outlook since the first year of the COVID-19 pandemic, the governor continues to grapple with controversies over his handling of criminal justice issues and leaders on both sides of the political divide say Pritzker’s approach sometimes falls short of fully addressing the state’s biggest problems.

The latest assessment of Pritzker’s strategy will undoubtedly play out in Springfield in the coming weeks.

With March primaries come and gone, work is underway in earnest on approving a state spending plan for the coming budget year before the General Assembly’s scheduled May 24 adjournment. The proposal Pritzker laid out in February attempted to build on past progressive successes — such as last year’s expansion of state-funded preschool programs — without overpromising and potentially jeopardizing the state’s hard-won credit upgrades, a core accomplishment the governor guards jealously.

It’s a balancing act that’s key to Pritzker’s political persona as he builds his national profile, and one that will hinge on the governor’s ability to satisfy Democratic lawmakers who want more money for their legislative priorities while not resorting to the kinds of budgetary gimmicks that created the state’s long-running fiscal instability.

“Obviously the governor and his administration carry forward sort of a number of elements of the core progressive banner in terms of policy and program, and that’s a part of an identity,” said Joe Ferguson, president of the Civic Federation, a nonpartisan budget watchdog. “What is not usually coupled with that identity is fiscal responsibility. … This sort of fiscal responsibility is a kind of kryptonite against the narrative that would usually come from conservatives.”

‘ISN’T ROOM FOR OTHER SPENDING’

While Pritzker promotes the “pragmatic progressive” agenda publicly, he also pushes it privately. In a February text to state Rep. Jehan Gordon-Booth of Peoria, the top budget negotiator for the House Democrats, the governor noted that “almost all of the few new things” he was introducing in his budget plan were at “no cost (or very low cost).”

“There is a bunch of stuff focused on the Black caucus, including addressing maternal mortality,” Pritzker wrote to Gordon-Booth in the message, obtained through an open-records request. “But there really isn’t room for other spending this year.”

Indeed, Pritzker’s plan both dabbles in progressive priorities — a child tax credit and a sales tax measure that will skim some funds away from big retailers — while also keeping an annual increase in school funding to the minimum amount required by law and steering clear of more structural tax changes pushed by progressives.

A few points the governor made in his proposal seemed tailor-made for bipartisan appeal: a $12 million child tax credit for low- and moderate-income families and the elimination of the state’s 1% sales tax on groceries.

While also popular with Republicans, elimination of the grocery tax has progressive appeal because Pritzker has framed it as an effort to abolish a regressive tax that hits those on the lowest rungs of the economic ladder the hardest. It’s also a tax cut that is easier on the state’s bottom line in a tight budget year because revenue from the tax flows not into the state’s coffers but to local governments.

The day after Pritzker’s budget address in February, state Sen. Donald DeWitte, a St. Charles Republican, said he was “thrilled” Pritzker proposed scrapping the grocery tax, but he said the governor should also be devising a way to ensure local governments don’t pass the burden of the lost revenue onto residents. While it’s possible Pritzker could be trying to appease the GOP, the proposal doesn’t go far enough, DeWitte said.

“Any opportunity to take stress off of Illinois families is a good thing,” said DeWitte, a former mayor of St. Charles who also serves as one of the Senate GOP’s budget negotiators. “But there are always ramifications that have to be dealt with, and so far, I don’t think the administration has been willing to deal with the ramifications of simply removing that tax without considering the other side of that revenue equation, which is the hit that will go to local governments.”

The Civic Federation still is evaluating the governor’s budget proposal, including the idea of eliminating the grocery tax, but Ferguson said it’s important to look at that idea in the full context of all the state funds that flow to local governments.

“You have to do the math on what additionally has been sent to the local level with what is essentially being taken away with the grocery tax and see what it amounts to,” Ferguson said. “It amounts to a far less dire situation than the localities appear to be projecting.”

Another idea with the potential to attract Republican support is the child tax credit. But both DeWitte and some progressives find themselves in the odd position of agreeing with each other in supporting the idea but also thinking it could be more ambitious.

“The governor has allocated $12 million for this, and that just doesn’t get you very far,” said state Rep. Will Guzzardi, a Chicago Democrat who co-chairs the House Progressive Caucus.

Democratic state Sen. Mike Simmons of Chicago has introduced a more robust tax credit than the one pitched by Pritzker; it would cover families with children up to age 17, rather than age 3.

Negotiations for the credit, as well as the rest of the budget, are ongoing.

“It was a win that the governor put this in his budget. It allows us to have this discussion at another level,” Simmons said.

TIGHT FISCAL REINS

Several of the governor’s belt-tightening measures — from increasing school funding by the bare minimum to cutting back on state-funded health care for immigrants who are in the country without legal permission — have drawn scrutiny from his political left.

While Pritzker speaks frequently about the importance of education funding and brags about boosting funding for elementary and high schools by more than $1.4 billion since taking office, the reality is that he’s only kept up with the minimum target of increasing state funding by $350 million per year.

Advocates long have warned that those increases are not enough to meet the state’s goals of adequately funding public schools under a state aid formula signed into law in 2017 by his predecessor, Republican Gov. Bruce Rauner.

Failing to go above the minimum increase has been a long-running source of frustration for Rep. Will Davis, a Democrat from south suburban Homewood who was one of the sponsors of the 2017 school funding overhaul and chairs the House Appropriations Committee that oversees K-12 funding.

“We tried to put a trajectory out there to try to get to full funding. And the reality, I don’t think we’ll ever actually get to that,” said Davis, who for years has pushed for at least a $500 million increase annually. “But we have to make bigger strides to at least show that we’re trying to get to what we would call full funding.”

Although Davis notes the education funding formula was crafted when Rauner, not Pritzker, was in office, the Democratic lawmaker said that doesn’t alter his overall message to Pritzker.

“Governor, why not work with us? Let’s make sure that we find the resources so that we can ramp up the funding in a different way,” Davis said a few days after Pritzker pitched his budget.

This year, Pritzker and state lawmakers will face added pressure to boost school funding from the politically progressive Chicago Teachers Union, which has signaled it will be looking to Springfield for more money for Chicago Public Schools as it negotiates a new contract with a City Hall run by its strongest ally, Mayor Brandon Johnson.

Tensions between Pritzker’s progressive ideals and his pragmatic approach also have arisen over state-funded health insurance for older Illinois residents who are in the country without legal permission.

The debate over how to deal with ballooning costs in the program delayed passage of the state budget last year, a dispute between Democratic factions — including Black and Latino lawmakers and moderates and progressives — that was only resolved when Pritzker agreed to a deal that gave his administration the power to rein in the program’s costs.

His moves to close enrollment for younger participants, begin charging co-pays and, more recently, to stop offering the program to green card holders who are in a five-year waiting period for federal Medicaid benefits, have drawn the ire of immigrant rights and health care advocates and some progressive lawmakers.

Last month, for example, Rep. Norma Hernández, a Democrat from Melrose Park elected in 2022 with the backing of progressive stalwart U.S. Rep. Jesús “Chuy” García, criticized the latest move as a “short-term cost-saving measure, not a long-term” solution.

In his proposal, Pritzker suggested spending on the program from the state’s general fund be reduced to $440 million, which is $110 million less than what was committed this fiscal year. But the administration is also proposing spending nearly $200 million more on the program from other funding sources, with much of that money coming from a federal match to emergency services funding.

The maneuvers have created some dissonance between Pritzker’s actions and political rhetoric. In a news release touting the expansion of eligibility to those ages 42 to 54 in 2022, he declared: “From day one of my administration, equity has been — and will always be — our north star. Everyone, regardless of documentation status, deserves access to holistic health care coverage.”

‘GROW THE PIE’

In the longer term, some progressives are looking for additional moves that would bring in more revenue from the richest Illinoisans and large corporations, Guzzardi said.

A tax change for retailers was one example that made it into the proposed budget, Guzzardi said. Pritzker proposed capping the money retailers can keep from sales taxes, essentially resulting in higher taxes for those businesses and more revenue for the state.

Beyond that, progressives have other ideas “about how we could grow the pie,” Guzzardi said.

“The governor’s introduced budgets don’t include those ideas, that’s true. But working within the framework of the dollars that we have, I think the governor has done a really strategic job of investing those dollars in our shared progressive priorities,” he said.

Since Pritzker’s boldest progressive proposal to change the state’s tax structure — a state constitutional amendment to create a graduated-rate income tax — was resoundingly defeated at the ballot box in 2020, thanks in large part to efforts by the state’s business community, the governor has focused on more arcane ways of boosting state tax revenue.

Aside from the retailer sales tax change for next year, an idea that’s been proposed and rejected previously, Pritzker is also suggesting limiting an inflation-based increase in the personal income tax exemption, essentially increasing taxes on individuals by $93 million.

PRISONER REVIEW BOARD TUMULT

The state budget isn’t the only arena in which Pritzker at times has had to triangulate his progressive policy positions with pressures from the political center and the right.

Recent tumult at the state Prisoner Review Board brought the spotlight back on the Pritzker-controlled institution that decides which state prisoners are paroled.

The makeup of the Prisoner Review Board has changed noticeably during Pritzker’s time in office — early on being labeled by Republicans as too liberal and later being criticized by some prisoners’ rights and criminal justice reform advocates for taking too hard of a line and preventing older inmates from getting the paroles they sought, moves conservatives applauded.

But in March the review board became a focus yet again when parolee Crosetti Brand was charged with stabbing 11-year-old Jayden Perkins to death and seriously injuring his mother, with whom Brand used to be in a relationship.

Released on parole in October for a separate crime, Brand was back in state custody in February after he allegedly tried to break into the residence where Jayden and his mother lived. But a three-member review board panel decided to release Brand after determining the panel didn’t have enough evidence from Jayden’s mother’s allegations to keep him behind bars.

Days after the attack made headlines, the board’s chairman, Donald Shelton, and another member resigned.

In announcing one of the resignations, Pritzker said it was clear “that evidence in this case was not given the careful consideration that victims of domestic violence deserve” and suggested reforms could be made to the way the board functions.

For Pritzker, the resignations should be “a feather in his cap,” showing that he’s willing to admit there was a grave mistake within an agency that falls under his purview, said Christopher Mooney, an emeritus professor of political science at the University of Illinois at Chicago.

But Mooney also said the board’s actions in the Brand case could entice Republicans or any other detractors to politicize Jayden’s death and use it against Pritzker if he tries to run for president.

It’s been done before, Mooney said, referring most notably to the 1988 presidential election when Republican George H.W. Bush used the early release of Willie Horton, a Massachusetts murderer who went on to commit other crimes, to paint Democrat Michael Dukakis as soft on crime.

Already, Senate Republicans have used Jayden’s death against the governor.

Illinois Sen. Jason Plummer, a Republican from Edwardsville who sits on the Executive Appointments Committee, blamed Pritzker in two lengthy social media threads about the board’s shortcomings, criticisms he echoed at a news conference and in an appearance on Fox News.

Although Pritzker called for additional training for review board members on how to handle cases where domestic violence is involved, the Senate Republicans are pushing for broader changes.

Their proposal includes requiring that appointees to the board have 20 years of experience in the criminal justice system as a prosecutor, criminal defense attorney, judge, probation officer or public defender. The GOP plan also would require victims be immediately notified of a prisoner’s release under certain circumstances and increase transparency requirements for the board.

While Senate Republicans were previously successful in 2022, when crime was a key campaign issue both statewide and nationally, in pressuring Democratic colleagues to oppose a couple of Pritzker’s appointments to the board, it’s unclear whether the GOP’s superminority will be successful again.

But Mooney and other observers have questioned how effective the Republicans will be.

“As it stands right now, it doesn’t sound like it’s going to go very far,” Mooney said the day after the board’s resignations were announced. “No. 1, because Pritzker’s all over it.”

[bongboyblog]

Stop inviting refugees! We can't feed them.

Like, why should we accept them? It's not we are duty-bound or anything. सबका ठेका लेके रखा है क्या हमनें?!

And then these same people will complain about unemployment lol.

Only 4% of the population pays income taxes. The rest are either minors, earn below the taxable amount, reserved or are just freaking avoiding tax payment. First pay up then talk sh*t I guess.

I can't with these people... বুঝাও কেউ এদেরকে...

India is a country, not a refugee camp! 💀

[frontpageinsights]

Filing Income Tax Return: Is it mandatory to file Income Tax Return if income does not exceed Rs 700,000? - Times of India

Income tax refund Filing for FY 2023-24: If your income is below Rs 7 lakh, you may be wondering whether you need to file your income tax return. The first important point to note is that Submit ITR is very different from paying income tax. Filing an Income Tax Return (ITR) is mandatory if your gross taxable income exceeds Basic exemption limit or if you have made certain sales. However, this…

[thetaxguyin]

House Rent Allowance (HRA) under the Income Tax Act of 1961

House Rent Allowance (HRA) stands as a significant component of salary for many employees, offering tax benefits under the Income Tax Act of 1961. Yet, understanding the intricacies of HRA and its tax implications can often be perplexing. In this blog post, we delve into the fundamentals of HRA, providing clarity and insights to taxpayers. Understanding House Rent Allowance (HRA): What is HRA?…

[narayansevesansthan]

Tax Saving 80G: What is Section 80G and how does it help in saving tax?

[techminsolutions]

Choosing Between Old and New Tax Regime: Navigating the Maze

Choosing Between Old and New Tax Regime Navigating the intricacies of tax regimes can be akin to walking through a labyrinth. The Union Budget of 2023 has thrown in a twist by making the new tax regime the default, complicating decisions for taxpayers who now need to actively opt for the old regime. Understanding the New Tax Regime In the new income tax regime, the government has revamped rates…

[princelobga]

True or False? New Businesses Are Exempted from Income Tax for the First Year in Cameroon

As advisors who consult with numerous startups navigating Cameroon’s regulatory landscape, we often find misunderstandings around certain tax policies that could negatively impact compliance if left unaddressed. One recurring area of ambiguity centers around tax exemption for newly established companies or sole proprietor businesses in their first year. So let’s take a deeper look at what the…

[bookdoctorconsultationonline]

Tax Benefits Of Health Insurance 80D at Livlong

Discover this guide on tax benefits of health insurance which is integral to your life. Learn more about the health insurance tax benefits in 80d at Livlong.

[cryngo]

CRY (Child Rights and You) are working to combat child marriage in India by supporting the education and empowerment of young girls and advocating for policy change at the local and national levels. By donating to CRY, individuals can contribute to this important work and help protect the rights and well-being of young girls in India.

[goodworkstrust]

How To Get A Tax Deduction For Charitable Donations In India? Charity is a noble cause and we as a human should do it if we are capable of doing that. Governments of all countries promote this noble cause that’s why they provide tax deduction for charitable donations. Most of us want to save our taxes and find ways to save them. Nothing seems the best option to save the taxes than doing charity. This noble act not only saves your taxes but also helps the marginalized section of our society. To read complete post, visit here: https://goodworks.org.in/how-to-get-a-tax-deduction-for-charitable-donations-in-india/

[if-you-fan-a-fire]

“Hands Off Wages, Is Warning of Conservatives,” The Province (Vancouver). March 7, 1931. Page 1. --- Vancouver Executive Demands Exemptions Up to $2000. === Patronage Bacon Issue In Demanding Resignation of Members. ---- EMPHATIC protest against an Provincial Government tax devoid of exemptions except for the very lowest salaries and for farmers isvoiced in a resolution passed by the Conservative Association at a meeting Wednesday night.

"We do not approve of a direct taxation on wages," declared party leaders in a formal resolution, "but if the province's financial condition is as bad as suggested and there is no way out except by direct income taxation of one per cent., there appointments. should be exemption of $1000 for single persons and $2000 for married persons or single persons with dependents."

MORE AND BETTER BACON. While officers of the association are both shy and forgetful when questioned about proceedings Wednesday night,

Party workers voiced loud complaints about the lack of patronage available from the Tolmie administration. This complaint was chiefly responsible for the resolution which called for the resignation of the six Vancouver members of the Legislature, but it carried with it a promise of support if these representatives took action to bring home the patronage bacon.

IGNORED BY CABINET. Supporters of the motion asking for resignation of the Vancouver members state that the Tolmie government has consistently refused to listen to the workers on the subject of government they admit that the then approaching budget and the matter of patronage.

Discontent became so general in Conservative ward associations, they say . that an effort was made to discuss the situation with a member of the cabl net, who, they continue, sidestepped the meeting on one pretext and an While officers of the association are other.

The gathering storm broke Wednesday night with passage of the resignation notice.