1. Introduction The US Federal Reserve (Fed) plays a critical role in managing the economy of the United States and, by extension, influencing the global financial system. One of its most powerful tools is the Federal Funds Rate, commonly referred to as the Fed Rate. This rate affects everything from the cost of borrowing money…
The Public Provident Fund (PPF) remains one of India’s most popular and secure long-term savings schemes, offering tax benefits and guaranteed returns. However, the Ministry of Finance has introduced new rules for PPF accounts, effective from October 1, 2024, that could impact PPF account holders, especially those with minor accounts, multiple PPF accounts, or Non-Resident…
In a significant development for taxpayers, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has ruled that penalties for income concealment cannot be imposed if errors are corrected in a revised tax return. This ruling, which emerged from the case of R. Chatterji, could potentially offer relief to many taxpayers who may inadvertently misreport income or…
New Delhi, August 7, 2024 (ANI): In a significant move aimed at providing relief to property owners, Finance Minister Nirmala Sitharaman has proposed an amendment to the Finance Bill that offers a substantial reduction in capital gains tax on property transactions. This proposal allows taxpayers to choose between a lower tax rate of 12.5% without…
