We never find even mention of the fake income-Inclusion of interest on bank deposits into the taxable income without deduction for inflation which must include the depreciation of capital value also.We must be allowed to actually avail deduction from the taxable income as the inflation cuts the interest and also the principal. YM
On Tue, Nov 12, 2024 at 8:46 AM Rajaram Krishnamurthy <[email protected]> wrote: > Major Changes in Direct Tax Code 2025 > > > > Removal of Assessment and Previous Year Concepts: > > The code removes the terms “Assessment Year” and “Previous Year”. > > Only the term- “Financial Year” will be applicable for tax filing. > > Capital Gains Tax Changes: Capital gains will be taxed as regular income. > > Short-term gains on financial assets will be taxed at 20% (up from 15%), > while long-term gains will be taxed at 12.5% (down from 20%). > > Simplified Residential Status: Taxpayers will be classified as either > residents or non-residents, eliminating the RNOR (Resident but Not > Ordinarily Resident) category. > > New Income Category Names: “Income from Salary” is now called “Employment > Income,” and “Income from Other Sources” is renamed “Income from Residuary > Sources.” > > Expanded Tax Audit Roles: Company Secretaries (CS) and Cost and Management > Accountants (CMA) may now be allowed to conduct tax audits, which was > previously limited to Chartered Accountants (CAs), making tax audits more > accessible. > > Unified Company Tax Rates: Both domestic and foreign companies will now > pay the same tax rate, making compliance easier and encouraging foreign > investment. > > TDS and TCS on Most Income: Under the new tax system, Tax Deducted at > Source (TDS) and Tax Collected at Source (TCS) will apply to nearly all > types of income. This ensures taxes are paid more regularly. The TDS rate > for many payments will drop from 5% to 2%. For e-commerce operators, the > TDS rate will significantly decrease from 1% to 0.1%, offering relief to > taxpayers and simplifying compliance for e-commerce businesses. > > Fewer Deductions and Exemptions: Most deductions and exemptions will be > removed, streamlining tax filing. > > However, the standard deduction for salaried employees in the new tax > regime has increased to ₹75,000, a 50% rise. > > > https://taxconcept.net/income-tax/big-changes-in-new-direct-tax-code-2025/ > > xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx > > 1 By eliminating asst year, the income assessable in future is eliminated/ > NO. Even if said year, financial year is exhoed. > > 2 Capital gains is not assessable as itt is that inflation value > equivalent to the real value alone is recd; as in capital nAture, had to be > exempted. But by making CG as regularincome¸in future, even any capital > receipt could be taxed. For example, investments received back may also be > taxed, tantamounting to double and repetitive transactional taxation. > > 3 Employment income is a term where employment must be defined clearly > since salary is inferred but in employment even other source receipts by > employment nature will get only 75000 std ded and expenses deductions could > be avoided, > > 4 Income from others is apart from all above; residuary might tax even > women rare gifts as income. > > 5 if CS & CMA CAN BECOME Cas THEN CAN CA COULD BE CS, CMAs? > > 6 Will the government remove Depreciation development rebates in various > models also? Many secs 80 deductions favouring the industry? > > K Rajaram IRS 12 11 24 > -- *Mar* -- You received this message because you are subscribed to the Google Groups "Thatha_Patty" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion visit https://groups.google.com/d/msgid/thatha_patty/CACDCHCKy35WLGiPvRPnGRVzCihqrKXJEL7-ZwyHwMDPff4qr6w%40mail.gmail.com.
