47% of the fixed deposits in all the Indian banks are from only senior citizens; a taxman knows it; but not fools like BSNL. But asking for exemptions as inflation is irrelevant; it is revenue real income; inflation in any nation cannot get exemption. Because tomorrow another will file a caSE THAT SALARY WAS ALSO /IS ALSO ION ACCOUNT OF INFLATION SO MUST BE EXEMPTED. hOPE UNDERSTOOD SIR. I FORGIVE BSNL FOOL. KR IRS 121124
On Tue, 12 Nov 2024 at 15:35, 'gopala krishnan' via Thatha_Patty < [email protected]> wrote: > Who raises such points in the parliament? What is the purpose served > writing as response to a Taxman retired sir? > Gopalakrishnan > > On Tuesday, 12 November, 2024 at 11:30:41 am IST, Markendeya Yeddanapudi < > [email protected]> wrote: > > > 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 > <https://groups.google.com/d/msgid/thatha_patty/CACDCHCKy35WLGiPvRPnGRVzCihqrKXJEL7-ZwyHwMDPff4qr6w%40mail.gmail.com?utm_medium=email&utm_source=footer> > . > > -- > 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/1842054042.1077530.1731405934084%40mail.yahoo.com > <https://groups.google.com/d/msgid/thatha_patty/1842054042.1077530.1731405934084%40mail.yahoo.com?utm_medium=email&utm_source=footer> > . > -- You received this message because you are subscribed to the Google Groups "Thatha_Patty" group. 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