Comprehensive Approach to Income Tax Reform in India The Government of India has embarked on a significant mission to reform its Income Tax code, delivering on its budget promise by seeking public input on four pivotal reform areas: Simplification of language Reduction of litigation Easing of compliance burden Elimination of obsolete provisions Simplifying Complex Tax Legislation Revamping archaic tax elements and using clearer language can significantly reduce confusion. Simplified compliance means fewer complexities for taxpayers, […]

Understanding Long-Term Capital Asset Status for Allotted Land After 10 Years Navigating the intricacies of financial regulations can be challenging. At Estabizz Fintech Private Limited, we are committed to guiding you through each step with clarity and confidence. Here’s an in-depth analysis of when your allotted land becomes a long-term capital asset, including essential insights into indexation and capital gains tax. Timeline of Land Allotment and Ownership 2014: Application submitted to the housing board for […]

Cabinet Clears Extension of Fortified Rice Scheme until December 2028 to Combat Anaemia In a significant move addressing public health concerns, the Union cabinet has approved the extension of the fortified rice scheme under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) and other welfare initiatives. This extension will run from July 2024 to December 2028, with a projected cost of ₹17,082 crore. Key Highlights Timeline: Extension from July 2024 to December 2028 Financial Outlay: […]

Understanding Lost Credit Card Liability: An Essential Guide In an increasingly digital world, the loss of a credit card continues to be a pressing concern for many. Have you ever wondered what to do if you lost your credit card and noticed unauthorized transactions before you could report it? This guide aims to shed light on the concept of lost card liability and equip you with the knowledge to handle such scenarios effectively. What is […]

Analyzing Income Tax Trends through Diverse Lenses: Social Media Insights and High-profile Taxpayers Surprising Tax Contributions by Everyday Professionals A scenario on social media recently brought to light the evolving landscape of income tax payments in India. A 19-year-old user was astonished to discover that a cab driver had paid ₹20 lakh in taxes last year. This revelation sparked curiosity about whether such significant tax contributions have become more common among professionals in various fields. […]