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 […]

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. […]

Remitting Money to India: Tax Implications for You and Your Brother Navigating the complexities of international money transfers and understanding the related tax implications are crucial for maintaining compliance and achieving your financial goals. Key Questions Are remitted funds taxable for you or your brother in India? Should the funds be transferred to your account for withdrawal via Power of Attorney? Is there a need to transfer the funds to your NRE or NRO accounts? […]

India’s Carbonated Soft Drinks Sector Faces Expansion Challenges Introduction The Economic Think Tank ICRIER’s recent findings highlight the critical challenges faced by India’s Carbonated Soft Drinks (CSD) sector. Despite supportive government initiatives like ‘Make in India’ and ‘Aatmanirbhar Bharat,’ high taxation under the Goods and Services Tax (GST) regime significantly hampers growth. High Taxation: A Major Barrier GST Impact: The current GST structure imposes a steep 28% tax plus a 12% cess on carbonated drinks […]