Union Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday brought in some relief for the taxpayers under the New Tax Regime. After increasing the Standard Deduction limit from Rs 50,000 to Rs 75,000, FM Sitharaman revised the tax slabs for the New Tax regime. She said salaried employee will now stand up to save Rs … Read more
As tax costs are eating into the earnings of every household, there is always a search to reduce the tax incidence within the four corners of the law. The Income-tax Act (‘the Act’) provides certain deductions from taxable income, the policies for which are based upon larger socio-economic parameters. With the new tax regime seeking … Read more
National Pension System 2024: The Centre may extend the benefits of the National Pension System (NPS) to the new tax regime, a report said on Wednesday. It is to be noted that the New Tax Regime doesn’t have most tax exemptions valid under the Old Tax Regime. CNBC Awaaz reported that the government may make … Read more
New Tax Regime: The Centre introduced the New Tax Regime under Section 115BAC as a new optional alternative to the Old Tax Regime from April 1, 2020 (FY 2020-21) for individuals and the Hindu undivided family (HUF). But after three years, Union Finance Minister Nirmala Sitharaman during the Union Budget 2023 announced that the New … Read more