Effective April 1, 2025, new income tax regulations have been introduced following the enactment of the Finance Act 2025. One of the significant changes is the increased income limit for individuals opting for the new Income Tax regime to avail rebates under Section 87A. The threshold has been raised from Rs 7 lakh to Rs … Read more
Union Finance Minister Nirmala Sitharaman will present the new Income Tax Bill 2025 in the Lok Sabha today. This bill, designed to make tax regulations more accessible to the general public, will replace the existing Income Tax Act of 1961. The bill will then be referred to the Parliamentary Standing Committee on Finance, which will … Read more
Budget expectations: Finance Minister Nirmala Sitharaman is set to unveil the Union Budget on February 1, 2025, a highly anticipated event for taxpayers nationwide. The segment on income tax is of particular interest, as individuals eagerly await any potential changes that could offer relief. Speculation for this year’s budget centers around possible modifications to tax … Read more
Ahead of the tax return filing deadline later this month, the Income Tax Department has recently issued a strong advisory to taxpayers, warning against the submission of income tax returns (ITRs) with inaccurate claims for exemptions and deductions. CAclubindia reported that authorities highlighted the severe consequences associated with such actions, including hefty fines and potential … 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
The common perception is that individuals earning up to Rs 15 lakh annually cannot completely save on taxes. However, if planned wisely, one can pay zero tax even with a yearly income of Rs 15 lakh. In this article, we look at how to achieve that. Firstly, by utilising the basic exemption limit offered by … Read more
The Union Budget’s income tax proposals come into effect from today. The finance ministry on Monday in a post in X cleared the confusion over the new tax regime, which has low rates but fewer exemptions and deductions. Here’s what it wrote: It has come to notice that misleading information related to new tax regime … 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
Income Tax Calendar 2024: The new year has started and the Income Tax department has already shared the tax calendar for this year. It is crucial to note the income tax-related deadlines to avoid paying fines and penalties. Usually, the last date to file the Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without … Read more