The Income Tax Department is scheduled to implement a new tax return processing change starting in April 2025. This update is designed to enhance accuracy and decrease discrepancies in filings. An adjustment to Section 143(1) of the Income Tax Act will empower tax authorities to compare a taxpayer’s most recent Income Tax Return (ITR) with … Read more
In Budget 2025, Finance Minister Nirmala Sitharaman unveiled significant income tax savings, giving taxpayers more funds and introducing modifications to the way they compute their obligations. A noteworthy point is that individuals with earnings up to Rs 12 lakh are exempt from paying income tax in the updated taxation system. During her speech, the Finance … Read more
Budget 2025: Last week, Finance Minister Nirmala Sitharaman announced that there will be no taxes on normal income up to Rs 12 lakh starting from the financial year 2025-26 under the New Tax Regime. The Budget 2025 proposed that the tax-free income limit for salaried employees in the new regime will increase to Rs 12.75 … Read more
Budget 2025 impact: Finance Minister Nirmala Sitharaman introduced minor adjustments to the existing capital gains tax framework after overhauling it in the July 2024 Budget. The tax rates and holding periods for assets have been kept unchanged, determining whether they are subject to long-term capital gains or short-term. Consequently, the rules governing Long Term Capital … Read more