New Income Tax bill 2025: Finance Minister Nirmala Sitharaman on Saturday announced that the New Income Tax bill will be presented in the Parliament next week, after which it will be reviewed by a parliamentary committee. She added that the Reserve Bank of India (RBI) and the government will collaborate closely on various economic matters, … 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
Tax Budget 2025: The introduction of Budget 2025 has resulted in significant changes that align with the expectations of the middle class. Notably, the Finance Minister has raised the tax-free income threshold to Rs 12 lakh, translating to Rs 12.75 lakh for salaried individuals after considering the standard deduction. A key highlight this Budget for middle-class … Read more
Tax and Budget 2025: Finance Minister Nirmala Sitharaman made significant announcements that have delighted middle-class taxpayers. The changes include raising the rebate limit from Rs 7 lakh to Rs 12 lakh under the New Tax Regime (NTR). Additionally, Sitharaman made adjustments to the tax slabs, benefiting taxpayers in higher income brackets and giving them more … 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
Tax calculations: The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation, while the Old Regime continues to provide tax benefits through various exemptions and deductions. The proposed income tax slabs in the Union Budget 2025 … Read more
Income tax returns: In the Budget 2025, middle-class taxpayers have received some relief. Under the new tax regime announced by Finance Minister Nirmala Sitharaman, individuals earning up to Rs 12 lakh annually will no longer be required to pay any income tax. The exemption limit has been raised, and tax slabs have been adjusted to provide … Read more
Union Budget 2025: In the Union Budget 2025, Finance Minister Nirmala Sitharaman revealed an increase in the basic tax exemption limit in the new tax regime. The limit has been raised from Rs 3 lakh to Rs 4 lakh, providing a significant benefit to a large portion of salaried taxpayers. With no income tax burden … Read more
The finance ministry could take forward further simplification and rationalisation of the tax deducted at source regime in the Union Budget 2025-26 while a more comprehensive revamp of the Income Tax Act, 1961, could take longer. According to sources, the Budget is likely to announce further streamlining of TDS rates with a more simplified slab … Read more
India’s Goods and Services Tax (GST) system has come under sharp criticism, with former Infosys CFO Mohandas Pai taking aim at its ambiguities. “This is silly and complex. It will lead to tax terrorism,” Pai wrote on X, adding that it is making citizens “hostages to rent-seeking officials” and creating endless disputes. His message to … Read more