Income tax calculations: The Union Budget 2025 raised the income tax exemption threshold to Rs 12 lakh, effectively making incomes up to this amount tax-free. For salaried individuals, this limit increases to Rs 12.75 lakh after factoring in the standard deduction of Rs 75,000 under the new tax regime for FY 2025-26. This has become possible … Read more
Ahead of Budget 2025, there has been growing anticipation regarding potential reforms in the income tax structure, notably the discussion surrounding the introduction of inflation-adjusted basic exemption by tweaking the income tax slabs. Experts believe the government should adjust the tax slabs and also increase the limit of standard deduction and other exemptions, providing much-needed … Read more
Revenue secretary Tarun Bajaj has said that the new exemption-free income-tax regime needs to be tweaked to make it more attractive. Bajaj, who superannuates this Wednesday, told ET’s Anuradha Shukla & Deepshikha Sikarwar in an interview that the tax structure also has to be made more stable. Edited excerpts: What’s next on the agenda for … Read more