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
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
Tax calculations: The Union Budget 2024 has introduced a new set of tax slabs for the new tax regime to provide more tax relief compared to the previous tax system. Individuals may wonder how to determine which tax regime is more advantageous for them. The decision will depend on the specific deductions that each taxpayer can … Read more
Union Budget: In this year’s Budget, Union Finance Minister Nirmala Sitharaman announced relief for taxpayers in the New Tax Regime by raising the Standard Deduction limit from Rs 50,000 to Rs 75,000. The revised tax slabs for the New Tax regime, applicable from April 2025, will allow salaried employees to save up to Rs 17,500 … Read more
Income Tax Slabs: The first full Budget presented by the Modi 3.0 government, unveiled by Finance Minister Nirmala Sitharaman on Tuesday, brought in some important amendments to the tax system, especially the New Tax System. The finance minister made some changes in the New Tax Regime tax slabs, which will particularly favour the middle-class taxpayers. … Read more
Budget expectations: When it comes to yearly tax savings, Section 80C is one of the widely used tools for salaried individuals and Hindu Undivided Families (HUFs). Under Section 80C of the Income Tax Act, salaried individuals and Hindu Undivided Families (HUFs) are entitled to income tax benefits of up to Rs 1.5 lakh by investing in … Read more
Budget 2024: There have been speculations ahead of the Union Budget 2024 that there could be potential modifications to the income tax slabs. These anticipated adjustments are predicted to be advantageous for individual taxpayers, leading to a higher disposable income. Any additional tax exemptions introduced in the upcoming budget could promptly benefit employees. Individuals receiving … Read more
The Income Tax filing deadline is just 46 days away from today, with the deadline being on July 31, 2024. Taxpayers should be ready to file their returns anytime now at the tax rates declared by the government. One should note that there are two types of tax regimes — Old Tax Regime and New Tax … Read more
Since the Centre made the New Tax Regime the default tax system in 2023, there has been many reports on which tax system is better and what to choose. The government introduced a new tax regime, known as Section 115BAC, as an alternative to the old tax regime. This new regime was optional and started … Read more
Finance Minister Nirmala Sitharaman is scheduled to present the Interim Budget 2024-25 on February 1, 2024, instead of the full Budget like other years. Last Budget, the Centre brought in multiple new regulations for Income Tax. One notable announcement about personal taxation was the establishment of the New Income Tax Regime as the default tax … Read more