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
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
The Economic Survey for 2024-25 revealed that the annual growth rate of agricultural income has been 5.23% over the past ten years. Agriculture and its associated activities have always been a crucial pillar of India’s economy, playing a substantial role in both national income and employment generation. However, ahead of the Budget for 2025, there … Read more
Old Tax Regime vs New Ta Regime: Taxpayers often find themselves in a quandary when it comes to selecting the most suitable income tax regime. The Income Tax Department allows individuals to choose their preferred income tax regime for a particular financial year, with the frequency of switches permitted based on one’s profession or specific criteria … Read more
Income Tax returns: With the two tax regimes — New Tax Regime and Old Tax Regime — in play, the taxpayers now have the power to choose the suitable tax regime every year to control the tax outgo. Union Finance Minister Nirmala Sitharaman, in an effort to enhance the attractiveness of the New Tax Regime … Read more
ITR filing: As the deadline to file Income Tax returns (ITR) approaches, those who are still waiting to collect details about how to file their returns should note that missing the deadline can have serious consequences. The deadline for submitting income tax returns for the financial year 2023-2024 (Assessment Year 2024-2025) is July 31, 2024. This … Read more
Sir, I have decided to shift to the New Tax regime. I understand that deductions are not allowed in the new tax regime. Will I lose the tax benefit on the interest income of my PPF account? Please answer my query. — Ganesh By Rajiv Bajaj, Chairman & MD, BajajCapital No, the interest income from the … 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
All salaried individuals need to wait at least more than two months to file income tax returns (ITR) for the financial year 2023-24. As per the usual schedule, employers issue Form 16 around mid-June, i.e before June 15. For FY 2023-24 (assessment year 2024-25), Form 16 should be issued by June 15, 2024. Form 16 … Read more
The new financial year will start tomorrow and the investors will get another chance to review their investments and opt a suitable tax regime. There are various investment tools that are accepted under both tax regimes. Under the Old Tax Regime, numerous tax deductions and exemptions are offered under different sections of the Income Tax … Read more