Section 115BAC

Tax relief: You’ll get rebate even if capital gains push your total income more than Rs 12.75 lakh, points out Finance Bill, 2025

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Tax relief: You’ll get rebate even if capital gains push your total income more than Rs 12.75 lakh, points out Finance Bill, 2025

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

Section 115BAC on New Tax Regime is Section 202 under Income Tax Bill 2025; check details 

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Section 115BAC on New Tax Regime is Section 202 under Income Tax Bill 2025; check details 

The newly introduced Income Tax Bill 2025 aims to simplify the existing provisions of the Income-Tax Act, of 1961. The provisions of the New Tax Regime outlined in Section 115BAC of the Income-Tax Act, 1961 will be moved to Section 202 in the new Income-Tax Bill 2025, effective from April 1, 2026. The bill includes … Read more

How to switch to the Old Tax Regime if your company opted for the New Tax Regime; check details

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How to switch to the Old Tax Regime if your company opted for the New Tax Regime; check details

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

ITR filing: Which ITR form should senior citizens, super senior citizens choose to file their tax return

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ITR filing: Which ITR form should senior citizens, super senior citizens choose to file their tax return

ITR filing 2024: As the deadline for income tax filing approaches, it is crucial for taxpayers categorised as senior and super senior citizens to understand the specific provisions tailored for them. For the financial year 2023-24, tax-saving investments made by March 31, 2024, will be considered for income tax returns. Many seniors mistakenly believe they need … Read more

ITR filing AY 2024-25: I-T dept makes changes in ITR-1 for AY2024-25. Check details here

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ITR filing AY 2024-25: I-T dept makes changes in ITR-1 for AY2024-25. Check details here

ITR filing for FY2024: The Income Tax Return filing time has kickstarted for AY 2024-25 and FY2024 and will end on July 31, 2024. The deadline is for taxpayers, including individuals, bodies of individuals, or associations of persons.  There are different ITR forms meant for different sections of taxpayers. This is largely based on the … Read more